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© 2022 Conscientia Beam. All Rights Reserved. 

PERFORMANCE AND DIVIDEND POLICY OF STATE-OWNED BANKS BEFORE AND 
AFTER COVID-19   

 

 

I Wayan Budi Artha1+  
Tri Widyastuti2 
Irvandi Gustari3 

 

1,3Pancasila University, Jakarta, Indonesia. 
2Bhayangkara Jakarta Raya University, Jakarta, Indonesia. 
¹Email: budiartha121@gmail.com Tel. +62 8126781192 
²Email: triewidhiastuti@yahoo.com Tel. +62 81311271470 
³Email: irvandigustari@yahoo.com Tel +62 8117043112  

(+ Corresponding author) 

 ABSTRACT 
 
Article History 
Received: 1 March 2022 
Revised: 6 April 2022 
Accepted: 20 April 2022 
Published: 9 May 2022 
 

Keywords 
Market capitalization 
Profitability 
Credit quality 
Liquidity  
Dividend policy 
COVID-19 pandemic. 

 

 
The purpose of this study was to analyze the performance and dividend policy of State-
Owned Banks before and after the Covid-19. The research period is 2018-2021, with the 
sampling technique is saturated sampling, where all members of the population are used 
as samples. The analytical tool used is the Different Test (T-Test) supported by the 
SPSS program. The results show that the performance of State-Owned Banks, namely 
market capitalization, profitability, credit quality and liquidity is different before and 
after the Covid-19, while the dividend policy is not different. The market capitalization 
and profitability of State-Owned Banks have decreased and liquidity has improved after 
the Covid-19, as a result of deteriorating credit quality. Deteriorating credit quality 
after the Covid-19 resulted in decreased loan productivity and increased loss reserves 
and banks were more careful in distributing credit so that the liquidity was getting 
looser which resulted in decreased profitability.  
 

Contribution/Originality: This study contributes to the existing literature, is useful in science in the banking 

sector about banking performance and dividend policy, especially State Owned Banks, after 2 years of the covid-19 

pandemic, are there any differences in performance and dividend policy before and after the covid-19 pandemic. 

Although the average performance is different, which is slightly decreased, the average dividend policy is not 

different. 

 

1. INTRODUCTION 

During the Covid-19 Pandemic, which began to spread in early 2020 in Indonesia and the policy of restricting 

social mobility of the people implemented in various regions, the performance of the national banking system was 

depressed, including State Owned Banks. The performance of the banking industry during the Covid-19 pandemic 

decreased slightly, but the decline was not as severe as compared to other industries such as hotels, transportation 

and others, considering that there was a restructuring stimulus for MSMEs debtors affected by Covid 19 given by 

the Financial Services Authority vide POJK No: 11 /POJK.03/2020 dated March 13, 2020 regarding National 

Economic Stimulus as a Countercyclical Policy for the Impact of the Spread of the 2019 Coronavirus Disease and 

has been updated with POJK No: 48 /POJK.03/2020 dated December 1, 2020 and POJK No: 17/POJK.03/ 2021 on 

September 10, 2021. 

State Owned Banks, which are often referred to as Government Banks / Persero Banks, consisting of BRI, 

Mandiri, BNI and BTN Banks have a very important role as development agents in order to improve the national 

economy and participate in maintaining national stability (Latumaerissa, 2017). The role of State Owned Banks is 

Financial Risk and Management Reviews 
2022 Vol. 8, No. 1, pp. 12-19. 
ISSN(e): 2411-6408 
ISSN(p): 2412-3404 
DOI: 10.18488/89.v8i1.2989 
© 2022 Conscientia Beam. All Rights Reserved. 

 
 
 

 
 
 

 

 
 
 
 

mailto:budiartha121@gmail.com
mailto:triewidhiastuti@yahoo.com
mailto:irvandigustari@yahoo.com
https://www.doi.org/10.18488/89.v8i1.2989


Financial Risk and Management Reviews, 2022, 8(1): 12-19 

 

 
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© 2022 Conscientia Beam. All Rights Reserved. 

increasingly important and strategic after the Covid-19 outbreak, namely as a distributor of government programs 

including the distribution of social assistance and distribution of People's Business Credit (KUR) in the context of 

national economic recovery. 

So far, the profits of State Owned Banks are still largely supported by interest income from lending. For this 

reason, the provision of sound credit based on prudential principles should be carried out properly (Indonesian 

Bankers Association, 2018). Poor credit quality has an impact on lower loan productivity and the amount of loss 

reserves that must be established. This will have an impact on the decline in profitability and bank capital. 

In 2020 (one year of the Covid-19 pandemic) the performance of State Owned Banks experienced a decline, but 

as the Indonesian economy improved in early 2021 (although it was still a Covid-19 pandemic), the performance of 

State Owned Banks in 2021 had shown a positive performance that grew well especially profitability. The 

fluctuations in the profitability of State Owned Banks will have an influence on the company's dividend policy which 

in turn will also affect the development of stock prices / market capitalization values of the company.  Then after 2 

(two) years of the Covid-19 Pandemic, how is the performance and dividend policy, is there a difference or not from 

before Covid-19. 

Based on the description above, the objectives of this research are: 

1. Analyzing whether there are differences in the performance of State Owned Banks before and after 

Covid-19. 

2. Analyzing whether there are differences in the dividend policy of State Owned Banks before and after the 

Covid-19. 

 

2. LITERATURE REVIEW 

2.1. Company Performance 

2.1.1. Market Capitalization 

According to Wijaya (2017) the company's goal is to maximize the company's wealth or value for shareholders. 

The value of companies that go public (public companies) is reflected in the market price of the company's shares 

(market capitalization). Market capitalization is basically the value of shares outstanding in the market, but this 

market capitalization value cannot be used to assess how big the assets are owned by the company. To assess market 

capitalization, it can be calculated by multiplying the share price by the number of shares outstanding (Hartono, 

2016).  The value of market capitalization for a company can be used to show how much the total value of the 

company. As a consideration for investment decisions, the value of market capitalization provides an overview for 

investors about the strength of the company as well as encourages investors' interest to include the company's 

shares in their portfolio. 

 

2.1.2. Profitability 

Return on Asset (ROA). Profitability is the company's ability to generate profits. Profitability analysis is 

indispensable for long term investors (Hery, 2019). ROA is a ratio used to measure the performance of banks in 

managing their assets to generate profits (Indonesian Bankers Association, 2016). ROA is a ratio that shows the 

effectiveness of a company or bank in managing its assets to earn income for the bank. The greater this ratio 

indicates the greater the level of effectiveness of the bank in managing its assets. 

Net Interest Margin (NIM). NIM is the ratio between net interest income and average earning assets. Net 

interest income is interest income minus interest expense, while productive assets that are taken into account are 

productive assets that generate interest (Budisantoso & Nuritomo, 2017). 

Operational Costs to Operational Income (OCOI). OCOI is the ratio of total operating expenses to operating 

income. The lower one illustrates that the bank maximizes its operating income compared to its relatively small 

operational costs or that the bank's operations are more efficient (Indonesian Bankers Association, 2016) To reduce 



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the OCOI, especially during the Covid 19 pandemic, banks need to diversify their income, especially those from non 

interest income (Li, Feng, Zhao, & Carter, 2021). Banks should also maintain the quality of the loans disbursed, so 

that the provision for losses can be controlled, considering that the formation of large loss reserves has an effect on 

increasing operational costs (OCOI) which results in a decrease in bank profitability. The increase in OCOI will 

reduce the profitability of Topak and Nimet (2016);  Hasan, Manurung, and Usman (2020) and Karamoy and Joy 

(2020).    

 

2.1.3. Credit Quality 

Non Performing Loan (NPL). Non Performing Loans in the bank's business are commonplace, but banks must 

take action to prevent / minimize the emergence of Non Performing Loans in banks. So far, the quality of credit 

(Non Performing Loans) in banks is calculated based on the amount of Non Performing Loan (NPL), which consists 

of collectibility credit 3 (substandard), collectibility 4 (doubtful) and collectibility 5 (bad), both gross NPL and net 

NPL. after deducting loss reserves (Indonesian Bankers Association, 2016) and Syafril (2020). 

Loan at Risk (LAR). LAR is the ratio of collectibility credits 3, collectibility 4 and collectibility 5 (NPL) plus 

loans in special mention (collectibility 2) and current loans (collectibility 1, but from restructuring proceeds) to total 

loans. Restructuring is the loosening of credit terms, such as interest, term and others. In accordance with POJK 

No: 14/SEOJK.03/2017 dated March 17, 2017 concerning Assessment of the Soundness of Commercial Banks, the 

LAR component is often referred to as low quality credit. This provision implies that the banking business can 

continue to run and even increase, then the bank as an intermediary institution should manage its credit by adhering 

to the principle of prudence. Credit distribution activities contain risks that can affect the profitability, health and 

business continuity of banks (Subagio, 2015). For this reason, banks must manage the loans they provide in a 

healthy manner based on the principle of prudence, starting from the formation of credit organizations, credit 

culture, credit products, credit processes including supervision and monitoring (Indonesian Bankers Association, 

2018). 

 

2.1.4. Liquidity 

Liquidity is a bank's ability to meet its obligations, especially its short term obligations. Viewed from the asset 

side, liquidity is the ability to convert all assets into cash, while from the liability side, liquidity describes the bank's 

ability to meet funding needs through an increase in the liability portfolio. One of the important ratios related to 

liquidity is the Loan to Deposit Ratio (LDR), which is the ratio of loans extended to third parties in rupiah and 

foreign currencies, excluding loans to other banks, to third party funds (current accounts, deposits and savings) in 

rupiah. and foreign exchange, excluding interbank funds (Indonesian Bankers Association, 2016). 

 

2.2. Dividend Policy 

One good way to communicate a bank's financial performance to its shareholders is by paying dividends. 

Dividend policy is a decision whether the profits earned by the company will be distributed to shareholders as 

dividends or will be retained in the form of retained earnings for investment financing in the future. If the company 

chooses to distribute profits as dividends, it will reduce retained earnings and further reduce the total sources of 

internal funds or internal financing. On the other hand, if the company chooses to retain the profits earned, the 

greater the ability to form internal funds. Dividend policy must be analyzed in relation to spending decisions or 

determining the overall capital structure (Sartono, 2016). 

According to Gumanti (2013) stated that dividends can be paid in cash (cash dividend) or in the form of 

additional shares (stock dividend). Cash dividends are often referred to as regular dividends, which are usually paid 

four times a year (quarterly), twice a year (mid-annually) and once a year. There are times when companies 

distribute special dividends, namely dividends paid in addition to regular dividends. One measure of dividend policy 



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© 2022 Conscientia Beam. All Rights Reserved. 

is the dividend payout ratio (DPR), which is the amount of net income distributed to shareholders.  According to the 

bird in the hand theory, investors prefer cash dividends rather than being promised a return on investment (capital 

gain) in the future because receiving cash dividends is a form of certainty which means reducing risk. This is in 

accordance with the type of investor who is risk averse. According to Sartono (2016) managerial considerations in 

determining the dividend payout ratio (DPR) are the company's fund needs, liquidity, borrowing ability, shareholder 

status and dividend stability. 

According to kabbani, Richter, and ElBannan (2020) that dividends act as a signaling tool to convey the bank's 

overall stability and positive growth prospects. Dividends also act as a control mechanism to reduce agency costs 

between shareholders and managers. Sharma (2018) states that a company's dividend decision can be seen as a 

source of signals indicating that the company is profitable with good project investments opportunities will pay 

higher dividends to present themselves differently from other companies that have lower profit projects. Omar and 

Echchabi (2019) states that dividend payments are used as the basis for company valuation and stock 

recommendations. 

 

3. RESEARCH METHODS 

The population in this study is State Owned Banks, as many as  four banks, namely Bank BRI, Mandiri, BNI 

and BTN. The sample in this study was saturated sampling, that is, all members of the population were used as 

samples. The research period is for 4 (four) years, namely 2018 to 2021, namely 2 (two) years (2018 - 2019) before 

Covid-19 and 2 (two) years (2020 - 2021) after Covid-19. This study uses quantitative analysis (Creswell & David, 

2018). The data used is secondary data in the form of panel data which has been documented for 4  (four) years on a 

quarterly basis. This quantitative research is used to find out whether there are differences in the performance and 

dividend policy of  State Owned Banks before and after the Covid-19, using the Different Test (T-test) with SPSS 

(Ghozali, 2018). 

 

4. RESULTS AND DISCUSSION 

4.1. Description Analysis 

Descriptive statistics are used to see an overview of the data used. To obtain a comprehensive picture of the 

variables used in this study which includes the mean, extreme values (maximum and minimum values) and their 

standard deviations. The results of descriptive statistical tests on the variables used are presented in Table 1. 

 

Table 1. Descriptive statistics. 

Variable N Minimum Maximum Mean Std. Deviation 

Market Capitalization 64 8.90 616.68 229.80 180.29 
ROA 64 0.13 3.68 2.11 1.01 
NIM 64 3.06 7.64 5.13 1.26 
NPL 64 1.75 4.91 3.08 0.77 
LAR 64 7.88 34.11 18.35 8.37 
OCOI 64 63.01 98.12 77.57 9.39 
LDR 64 79.71 114.24 92.52 8.93 
DPR 64 0.00 85.00 39.06 23.99 
Valid N (listwise) 64     

 

 

4.1.1. Market Capitalization 

The average market capitalization of State-Owned Banks is IDR 229.80 trillion. The market capitalization of 

State Owned Banks is a market driven capital market on the Indonesia Stock Exchange, where State Owned Banks' 

shares are blue chip stocks that are actively traded. The maximum value of the market capitalization variable is IDR 

616.68 trillion, owned by Bank BRI in Q4 / 2021, while the minimum value of the market capitalization variable is 

owned by Bank BTN of IDR 8.90 trillion in Q1/2020. Bank BTN's market capitalization fell drastically in Q1/2020 



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© 2022 Conscientia Beam. All Rights Reserved. 

when compared to its market capitalization at the end of 2019 of IDR 22.45 Trillion. This is due to the very small 

profit in 2019 which was only IDR 209 billion, due to high NPL and LAR pressures and the influence of the covid-

19 pandemic. Bank BTN's NPL in December 2019 was 4,73% and the LAR of 18.91% and in Q1/2020 the NPL still 

rose close to 5%, namely 4.91% and the LAR also increased to 22.44%. The increase in NPL and LAR will increase 

the loss reserve that must be formed. The high NPL and LAR became a signal for investors to release Bank BTN 

shares so that the share price fell quite drastically from IDR 2,120 per share to IDR 840 per share. 

 

4.1.2. Profitability 

Return on Asset (ROA). The average ROA of State Owned Banks is 2.11%, very good. This shows that State 

Owned Banks are able to manage their assets to generate profits properly. The maximum ROA variable of  3.68% is 

owned by Bank BRI in Q4/2018, while the minimum value of the ROA variable is 0.13% owned by Bank BTN in 

Q4/2019. 

Net Interest Marigin (NIM). The average NIM of State Owned Banks is 5.13%, quite good and still high when 

compared to the NIM of Asean countries ranging from 1.7% - 3.7%. The maximum value of the NIM variable is 

7.64%, obtained by Bank BRI in Q2/2018. The NIM of Bank BRI is indeed quite high because Bank BRI focuses on 

serving MSMEs that have large margins. Minimum NIM value of 3.06%, owned by Bank BTN in Q4/2020. The 

low NIM of Bank BTN in 2020 was due to a high NPL of 4,91 % and hight  LAR of 34.11% which resulted in a 

decrease in loan productivity, where loan interest income decreased, in addition to COF which was still high because 

Bank BTN still relied on expensive funds, which was reflected in the composition of cheap funds. (CASA – Current 

Account Saving Account) of the total funds raised is still small, namely an average of 45.12%. 

Operational Costs to Operational Income (OCOI). The average OCOI of State Owned Banks is 77.57%, which is 

still high. This shows that in terms of efficiency, State Owned Banks need to further improve their efficiency so that 

their OCOI decreases, namely by accelerating digital transformation and increasing collaboration with other 

business entities such as increasing “Laku Pandai” (Officeless Financial Services for Inclusive Finance) and closing 

office networks that are no longer available. productive again. The minimum OCOI value of 63.01 % was owned by 

Bank Mandiri in Q1 / 2019, while the maximum OCOI value of 98.12% was owned by Bank BTN in Q4 / 2019. 

Bank BTN's OCOI was high due to an increase in NPL and LAR respectively from 2.82% and 15.40% in 2018, to 

respectively 4.73% and 18.91% in 2019, which resulted in an increase in the cost of loss reserves that must be 

formed so that operational costs increased, while on the other hand income from loan interest decreased due to 

lower loan productivity due to the increase in the NPL and LAR. 

 

4.1.3. Credit Quality 

Non-Performing Loan (NPL). The average NPL of State-Owned Banks is 3.08%, which is high because during 

the Covid-19 period, the NPL crawled up even though a lot of bad loans had been written off. The minimum NPL 

value of 1.75% is owned by Bank BNI in Q2 / 2019, while the maximum NPL value of 4.91% is owned by Bank 

BTN in Q4 / 2020. 

Loan at Risk (LAR). The average LAR of State Owned Banks is 18.35%, which is very high because during the 

Covid-19 period, State Owned Banks carried out a lot of credit restructuring, which BRI amounted to IDR 198,78 

trilion, Mandiri amounted to IDR  108.83 trillion, Bank BNI amounted to IDR  106.99 trillion and Bank BTN 

amounted to IDR  59.07 trillion. The minimum LAR value of 7.88% is owned by Bank BNI in Q4 / 2018, while the 

maximum LAR value of 34.11% is owned by Bank BTN in Q4 / 2020. 

 

4.1.4. Liquidity 

Loan Deposit Ratio (LDR). The average LDR of State Owned Banks is 92.51%, very good. This shows that State 

Owned Banks are able to maintain liquidity and their intermediary functions well. The minimum LDR value of 



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79.71% is owned by Bank BNI in Q4 / 2021, while the maximum LDR value of 114.24% is owned by Bank BTN in 

Q2 / 2019. 

 

4.1.5. Dividend Policy 

Dividend Payout Ratio (DPR). The average DPR of  State Owned  Bank is 39.06%, which is quite good. State 

Owned Banks are able to provide prosperity to share holders through the distribution of dividends, including their 

contribution to the state budget, in addition to the noble task carried out by State Owned Banks as development 

agents, namely carrying out government programs and maintaining national economic stability. The maximum 

DPR variable of 85.00% is owned by Bank BRI for 2021 performance, while a minimum of 0.00% (not paying 

dividends) is carried out by Bank BTN for 2020 performance. 

 

4.2. Performance and Dividend Policy of State Owned Banks Before and After Covid-19 

With the Covid-19 pandemic causing the economy to slow down and even become minus since  Q2/ 2020, 

many debtors cannot do business due to restrictions on activities / social mobility which have an impact on 

deteriorating credit quality / increasing banking NPL and LAR, even though State Owned Banks have done many 

things credit restructuring by utilizing the policies provided by the Financial Services Authority. It was recorded 

that until the end of December 2020, State Owned Banks had restructured MSMEs debtors affected by Covid-19 

amounting to IDR 473.67 trillion, which resulted in a large increase in the LAR of  State Owned Banks, namely 

Bank BRI by 28.28%, Bank Mandiri by 22.33%, Bank BNI by 28.74% and Bank BTN by 34.11%. In 2021 economic 

growth has been positive so that NPL and LAR have started to decline and the banking performance of State 

Owned banks has started to improve. 

The increase in the NPL and LAR of State Owned Banks resulted in a decrease in loan productivity so that the 

NIM decreased. The increase in NPL and LAR will also increase the burden of provision for losses. The increase in 

loss reserves will have an impact on increasing on banking of operational costs to operating income (OCOI). 

From the results of the different test (T-Test), the average NPL and LAR of State Owned  Banks before Copid-

19 were 2.63% and 11.58% respectively, after the Covid-19 the average NPL and LAR increased respectively to 

3.52% and 25.13%. The difference between NPL and LAR before and after Covid-19 is very significant. 

Deteriorating credit quality / increasing NPL and LAR will affect the profitability, market capitalization and 

dividend policy of State Owned Banks. 

The different tests (T-Test) of market capitalization, profitability (ROA, NIM  and OCOI), credit quality (NPL 

and LAR), liquidity (LDR) and dividend policy (DPR) before and after Covid-19 are presented in Table 2. 

 

Table 2. Results of different tests (T-Test) market capitalization, profitability, credit quality, liquidity and dividend policy of 
state owned banks before and after Covid-19. 

Variable Average Before 
Covid-19 

Average After 
Covid-19 

Sig.(2-
Tailed) 

Remark 

Market Capitalization IDR 244.96 Trillion IDR 214.63 Trillion 0.000 Different 

ROA 2.54% 1.67% 0.000 Different 
NIM 5.44% 4.81% 0.000 Different 
NPL 2.63% 3.52% 0.000 Different 
LAR 11.58 % 25.13% 0.000 Different 
OCOI 74.21% 80.92% 0.000 Different 
LDR 96.71% 81.71% 0.000 Different 
DPR 36.88% 41.25% 0.067 Not Different 

 

 

Due to the Covid-19 pandemic, the profitability of State Owned Banks has decreased. The average profitability 

(ROA) of State Owned Banks is different, before Covid-19 it was 2.54% and after Covid-19 it decreased to 1.67%. 

The decline in profitability was due to worsening credit quality, namely the increase in the average NPL and high 



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LAR which resulted in the average NIM decreasing from 5.44% to 4.81% and the average OCOI increasing from 

74.21% to 80.92% . The restrictions on social mobilization of the community and the deteriorating credit quality 

and negative economic growth in 2020 resulted in State Owned Banks slightly putting the brakes on their credit 

distribution so that their bank liquidity was getting better / looser. This is indicated by the average LDR before 

Covid-19 which was 96.71%, which decreased to 81.71% after Covid-19. From the different test (T-Test) ROA, 

NIM, OCOI and LDR are all significant with Sig. (2 Tailed) < 0.05), meaning that there is a difference in average 

profitability and liquidity before and after the Covid-19. 

The decline in the profitability of State Owned  Bank will certainly affect the value of its market capitalization. 

The market capitalization value of State Owned Banks is significantly different. The average market capitalization 

of State Owned Banks before Covid-19 was IDR 244.96 trillion, down to IDR 214.63 trillion after the Covid-19. 

A fairly large decline in profitability is not necessarily followed by a large decrease in dividend policy. The 

dividend policy (DPR) both before and after Covid-19 was not significantly different, although there was a slight 

increase, namely the average DPR before Covid-19 was 36.88% to 41.25% after Covid-19. The dividend policy of 

State Owned  Bank is not different because the State Owned  Bank's dividend policy is a little "interference" from 

the  Ministry of SOEs as the majority shareholder. However, the dividend payment policy of State Owned Banks 

still pays attention to performance. State Owned Banks with good performance (still good after Covid-19), such as 

BRI the dividend policy has increased to 85 percent and Mandiri the dividend payment is quite high at 60 percent.  

Even though the profitability of State Owned Banks has decreased, the dividend policy remains unchanged and this 

has a positive effect on market capitalization. This finding supports the Bird In The Hand Theory  where dividend 

policy gives a positive signal to investors. This illustrates that most State Owned Bank investors are more risk 

averse.  

 

5. CONCLUSIONS AND RECOMMENDATION 

5.1. Conclusion 

1. There are differences in the performance of State Owned Banks before and after the Covid-19. Profitability 

and market capitalization have decreased, credit quality has deteriorated and only liquidity has improved. 

2. There is not difference in the dividend policy of State Owned Banks before and after the Covid-19.  

 

5.2. Recommendation  

1. The deteriorating credit quality of State Owned Banks must be taken seriously by management, given that 

the deteriorating credit quality reduces loan productivity and increases reserves for losses which have a 

direct impact on profitability. 

2. State Owned Banks should maintain their dividend policy and benchmark other banks so that their 

dividend policy is reasonable and not high. 

 

Funding: This study received no specific financial support.    
Competing Interests: The authors declare that they have no competing interests.  
Authors’ Contributions: All authors contributed equally to the conception and design of the study. 

 

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