Profitability of Islamic Commercial Banks in Indonesia Reviewed

from the Effect of NPF Ratio and CAR Ratio as Intervening Variables

to ROA Ratio

Muhammad Tho'in

Yudi Siyamto

and Herlina Kusuma Wardani

Islamic Economic Study Program, STIE-AAS, Central Java, Indonesia

Expert Islamic Economics Bond (IAEI), Central Java, Indonesia

Keywords: Non Performing Financing (NPF), Capital Adequacy Ratio (CAR), Profitability (ROA)

Abstract: This study aims to determine the profitability of Islamic commercial banks in Indonesia reviwed from the

effect of NPF ratio and CAR ratio as intervening variable to ROA ratio in 2014-2016. The sampling technique

of this research uses purposive sampling with the criteria of Islamic Commercial Banks which are registered

in Financial Services Authority during period 2014 until 2016 and Islamic Banks which are consistently

publish quarterly report period 2014-2016. The results show that there are 10 BUS with quarterly data

amounting to 120. This method of this research uses calculating path analysis method with the help of SPSS

23 program. The test that has been done shows that the NPF ratio has significant effect to ROA ratio which

means that the bigger NPF ratio, the bigger cost of eliminating the financing reserve which resulted the income

of Islamic commercial bank is decreasing, so it will have an impact to the decrease of ROA ratio. The NPF

ratio significantly influences the CAR ratio, which means that the greater financing risk faced by Islamic

commercial banks will increase the formation of allowance for earning assets losses from the equity held,

thereby reducing the share of equity which is the component of the capital adequacy. CAR ratios are able to

mediate an indirect effects of NPF ratios to ROA ratios.

1 INTRODUCTION

The growth development of Islamic commercial

banks over the last few years can be said to be

experiencing an increase, so there need an action to

anticipate from this fierce competition. Because the

fragility of the banking world, among others caused

by the large proportion of credit or NPF financing

problems (Non Performing Financing). The risk of

bank loss due to non-current repayment of financing

will affect the income and profit received by banks.

So one of the parameters used in measuring the risk

of Islamic commercial bank financing is Non

Performing Financing (Veithzal, 2010: 971).

Furthermore, to measure bank's profitability

performance is by return on asset ratio (ROA). This

ratio will be able to explain and provide an overview

of the analysts about either the bad state or the

financial position of a company (Nuryanto et al.,

2014). This ratio is used to measure the extent to

which assets in particular earning assets (financing)

owned by banks can generate profits that became the

goal of the banking business. Return on asset provides

information relating to efficiency performed by the

bank, because return on assets (ROA) shows how

much profit or profit which is generated on average

from $ 1 its assets. (Mishkin, 2008: 172).

The greater ROA shows that the company's

performance is better, because the rate of return

obtained is greater. In order to improve their

profitability, Islamic commercial banks place the

funds that have been collected in the form of

financing both short-term and long-

term.(Muhammad, 2005: 64)

To achieve optimal profitability, banks are faced

with various risk, one of the risk is financing risk. The

amount of financing risk besides can decrease the

profitability, it can also affect health variables of other

banks, namely capital. Africano (2016) states that

capital is the ability of banks to provide capital for

activities development and control the risks faced.

The capital measurement of a bank is done by looking

at Capital Adequacy Ratio (CAR). CAR is a ratio

which related to bank capital factor to measure capital

150

Tho’in, M., Siyamto, Y. and Wardani, H.

Proﬁtability of Islamic Commercial Banks in Indonesia Reviewed from the Effect of NPF Ratio and CAR Ratio as Intervening Variables to ROA Ratio.

DOI: 10.5220/0010039701500156

In Proceedings of the 3rd Inter national Conference of Computer, Environment, Agriculture, Social Science, Health Science, Engineering and Technology (ICEST 2018), pages 150-156

ISBN: 978-989-758-496-1

adequacy owned by bank to support risk-bearing

assets. The capital amount of a bank will affect the

ability or absence of a bank to efficiently run its

activities.

Remembering the importance of the indicator on

on the improvement of a company in the field of

services, many researchers have been conducted

related to the measurement of profitability of NPF

(Non Performing Financing) can be said to have a

significant effect on ROA (Return of Asset) (Rahman

& Rochmanika, 2011). On the other hand there are

several studies which states that the indicator CAR

(Capital Adequacy Ratio) also have a significant

effect on ROA (Return Of Asset), ( Agustina , 2014).

While Hutagalung et al. (2011), Eng (2013) , Akhtar

and Sadaqat (2011), Sudiyatno and Fatmawati (2013)

indicate that CAR has no effect to ROA. Furthermore,

Al-Parisi (2017) states that CAR has a positive

significant effect to ROA.

Base on the explanation above. it that can be

known that there is still problems or research gap, so

the purpose of this study is to know the profitability

of Islamic commercial banks in terms of financial

ratios with a focus "The profitability of Islamic

Commercial Bank in Indonesia Reviewed from the

effect of NPF Ratio and CAR Ratio As Intervening

Variables to ROA Ratio".

2 LITERATURE REVIEW

2.1 Non Performing Financing (NPF)

The financial performance of the national banking

system was better since the economic crisis that

occurred in 1997. Banks began to generate profits and

began to increase the amount of credit disbursed to

the public. Implementation of non-performing

financing (NPF) below 5% issued by Bank Indonesia

shall make the Banks endeavor to comply the

provisions.

So it can be interpreted that Non Performing

Finance (NPF) is the risk due to the inability of

customers to return the amount loans received from

Islamic commercial banks and their remuneration in

accordance with the term time specified (Mahmudah

and Harjanti, 2016: 137).

2.2 Profitability ROA (Return on

Asset)

ROA is the result of return on assets in creating net

income. In other words, this ratio is used to measure

how much net profit will be generated from each

dollar embedded on total assets ". (Hery, 2015: 228)

So it can be known that Return on Total Assets

is a tool to measure the ability of companies in

utilizing its assets to earn profits (Prastowo, 2014:

91).

2.3 Capital Adequacy Ratio (CAR)

Capital adequacy ratio (CAR) is the bank's ability to

cover the risk of loss from its activities and the bank's

ability to fund its operations ". Capital adequacy ratio

(CAR) is used to cover assets as a result of the losses

incurred. (Mokoagow and Fuady, 2015: 37)

Furthermore, Yuliani (2007) CAR is a ratio

showing the total amount of all bank assets that

contain elements of risk (credit, investments,

securities, claims to other banks) that come funded

from own capital in addition to obtaining funds from

sources outside the bank.

2.4 Effect of NPF on CAR

The increase of NPF was caused by increase in non-

performing financing to total financing held by banks.

This resulted in decreased bank income and

decreased of bank profitability, so that bank capital

will decrease and the CAR will be lower. Thus the

NPF relationship to CAR is negative.

This is supported by the results of research

Poernamawatie (2009), Margaretha and

Setiyaningrum (2011) which in their research states

that the variable NPF negatively affect the CAR.

H1: NPF ratio has significant effect to CAR ratio

2.5 The Effect of CAR to ROA

Kuncoro (2007) stated that CAR is used to measure

capital adequacy in Islamic commercial banks.

Furthermore Zimmerman (1996) CAR is one of the

variables that can be used as a measurement of bank

performance, which is reflected in the CAMEL

component ( Capital, Asset, Management, Earning,

Liquidity ).

According to Mahmudah and Harjanti (2016) if

the Islamic commercial Bank has a high CAR it can

increase ROA. The statement is supported by

research conducted by Mokoagow and Fuady (2016)

and Mahmudah and Harjanti (2016) which revealed

that CAR affects on ROA. Furthermore, Sudiyatno

and Suroso (2010) in their research stated that CAR

variable has positive effect on ROA.

H2: CAR Ratio has significant effect to ROA ratio

Proﬁtability of Islamic Commercial Banks in Indonesia Reviewed from the Effect of NPF Ratio and CAR Ratio as Intervening Variables to

ROA Ratio

151

2.6 Effect of NPF on ROA

The NPF ratio is one of the measures used to

determine the risks arising from the inability of

customers to repay the loan and the rewards. A very

high NPF can reflect that the Islamic commercial

banks' financing is getting worse. Increasing the NPF

will result in a loss of opportunity to earn income

from the financing provided so it gives affect in

earnings and adversely affect ROA (Wibowo and

Syaichu, 2013).

NPF proportioned credit risk negatively affects

the bank's financial performance proxyed by ROA.

The results of research conducted by Kolapo et al.

(2012), showed that Non Performing Loan (NPL) had

a negative effect on Return On Asset and Mawadah

(2015) stated that NPF has an effect to ROA.

H3: NPF ratio has significant effect to ROA ratio

2.7 Effect of NPF on ROA with CAR as

intervening

Poernamawatie (2009), Margaretha and

Setyaningrum (2011) in their researches found that

NPF has a negative influence on CAR. In addition,

Syafri (2012) in his research found that NPF has a

positive influence on ROA. Furthermore, Africano

(2016) in the study stated that CAR mediates partially

the effects of NPF and on ROA.

H4: CAR ratio mediates the influence of NPF on

ROA

3 RESEARCH METHODS

The data which are required in this research are

quarterly financial report data published by Islamic

commercial banks through financial services

authority website which is the object of this research

in 2014-2016. Furthermore, the population used is all

Islamic commercial banks and Islamic business units

in Indonesia in 2014-2016 using purposive sampling

as the technique to determine the sample.

The analysis technique in this research is by

testing the classical assumption then the data analysis

method used in this study using path analysis

technique with the help of SPSS program.

4 RESULTS AND DISCUSSION

4.1 Classic Assumption Test

4.1.1 Normality Test

Equation I Equation II

Figure 1: Normality test result of Islamic commercial bank

in Indonesia

From Figure 1 above it is known that the criterion for

knowing normal distributed data can be seen from

from the figure above. Criteria of the test is that if the

data inormally distributed is the distribution of dots

following a straight line. So it can be concluded that

for equation I and equation II can be concluded that

the data consisting of NPF ratio with CAR ratio and

NPF ratio, CAR to normal distributed ROA ratio.

4.1.2 Multicollinearity Test

Table 1: Multicollinearity test result of Islamic commercial

bank in Indonesia

Collinearit

Statistics

Tolerance VIF

(

Constant

)

CAR

.918 1.090

NPF

.918 1.090

From the results of table 1 above is done for

multicollinearity test to know the correlation of the

independent variable (X) or ratio variable of NPF and

CAR ratio. It can be done with the test value criteria

generated by the tolerance column not less than the

determination value of 10% and the VIF value does

not exceed the criterion of 10. So it can be concluded

that from the test results that have been done the value

generated on the tolerance column and VIF of the data

NPF ratio and CAR ratio are not > 10% and <10,

which means no multicollinearity of NPF ratio and

CAR ratio in Islamic Commercial Bank.

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Technology

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4.1.3 Autocorrelation Test

Table 2: Autocorrelation test result of Islamic commercial

bank in Indonesia

Model Summary b

Model 1

uation I E

uation II

Durbin-Watson Durbin-Watson

0.410 1.175

Table 2 above shows that the value produced by

Durbin Watson equation I is 0.410 and the equation II

is 1.175. The value indicates that it is still between -2

to +2, which means there is no autocorrelation. So it

can be concluded that there is no autocorrelation from

the equation I that is NPF ratio with CAR and

equation II that is the NPF, CAR and ROA ratio.

4.1.4 Heteroscedasticity Test

uation Test Results I E

uation Test Result II

Figure 2: Heteroscedasticity test result of Islamic

commercial bank in Indonesia

From figure 2 above shows the homocedasticity

model because the variance of one observation

residual to another observation remains, from

equation I that is the NPF radio and CAR ratio and

equation II from ratio of NPF, CAR and ROA. That is

because the spread of data does not form a wavy

pattern widened then narrowed. So it can be

concluded that the model does not contain

heteroscedasticity and is suitable for use in the model.

4.2 Path Analysis

CAR = α + ß NPF + e 1 (structural equation 1)

ROA = α + ß NPF + ß CAR + e 2 (structural equation

Table 3: The magnitude effect of structural equation I and

structural equation II

R Square

Structural Equation I Structural Equation II

.0 82 .454

From the results of the data in table 3 above it can be

known that the magnitude of the effect of the NPF

ratio to CAR ratio is 8.2%. Furthermore, the effect of

NPF ratio and CAR to ROA ratio is 45.4%. So from

these data can be known that there are many ratio

variables that can affect CAR ratio and ROA ratio.

Table 4: The effect of structural equation I and structural

equation II

Model

Equation Structure I

Equation

Structure II

F Sig. F Sig.

Regression 10606 .001

48671

Residual

Total

From the results of table 4 above can be known that

the results of the equation structure 1 test is seen from

the value of sig. .001, the value is less than the alpha

value that is 5%. So it can be seen that the regression

model is feasible and significant with significance

0.001 < α (0.005). Furthermore, from the equation of

structure 2 test that is equal to 0.000, the value is still

in criteria less than alpha, so from equation of

structure 2 it can be known that the regression model

is feasible and significant with significance 0.000 < α

(0.005).

4.2.1 The Influence of NPF ratio to CAR

ratio

Table 5: Effect of NPF Ratio to CAR Ratio

MODEL t Sig.

1 Constant 13606 .000

NPF 3.257 .001

From the results of table 5 it is known that the value

generated by the value of t count is 3.257 and the

resulting sig value is .001 which means that the value

is less than the alpha value that is 5%. So it can be

known that the regression model is feasible and

Proﬁtability of Islamic Commercial Banks in Indonesia Reviewed from the Effect of NPF Ratio and CAR Ratio as Intervening Variables to

ROA Ratio

153

significant with the significance of 0.001 < α (0.005)

or it can be said that there is a significant influence of

the independent variable to the dependent variable.

4.2.2 The Influence of NPF ratio to ROA

ratio

Table 6: Influence of NPF Ratio to ROA Ratio

MODEL

Unstandardize

Coefficients

t Sig.

1 Constan

1.489 7165 .000

PF -.128 -9.266 .000

From the results of table 6 it is known that the value

generated by the value of t calculate is -9.266 and the

resulting sig value is .000 which means that the value

is less than the alpha value that is 5%. So it can be

known that the regression model is feasible and

significant with the significance 0.000 < α (0.005) or

it can be said that there is a significant influence of

the independent variable to the dependent variable.

4.2.3 The Influence of the CAR Ratio

Mediates the Effect of NPF to the ROA

Ratio

Table 7: Influence of CAR Ratio to Mediate Effect of NPF

to ROA Ratio

MODEL

Unstandardized

Coefficients

t Sig.

1 Constant .814 2.507 .014

CAR

NPF

.035

-.236

2.658

-9.864

.009

.000

From the results of table 7 it is known that the value

generated by the value of t calculate X1 is 2658 with

the resulting sig value is equal to .009 which means

that the value is less than the alpha value that is 5%.

Then it can be known that the X1 regression model is

feasible and significant with the significance 0.000 <

α (0.005) or it can be said that there is a significant

influence of the independent variable (X1) to the

dependent variable. As for the value of t calculate X2

is equal to -9.864 with the resulting sig value is .000

which means that the value is less than the alpha value

that is 5%. So it can be known that the X2 regression

model is feasible and significant with the significance

0.000 < α (0.005) or it can be said that there is a

significant influence of the independent variable (X2)

to the dependent variable.

The Influence of NPF Ratio to ROA Ratio in

Islamic Commercial Bank in Indonesia

Based on the results of data calculation above,

especially in table 4 that the regression model is

feasible and significant with the significance of 0.000

< α (0.005) or it can be said that there is a significant

influence of the independent variable to the

dependent variable. So it can be concluded that the

ratio of NPF significantly influence the ROA ratio

which means that the greater the ratio of NPF, the

greater elimination cost of financing reserves that

resulted in the income of Islamic commercial banks

decreased, so that will also affect the decrease of

ROA ratio. This is in accordance with the research

conducted by Kolapo et al. (2012) which found that

NPFs have an effect to ROA.

Influence of NPF Ratio to CAR Ratio at Islamic

Commercial Banks in Indonesia

Based on the results of the calculation above,

especially in table 3 that the regression model is

feasible and significant with the significance of 0.001

< α (0.005) or it can be said that there is a significant

influence of the independent variable to the

dependent variable. So it can be concluded that the

ratio of NPF significantly influences the CAR ratio

which means that the greater the risk of financing

faced by Islamic commercial banks will increase the

formation of allowance for earning assets losses from

the equity owned, so that there is reduction of equity

stock which is a component of capital adequacy. The

results of this research are consistent with the

research that has been done by Poernamawatie

(2009), Margaretha and Setiyaningrum (2011) which

found that a negative relationship between NPL and

CAR, and Africano (2016) which stated that there is

significant influence of NPF ratio to CAR ratio.

The Influence of CAR Ratio Mediates the Effect of

NPF to ROA Ratio at Islamic Commercial Banks

in Indonesia

Based on the results of table 5 it can be seen that the

regression model of CAR ratio is feasible and

significant with the significance of 0.000 < α (0.005)

or it can be said that there is a significant influence of

the ratio of CAR to ROA ratio. When the capital of

Islamic commercial banks is large enough and there

is high competition, Islamic commercial banks will

focus more on the growth of firm size, it means that

Islamic commercial banks will encourage the

increase of assets owned along with the increased

ICEST 2018 - 3rd International Conference of Computer, Environment, Agriculture, Social Science, Health Science, Engineering and

Technology

154

capital of Islamic commercial banks. So in order to

achieve the desired growth, Islamic commercial

banks will reduce the spread which take effect in

decreased profitability of Islamic commercial banks.

This is in accordance with research conducted by

Fuady (2016) and Mahmudah and Harjanti (2016)

which revealed that the CAR affect to ROA.

Furthermore Sudiyatno and Suroso (2010) in their

research stated that the CAR ratio has a positive effect

to ROA ratio.

The test of mediation variable from CAR ratio to

ROA ratio can be seen from test result below:

Table. 8 Influence of CAR Ratio to Mediate NPF Influence

to ROA Ratio

Based on the result of calculation above, especially in

Table 8 that the regression model is feasible and

significant with the significance of 0.001 < α (0.005)

or it can be said that there is a significant influence of

the independent variable to the dependent variable

through the intervening variable. So it can be

concluded that the ratio of NPF has a significant

effect to the ROA ratio or in other words the NPF

ratio directly affect the ROA ratio because the

resulting value is 000 < 0.05 which means that the

high NPF can reflect that the financing of Islamic

commercial banks is getting worse.

Furthermore, if it is reviewed from the effect of

CAR ratio as an intervening to the NPF ratio with

ROA ratio, it is known that the value resulting from

the value of the sig is .009. The value from the test

criteria can be categorized as having an indirect effect

where the value of .009 < alpha value 0.05. So it can

be concluded that the CAR ratio is able to mediate the

indirect influence of NPF ratio to ROA ratio.

When it is viewed from the coefficient value (a),

(b) and (c) all the resulting values are significant

which means that it is sufficient to indicate the

existence of mediation. If the coefficient c is not

significant, then occurs perfect or complete or full

mediation. If the coefficient c decreases but remains

significant, then it is stated partial mediation. So it can

be concluded that the model includes partial

mediation or mediation occurs.

5 CONCLUSION

The NPF ratio has a significant effect to ROA ratio

which means that the bigger the NPF ratio, there is a

greater cost of the financing elimination that resulted

in the income of Islamic commercial bank is decrease,

so it will also affect the decrease of ROA ratio. NPF

ratio is significantly influence the CAR ratio, which

means that the greater the financing risk faced by

Islamic commercial banks will increase the formation

of allowance for earning assets losses from the equity

held, so that there is reducing the share of equity

which is the capital adequacy component. There is a

significant influence of CAR to ROA ratio. When the

capital of Islamic commercial banks is large enough

and the high competition condition, Islamic

commercial banks will focus more on the growth of

firm size, it means that Islamic commercial banks will

encourage the increase of assets owned along with the

capital increase of Islamic commercial banks. So it

can be concluded that the CAR ratio is able to mediate

the indirect influence of NPF ratio to ROA ratio.

ACKNOWLEDGEMENTS

This research was supported by Yayasan Amaliyah

Ilmi as the organizer of STIE AAS Surakarta. We

thank our colleagues from STIE AAS Surakarta,

especially lecturers of the Study Program Islamic

Economics and generally all academics who provide

insight and expertise that greatly helps the research,

although may not be appropriate with all the

interpretations of this research.

We also want to show our gratitude to Dr. Sri

Lahir and Dr. Darmanto, MM to share their pearl of

wisdom to us during this research, so this research can

be completed. We are also very grateful to Mrs.

Ameilia Zuliyanti, M. Sc. Ph.D and all ICEST 2018

committees for their comments on the initial

manuscript, so we can refine accordingly with mutual

expectations.

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