Assessing the Financial Soundness of Indonesia's Largest Islamic Bank: An RGEC Framework Analysis

Ismul Aksan; Kasim Sinen; Mahardika Catur Putriwana Malik

doi:10.56741/IISTR.jgi.001953

Authors

Ismul Aksan
ismulaksan@unkhair.ac.id
Universitas Khairun https://orcid.org/0000-0002-1021-6097
Kasim Sinen Universitas Khairun
Mahardika Catur Putriwana Malik Universitas Khairun

DOI:

https://doi.org/10.56741/IISTR.jgi.001953

Keywords:

Bank Syariah Indonesia, Financial Soundness, Islamic Banking, Merger Efficiency, RGEC

Abstract

This study aims to assess the financial soundness of PT Bank Syariah Indonesia Tbk (BSI) during the pivotal consolidation period from 2020 to 2024. The research specifically evaluates how the mega merger affects the bank's risk capability, efficiency, and overall stability. The assessment utilizes the RGEC method in accordance with Financial Services Authority (FSA) regulations. This quantitative descriptive study analyzes secondary data from BSI’s annual reports over a five-year observation period (2020–2024). The results demonstrate that BSI consistently maintained a Very Healthy composite rating throughout the period. Specifically, the bank showed remarkable improvement in operational efficiency, with BOPO decreasing significantly from 84.61% (2020) to 69.93% (2024), and profitability rising with ROA reaching 2.49% in 2024. Risk management also strengthened, evidenced by a low Net NPF of 0.50% and a robust CAR above 21%. Furthermore, GCG implementation achieved a Very Good predicate in 2024. Practical Implications: The findings suggest that the merger successfully achieved operational synergy without compromising financial stability. The study recommends that management maintain the current efficiency level while exploring further financing expansion given the high liquidity and capital buffer.

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Author Biographies

Ismul Aksan, Universitas Khairun

is a lecturer in the Accounting Study Program, Faculty of Economics and Business, Universitas Khairun, Ternate, Indonesia. He is affiliated with Khairun University and contributes to teaching, research, and community service in accounting and financial management. His academic interests include financial reporting, banking, and public sector accounting. He actively participates in scholarly publications and institutional development. (email: ismulaksan@unkhair.ac.id).

Kasim Sinen, Universitas Khairun

is a lecturer in the Accounting Study Program, Faculty of Economics and Business, Universitas Khairun, Ternate, Indonesia. He is affiliated with Khairun University and focuses on accounting education, financial analysis, and institutional governance. His work involves teaching, research, and community engagement, supporting academic excellence and professional development. He contributes to publications and academic activities. (email: kasimsinen@unkhair.ac.id).

Mahardika Catur Putriwana Malik, Universitas Khairun

is a lecturer in the Accounting Study Program, Faculty of Economics and Business, Universitas Khairun, Ternate, Indonesia. She is affiliated with Khairun University and actively engages in teaching, research, and community service in accounting and financial management. Her academic interests include financial accounting, auditing, and corporate governance. She contributes to scholarly publications and academic development, supporting institutional growth and advancing accounting education. (email: mahardika@unkhair.ac.id).

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