Financial Ratio Analysis and Stock Price Performance of Islamic Banks Listed on the Indonesia Stock Exchange
Main
Wartoyo*
Reisya Zahra Munichlakhofa
Makmuri Ahdi
The rapid growth of Islamic banking in Indonesia has intensified interest in understanding the financial factors that drive market valuation and investor decision-making. This study aims to analyze the influence of Return on Assets (ROA), Financing to Deposit Ratio (FDR), and Operational Costs to Operational Income (BOPO) on stock prices in Sharia Commercial Banks (BUS) listed on the Indonesia Stock Exchange (IDX) for the 2021-2024 period. Using a quantitative approach and panel data regression analysis through the Eviews 13 software, this study samples 4 Sharia banks (BTPN Syariah, Bank Aladin Syariah, Bank Panin Dubai Syariah, and Bank Mega Syariah). The results show that partially, Return on Assets (X1) has a positive and significant effect on stock prices with a probability of 0.0007, confirming that profitability is the main attraction for investors. Meanwhile, partially Financing to Deposit Ratio (X2) does not affect stock prices with a probability of 0.3176, indicating that the market tends to be neutral towards the volume of fund distribution and prioritizes liquidity safety aspects. Furthermore, Operational Costs to Operating Income (X3) has a positive and significant effect on stock prices with a probability of 0.0037. This finding shows a unique phenomenon in which the market actually appreciates the increase in operational costs as a form of strategic investment by banks in digital technology transformation to strengthen long-term competitiveness.
Alsharif, M. (2021). The efficiency of banks and stock performance: Evidence from Saudi Arabia. Cogent Economics & Finance, 9(1), 1953726.
Anwar, K. (2020). Pengaruh Current Ratio, Return on Asset dan Inflasi Terhadap Harga Saham. Dinamika Ekonomi: Jurnal Ekonomi Dan Bisnis, 13(1), 221–240.
Armeina, D., & Alam, I. P. (2019). Uji stasioneritas time series dengan menggunakan Dicky-Fuller Test. Dep. Mat. Fak. Mat. Dan Imu Pengetah. Alam, Inst. Teknol. Bandung, 2, 1–6.
Asykarulloh, A., Araffi, M., Mahmudah, D., Prihatin, R., & Al Umar, A. U. A. (2023). Pengaruh Faktor Fundamental Terhadap Harga Saham Bank Digital Di Indeks Saham Syariah. Jurnal Analisa Akuntansi Dan Perpajakan, 7(1), 19–28.
Chen, S. (2021). Analisis Efisiensi Kinerja Operasional Bank dengan Menggunakan Rasio Biaya Operasional atas Pendapatan Operasional pada PT. BPR Central Sejahtera Tanjungpinang. BPR Central Sejahtera Tanjungpinang, 1(02), 29–38.
Dewi, N. S., & Suwarno, A. E. (2022). Pengaruh ROA, ROE, EPS dan DER Terhadap Harga Saham Perusahaan (Studi Empiris pada Perusahaan LQ45 yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2020). Seminar Nasional Pariwisata Dan Kewirausahaan (SNPK), 1, 472–482. https://doi.org/10.36441/snpk.vol1.2022.77
Fitriani, E., Sunarto, A., & Hartini, K. (2022). Analisis Variabel FDR dan BOPO Dalam Mempengaruhi Harga Saham Di Bursa Efek Indonesia (Studi Pada Bank Tabungan dan Pensiunan Negara Syariah (BTPS) Periode 2016-2020). Jurnal Ilmiah Akuntansi, Manajemen Dan Ekonomi Islam (JAM-EKIS), 5(2), 142–152.
Indrasari, N., & Yulianto, S. (2025). Determinants of Poverty in Papua Province: A Panel Data Regression Approach (2021–2023). Jurnal Statistika Dan Aplikasinya, 9(1), 140–152.
Kholis, N., Arifin, A., & Syam, N. (2022). The Contribution of Mosque-Based Sharia Cooperatives to Community Well-Being Amidst the COVID-19 Pandemic. Iqtishadia: Jurnal Kajian Ekonomi Dan Bisnis Islam, 15(1), 21–45.
Kurniawan, A., Iriawan, N., & Choiruddin, A. (2024). Development of Indonesian Islamic Banking Financial Inclusion Strategy: A Machine Learning Approach. 2024 International Conference on Sustainable Islamic Business and Finance (SIBF), 216–220.
Lubis, N., Hardi, H., & Maryanti, S. (2024). Analisis Kinerja Keuangan Bank Syariah Indonesia terhadap Harga Saham Pasca Merger. Jurnal Ilmiah Ekonomi Dan Bisnis, 21(1), 49–55.
Nugroho, A. Y., & Rachmaniyah, F. (2020). Pengaruh LDR, NIM, NPL dan BOPO terhadap Harga Saham pada PT. Bank Rakyat Indonesia, Tbk 2017-2019. Jurnal Komastie, 1(1), 28–43.
Prasetyandari, C. W. (2021). Dampak Covid-19 Bagi Roda Perekonomian Bagi Masyarakat Indonesia. Jurnal Imagine, 1(1), 12–16.
Purwaningsih, E., & Trianti, R. (2022). Pengaruh Npm Dan Roe Terhadap Harga Saham Dengan Komisaris Independen Sebagai Variabel Moderasi. E-Prosiding Akuntansi, 3(1).
Rahma, A., Santoso, B. T., & Abdurachman, T. A. (2021). Pengaruh rasio keuangan dan ukuran perusahaan terhadap harga saham. Jurnal Arastirma, 2(1), 34.
Saputra, F. (2022). Analysis effect return on assets (ROA), return on equity (ROE) and price earning ratio (PER) on stock prices of coal companies in the Indonesia Stock Exchange (IDX) period 2018-2021. Dinasti International Journal of Economics, Finance and Accounting, 3(1), 82–94.
Sari, D. I. (2021). Pengaruh roa, roe dan eps terhadap harga saham perusahaan perbankan yang terdaftar di bei periode 2016-2019. Tirtayasa Ekonomika, 16(1), 83–96.
Sarono, A. (2019). Analisis problem pembiayaan mudharabah serta solusinya. Diponegoro Private Law Review, 3(1).
Sugiyono. (2017). Metode Penelitian Kuantitatif Kualitatif dan R&D. CV. Alfabeta.
Suratnoaji, C. (2016). Riset Komunikasi: Strategi praktis bagi peneliti pemula: Paradigma Penelitian dalam bidang Komunikasi. Pusat Kajian Komunikasi Publik. Prodi Ilmu Komunikasi Fisip-Utm.
Usman, U., Wartoyo, W., Haida, N., & Wahyuningsih, N. (2024). Implementasi Sustainable Development Goals (SDGS) Di Indonesia Perspektif Ekonomi Islam. Al-Masharif: Jurnal Ilmu Ekonomi Dan Keislaman, 12(1), 108–126.
Wartoyo, W., Abdul, G., Mohammad, I., & Shainima, I. (2025). Financial efficiency of Islamic rural banks in Indonesia: A two-stage DEA approach.
Wau, T., Sarah, U. M., Pritanti, D., Ramadhani, Y., & Ikhsan, M. S. (2022). Determinan pertumbuhan ekonomi negara ASEAN: Model data panel. Jurnal Samudra Ekonomi Dan Bisnis, 13(2), 163–176.
Wijono, D., Dwiyanto, B. S., Risdwiyanto, A., & Jemadi, J. (2023). Pengaruh ROA, NIM, dan BOPO terhadap Harga Saham Perbankan LQ20 di Bursa Efek Indonesia Periode 2016-2022 Menggunakan Analisis Data Panel. Jurnal Maksipreneur: Manajemen, Koperasi, Dan Entrepreneurship, 12(2), 632–646.
