EQUITY

Vol. 23, No.2, 2020, 125-136

DOI: 10.34209/equ.v23i2.2245
P-ISSN 0216-8545 | E-ISSN 2684-9739

Uploaded : December 2020

Accepted : December 2020
Published : December 2020

THE EFFECT OF COVID-19 PANDEMIC ON THE PERFORMANCE OF

ISLAMIC BANK IN INDONEISA
Sutrisno Sutrisno1*, Bagus Panuntun2, and Fikri Irfan Adristi3
[email protected], [email protected], [email protected]
1, 2, 3 Universitas
Islam Indonesia, Indonesia
*corresponding author

Abstract

The Corona Virus Diseases (Covid-19) pandemic that hit the world resulted in a decline in the
performance of most companies, including reducing the performance of the world economy.
Banking as a business group was also affected because the decline in company performance had an
effect on the decline in banks, including Islamic banks especially the probability effect. This is due
to the large number of affected customer companies causing a decrease in financing which in turn
reduces profitability. The purpose of this study is to examine the impact of the Covid-19 pandemic
on the performance of Islamic banks in Indonesia. The performance of Islamic bank consist of
capital adequacy ratio (CAR), non-performing financing (NPF), profitability as measured by return
on assets (ROA), return on equity (ROE), and net operating margin (NOM)., operating expenses to
operating income ratio (OEIR) and financing to deposit ratio (FDR). The population in this study
were 13 Islamic commercial banks operating in Indonesia. From this population 12 banks were
taken as samples and one bank was not taken because the data were incomplete. The data is taken
quarterly, namely 4 quarters before the pandemic and 3 quarters during the pandemic. To test the
hypothesis, the independent sample t-test was used. The results showed that the profitability as
measured by ROE and NOM has a significant effect, as well as the financing to deposit ratio is also
significantly different. Meanwhile, CAR, NPF, ROA, and OEIR were not affected by the Covid-19
pandemic.
Keywords: Capital Adequacy Ratio; Non-Performing Financing; Financing to Depoasit Ratio;
Return on Equity

Abstrak

Pandemi Penyakit Virus Corona (Covid-19) mengakibatkan penurunan kinerja sebagian besar
perusahaan, termasuk menurunkan kinerja perekonomian dunia. Perbankan sebagai kelompok usaha
juga terkena imbasnya karena penurunan kinerja perusahaan berdampak pada penurunan
perbankan termasuk bank syariah terutama kemungkinan efeknya. Hal ini disebabkan banyaknya
perusahaan nasabah yang terkena dampak sehingga menyebabkan penurunan pembiayaan yang
pada akhirnya menurunkan profitabilitas. Tujuan dari penelitian ini adalah untuk mengetahui
dampak pandemi Covid-19 terhadap kinerja bank syariah di Indonesia. Kinerja bank syariah terdiri
dari rasio kecukupan modal (CAR), non-performing financing (NPF), profitabilitas yang diukur
dengan Return on Asset (ROA), Return on Equity (ROE), dan Net Operating Margin (NOM), Rasio
Beban Operasional terhadap pendapatan operasional (OEIR) dan Rasio Pembiayaan terhadap
Simpanan (FDR). Populasi dalam penelitian ini adalah 13 bank umum syariah yang beroperasi di
Indonesia. Dari populasi tersebut diambil 12 bank sebagai sampel dan satu bank tidak diambil karena
datanya tidak lengkap. Pengambilan data dilakukan secara triwulanan yaitu 4 triwulan sebelum
pandemi dan 3 triwulan saat pandemi. Untuk menguji hipotesis digunakan uji independent sample t-

Cited this as: Sutrisno, Panuntun, B., & Adristi, I.F. 2020. The Effect of Covid-19
Pandemic on The Performance of Islamic Bank in Indoneisa. Equity, 23(2), 125-
136. doi.org/10.34209/equ.v23i2.2245
EQUITY, Vol. 23, No.2, 2020, 125-136

test. Hasil penelitian menunjukkan bahwa profitabilitas yang diukur dengan ROE dan NOM
berpengaruh signifikan, demikian pula rasio pembiayaan terhadap simpanan juga berbeda secara
signifikan. Sedangkan CAR, NPF, ROA, dan OEIR tidak terpengaruh oleh pandemi Covid-19
Kata Kunci: Capital Adequacy Ratio; Non-Performing Financing; Financing to Depoasit Ratio; Return
on Equity

INTRODUCTION

At the end of 2019, the world was shocked by the discovery of a terrible
disease outbreak that resulted in paralysis of the world economy. The disease
outbreak is known as coronavirus. Coronavirus is one of the main pathogens that
attacks the human respiratory system. Because this outbreak occurred in 2019, it
is often referred to as coronavirus disease 19 (Covid-19). The Covid-19 case
initially occurred in Wuhan, Hubei province, China in December 2019. There were
five patients treated at Jinyinta Hospital, Wuhan who were initially suspected of
pneumonia with Acute Respiratory Syndrome (ARDS) (Ren et al., 2020). After a
careful diagnosis, it showed that there was a new coronacirus named 2019 novel
coronavirus (2019-nCoV). In a short time, this virus spread to other provinces in
China, Thailand, Japan and Korea (Huang et al., 2020).
Based on this incident, the WHO World Health Organization on February 11,
2020 officially announced the official name of the outbreak, which from 2019-
nCoV became COVID-19 (WHO, 2020). COVID-19 can be transmitted from human
to human and in general, respiratory viral infections can occur through: (1) contact
(direct or indirect), (2) short-distance transmission (droplet) spray (droplet) and,
(3) aerosols in transmission long distance (Moriyama, Hugentobler, & Iwasaki,
2020). This disease has spread to more than 180 countries, so WHO officially
announced that COVIC-19 is a pandemic (WHO, 2020). As of June 2, 2020, there
have been 6,194,533 confirmed positive cases of COVID-19 and 376,320 deaths
from COVID-19 worldwide. Meanwhile, in Southeast Asia 283,845 confirmed cases
of COVID-19 and 8,000 deaths due to COVID-19.
In Indonesia, the case of the Covid-19 outbreak was first announced by
President Joko Widodo with a positive case that befell 2 people on March 2, 2020.
The first case announced was greeted by the capital market with negative effects.
Regulators have tried hard by issuing various policies, but they were still unable to
withstand the collapse of the Jakarta Composite Index (IHSG). On that day, JCI
closed 91 points (1.67%) at the level of 5,361. At that time the JCI trend was indeed
bearish. The effects of the Covid-19 pandemic have occurred in almost all world
exchanges, so that many stock prices have fallen(He, Sun, Zhang, & Li, 2020; Singh,
Dhall, Narang, & Rawat, 2020; Shahabi, Azar, Faezy Razi, & Fallah Shams, 2020 and
Anh & Gan, 2020).
Banking, both conventional and Islamic banks, is also facing challenges
amid the Covid-19 outbreak (Disemadi & Shaleh, 2020; Labonte & Scott, 2020; and
Ningsih & Mahfudz, 2020). AnIslamic Economics Observer who is also the founder
of Karim Consulting, Adiwarman Karim, said that industry conditions could
deteriorate earlier than the banking industry. Pandemic conditions can reduce the
competitiveness of Islamic banks and people transfer their funds to conventional

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banks. In general, the challenges in Islamic banks during the Covid-19 pandemic
were liquidity and the ratio of non-performing financing (NPF). The research
object is Islamic banking, because it is unique in that its products are not allowed
to be interest-based, so that during a pandemic, its management is heavier than
conventional banks
The Covid-19 pandemic has indeed made the economy, including banking,
experience a decline in performance. The impact of this epidemic has caused
several countries to experience economic crisis and even recession (Wu & Olson,
2020). The impact of a pandemic is like the case of an economic recession, so
banking management must be able to make the right strategy so that the effect is
not too big. The impact of the economic crisis on Islamic banking has been
analyzed by several previous researchers (Miniaoui & Gohou, 2013; Al-Deehani, El-
Sadi, & Al-Deehani., 2015; dan Alqahtani., 2016). Muhammad & Triharyono, (2019)
and Wahab N., Rosman R., (2017). They conducted research to determine the effect
of the economic crisis on the performance of Islamic banks such as capital (CAR),
NPF, profitability, and FDR.
Some researchers measure the performance of Islamic banks with a
financial ratio called CAMEL, namely capital capital adequacy ratio (CAR), asset
quality as measured by non-performing financing (NPF). Profitability is measured
by return on assets (ROA), return on equity. (ROE), net operating margin (NOM)
and the operating expenses to operating income ratio (OEIR), as well as liquidity as
measured by financing to deposit ratio (FDR)
The Covid-19 epidemic has been felt by banks because of the increasing
number of companies that have been affected, reducing their production and even
experiencing bankruptcy, which makes channeling bank financing more difficult.
With the decline in financing, it will further reduce the profitability of Islamic
banks, including the decline in overall bank performance. Thus, researchers will
test whether the Covid-19 pandemic has an effect on the performance of Islamic
banks as measured by CAR, NPF, ROA, ROE, NOM, OEIR, and FDR. Researchers
hypothesize that there are differences in the performance of Islamic banks before
and during the Covid-19 pandemic. The performance of Islamic banks has
decreased significantly during the Covid-19 outbreak.

RESEARCH METHODOLOGY

Population and sample

This study uses a population of 13 Islamic commercial banks in Indonesia.
From this population, one bank was not taken as the sample because the data was
incomplete. There are several quarters of data not available, so that the sample
was taken as many as 12 Islamic commercial banks. To analyze differences in the
performance of Islamic banks before and during the pandemic, data were taken 4
quarters before the pandemic and three quarters during the pandemic.

Research variable
The research variable is the performance of Islamic banks consisting of 7
Islamic bank performance indicators with the following measurements:

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Table 1: Variable and Measurement

No Variable Symbol Measurement
Total Equity/Weighted Asset Based
1 Capital Adequacy Ratio CAR Risk
2 Non Performing Financing NPF Non perform financing/Total Financing
3 Return on Asset ROA EAT/Total Asset
4 Return on Equity NPF EAT/Total Equity
Net operating income/Operating
5 Net operating Margin NOM income
Operaring Expense to Income
6 Ratio FDR Total Financing/Third Party Fund
7 Financing to Deposit Ratio NPM Total Financing/Total Deposit
Source: Data Processed (2020)

RESULT AND ANALYSIS

Descriptive Statistics
To provide an overview of the sample company data, the following are the
maximum, minimum and average values of the research data processed using the
SPSS version 17.0 program.
Table 2: Descriptive Statistics
Std.
N Minimum Maximum Mean Deviation
CAR 84 12.01 346.43 41.892 69.67542
NPF 84 0.00 4.98 2.2589 1.50347
ROA 84 0.01 17.23 2.4765 4.34726
ROE 84 0.03 31.20 7.0824 8.15988
NOM 84 -0.97 14.97 1.7244 3.688
OEIR 84 40.36 204.50 91.5938 19.3355
FDR 84 68.05 181.84 89.61 16.94603
Valid N 84
(listwise)
Source: Data Processed (2020)

Based on the table above, the capital adequacy ratio (CAR) of Islamic
banking is very good because it is above the minimum requirement of 8%. The
minimum CAR is 12.10% and the maximum is 346.43% with an average of 41.89%.
Non performing financing is also good because it is below the maximum
requirement of 5% with a minimum value of 0.00% and a maximum of 4.98% with
an average of 2.26%. Profitability as measured by ROA shows quite good because it
has an average of 2.48% with a minimum value of 0.01% and a maximum of
17.23%. Meanwhile, profitability as measured by ROE shows a minimum value of
0.03% and a maximum value of 31.20% with an average of 7.08. Meanwhile, the
net operating margin (NOM) shows a minimum value of -0.97% and a maximum of
14.97% with an average of 1.72%.
The operating expenses to operating income ratio (OEIR) shows an average
of 91.59%, with a minimum value of 40.36% and a maximum of 204.50%. This

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shows that there are banks that are operating in a losing condition. The financing
to deposit ratio (FDR) is very good because the average value is 89.61% with a
minimum value of 68.05 but there are still Islamic banks whose FDR values far
exceed the provisions, namely with a maximum value of 181.84, even though the
recommended value is 85%

Group Statistics
To determine the effect of the Covid-19 pandemic on the performance of
Islamic banks, data was taken from 4 quarters before and three quarters during
the Covid-19 pandemic. The following is the average data for each variable before
and during the Covid-19 pandemic:

Table 3: Group Statistics

Std. Std. Error
EVEN N Mean Deviation Mean
CAR BEFORE 48 38.4750 58.25936 8.40901
PANDEMIC 36 46.4481 83.17008 13.86168
NPF BEFORE 48 2.2535 1.46281 0.21114
PANDEMIC 36 2.2661 1.57699 0.26283
ROA BEFORE 48 2.6650 4.66442 0.67325
PANDEMIC 36 2.2253 3.93534 0.65589
ROE BEFORE 48 7.5106 8.95488 1.29252
PANDEMIC 36 6.5114 7.0447 1.17412
NOM BEFORE 48 2.0800 4.21068 0.60776
PANDEMIC 36 1.2503 2.83573 0.47262
OEIR BEFORE 48 88.2360 14.44128 2.08442
PANDEMIC 36 96.0708 23.88416 3.98069
FDR BEFORE 48 129.7274 182.11561 103.70778
PANDEMIC 36 84.1878 34.01801 5.66967
Source: Data Processed (2020)

Table 2 shows the difference of mean, standard deviation and standard

error mean of each research variable before and during the pandemic. CAR had a
mean of 38.48% before the pandemic and increased to 46.45% during the
pandemic. This shows that during the pandemic, Islamic banks were not able to
channel financing properly, so the funds were not absorbed. Meanwhile, NPF
which shows financing problems did not experience significant fluctuations
because before the pandemic 2.25% and during the pandemic increased 0.01% to
2.26%.
Profitability, both as measured by ROA, ROE and NOM, also decreased. ROA
before the pandemic was 2.67% and decreased slightly to 2.23% during the
pandemic, ROE also decreased from 7.61% before the pandemic to 6.51% during
the pandemic. Meanwhile, NOM has decreased quite significantly, from 2.08%
before the pandemic to 1.25% during the pandemic.
The level of efficiency as measured by the ratio of operating costs to
operating income (OEIR) has increased quite sharply. The OEIR before the
pandemic was 88.24%, increasing to 96.07%. This is one of the causes of the
decline in the profitability of Islamic banks. Meanwhile, the financing to deposit

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ratio (FDR) has decreased from before the pandemic was very expansive with an
average FDR of 129.73% to 84.19% during the pandemic. These results indicate
that during a pandemic the ability to channel funds was greatly reduced, which
may be because many companies were also affected by the pandemic, so they did
not need funds to develop their businesses.

Hypothesis Result
To find out whether the performance of Islamic banking is affected by the
Covid-19 pandemic, a different test will be carried out from the performance of
Islamic banks. To determine whether there is a difference, use a significance level
of 5% and 10%. The following table shows the results of different tests before and
during the Covid-19 pandemic using the independent sample t-test.

Table 3: Independent Samples Test

Levene's Test t-test for Equality of Means
for Equality of 95% Confidence Interval
Variances of the Difference
Mean Std. Error
F Sig. Difference Difference Lower Upper
CAR Equal variances 0.972 0.327 -7.97306 15.43027 -38.66878 22.72267
assumed
Equal variances -7.97306 16.21289 -40.40926 24.46315
not assumed
NPF Equal variances 0.005 0.944 -0.01257 0.3335 -0.676 0.65086
assumed
Equal variances -0.01257 0.33713 -0.68458 0.65945
not assumed
ROA Equal variances 1.632 0.205 0.43972 0.96308 -1.47616 2.3556
assumed
Equal variances 0.43972 0.93992 -1.4305 2.30995
not assumed
ROE Equal variances 3.234 .076* 0.99924 1.80665 -2.59477 4.59325
assumed
Equal variances 0.99924 1.74619 -2.47462 4.4731
not assumed
NOM Equal variances 3.187 .078* 0.82972 0.81292 -0.78744 2.44689
assumed
Equal variances 0.82972 0.7699 -0.70208 2.36153
not assumed
BOPO Equal variances 0.254 0.616 -7.83479 4.20082 -16.19156 0.52197
assumed
Equal variances -7.83479 4.49341 -16.84426 1.17467
not assumed
FDR Equal variances 6.495 .013** 445.53967 347.55554 -245.98683 1137.0662
assumed
Equal variances 445.53967 303.76069 -165.8874 1056.9667
not assumed
Note: ***, **, * denote significant 1%, 5%, and 10%
Source: Data Processed (2020)

To find out the results of hypothesis testing, see the column Levene's test

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for equality of variances in the sign column. Capital as measured by the capital
adequacy ratio (CAR) produces a significance value of 0.327 greater than the
requirement, so that CAR does not differ between before and during the Covid-19
pandemic. These results indicate that Islamic banks maintain a good capital
adequacy ratio, because capital is a very vital aspect for banks, so the government
regulates the minimum bank capital at 8%. Banks are companies whose funds
mostly come from public funds, so it is highly regulated by the government.
Therefore, the bank will maintain adequate capital in order to maintain its
performance. Aziz, Md Husin, Haider Hashmi, Manager, & of Khyber (2016) and
Mughal, Scholar, & Administrative(2015) who compared the performance of
Islamic banks with commercial banks stated that capital is very important so that
it will maintain capital adequacy above the minimum requirement. Therefore,
Islamic banking also maintains adequate capital in accordance with government
regulations both before and during the Covid-19 pandemic.
The financing risk as measured by non-performing financing (NPF) shows a
significance result of 0.944 above the required significance level, so that there is no
difference in NPF between before and during the pandemic. In accordance with
government regulations that non-performing financing (NPF) is a maximum of 5%,
if it exceeds the provisions there will be administrative sanctions in the form of a
decrease in the bank's health assessment (Labonte & Scott, 2020). Therefore,
Islamic banks try to keep the NPF as low as possible. This is reflected in the
average NPF value of 2.26% with a maximum value of 4.98%. Thus, it is natural
that both before the pandemic and during the pandemic, the bank maintained its
NPF. Therefore the Covid-19 pandemic has not affected banks in managing their
financing risk. Uddin et al.(2017) revealed that under any circumstances, banks
will maintain the NPF under the provisions, including banks that are restructuring
in the form of mergers and acquisitions (Sufian & Abd. Majid, 2007).
Profitability as measured by return on assets (ROA) produces a significance
value of 0.205 more than required, meaning that there is no difference in ROA
before and during the pandemic. ROA is the ability of earnings compared to total
assets (Bikker, 2010), so it is logical that there is no difference in ROA before and
during Covid, because the comparison is total assets. We know that bank assets
come from own capital and public funds and if you look at the CAR, there is a very
large number which is shown in descriptive statistics with a maximum value of
346.43%, meaning that your own capital is too dominant. It can also be interpreted
that banks are not able to mobilize public funds. This can be seen in the return on
equity (ROE) which produces a significance value of 0.076 which is smaller than
the significance requirement of 0.10. Also, the net operating margin (NOM) has a
significance value of 0.078 which is smaller than 0.10. Thus, profitability as
measured by both ROE and NOM differs significantly before and during a
pandemic. ROE is the ability to generate profits with own capital (Bikker, 2010), so
it is logical if there is a difference before and during a pandemic, this is because
there are some Islamic banks that have very little own capital resulting in high
ROE. In conventional banking and Islamic banks, there are often significant
differences in the profitability of ROE and NOM (Mughal et al., 2015 and Uddin et
al., 2017). ROE before the pandemic averaged 7.51% and decreased during the
pandemic to an average of 6.51%. Likewise, profitability as measured by NOM also

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experienced a decline during the pandemic period from 2.08% before the
pandemic to 1.25% during the pandemic. This shows that there has been a decline
in profitability during the Covid-19 pandemic
The operating expenses to operating income ratio (OEIR) produces a
significance value of 0.254 greater than 0.10, meaning that there is no significant
difference in OEIR before and during the Covid-19 pandemic. These results
indicate that banks are able to control their efficiency, because OEIR is an indicator
of the size of a bank's efficiency, the higher the OEIR the lower the profitability.
There are indeed very efficient Islamic banks that are very efficient which is shown
with a minimum OEIR value of 40.36%, there are also those that are very not
showing a maximum value of 204.50, but statistically the difference is not
significant. These results indicate that the management of Islamic banks strives for
the banks they manage not to lose money (Demirgüç-Kunt, Morales, & Ruiz Ortega,
2020). Azhari, Salsabilla, & Wahyudi(2020) also found that there was no significant
difference in OEIR before and during the Covid-19 pandemic. OEIR is a variable
that can be controlled by management so that during a pandemic Islamic bank
management takes efficiency strategics.
Financing to deposit ratio (FDR) obtained a significance value of 0.013,
lower than the required significance level of 0.05. Thus there is a significant
difference in FDR before and during the pandemic. FDR shows that the financing
provided, the higher the FDR, the greater the financing provided. Large financing
will increase income which in turn will increase profitability (Disemadi & Shaleh,
2020). Prior to the Covid-19 pandemic, the FDR of Islamic banks was on average
129.72% and decreased to 84.19% during the pandemic. This shows that during a
pandemic the ability of banks to channel financing decreased drastically, which
resulted in decreased income and resulted in decreased profitability. These results
also confirm that profitability as measured by ROE and NOM has also decreased
significantly.

CONCLUSION

The Covid-19 pandemic has had a very serious impact on the economies of
all countries in the world, including the banking industry, both conventional and
Islamic banking in Indonesia. Specifically for Islamic banking, it can be concluded
that the performance that was not affected in the sense that before and during the
pandemic was not different was the performance stipulated by the government.
Capital Adequacy Ratio (CAR) is set by the government at a minimum of 8%, non-
performing financing (NPF) is set at a maximum of 5%, so there are no significant
differences between these two variables before and during the pandemic.
Profitability as measured by ROA does not have a significant impact on the
pandemic, likewise the ratio of operating costs to operating income (OEIR) also has
no impact, meaning that Islamic bank management has tried to control on the
efficiency side, because OEIR is more controllable by management. Meanwhile, the
variables related to profitability decreased significantly before and during the
pandemic. Return on Equity (ROE), net operating margin (NOM) and financing to
deposit ratio (FDR) decreased significantly. FDR, as an indicator of the ability of

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Islamic banks to channel financing, has decreased which of course reduces bank
income so that in the end it also has an impact on lowering profitability. However,
according to Nugroho et al., (2020) during the pandemic, Islamic banks are still
well managed with moderate performance.
Management of Islamic banks is expected to pay attention to financing
(FDR) because financing has a significant effect on profitability. If managed
properly, a high FDR will be able to increase profitability and can also control CAR
so that it is not too large (efficient).
This study has limitations in the form of data that is still small because the
pandemic period is still around 3 quarters, so it only uses 3 quarters during the
pandemic period and the four quarters before the pandemic. It is hoped that the
next researchers can carry out replication by adding data for example with
monthly data.

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