Indonesia Islamic Bank (BSI) Health Analysis Using RGEC

Copyright © ISRG Publishers. All rights Reserved. DOI: 10.5281/zenodo.17570034 6 ISRG PUBLISHERS Abbreviated Key Title: isrg j. multidiscip. Stud. ISSN: 2584-0452 (Online) Journal homepage: https://isrgpublishers.com/isrgjms/ Volume – III, Issue -XI (November) 2025 Frequency: Monthly Indonesia Islamic Bank (BSI) Health Analysis Using RGEC Heri Sasono1*, Ahmad Syukri2 1, 2 STIE Dharma Bumiputera | Received: 30.10.2025 | Accepted: 04.11.2025 | Published: 10.11.2025 *Corresponding author: Heri Sasono STIE Dharma Bumiputera INTRODUCTION The banking sector plays a fundamental role as a driving force of a country's economy. Banks function as intermediary institutions that collect funds from the public and redistribute them in the form of financing or credit to support productive activities (Kasmir, 2016). In Indonesia, as the country with the largest Muslim population in the world, the Islamic banking industry has enormous growth potential and a strategic role in supporting the halal ecosystem and Islamic social finance. The consistent growth of Islamic banking assets demonstrates growing public trust and interest in financial services based on Islamic principles. As a strategic step to strengthen the national Islamic banking industry and create a global player, the Indonesian government Abstract Indonesian Islamic Bank (BSI) is the result of a merger of three Islamic banks: Bank BRI Syariah, Bank Syariah Mandiri, and Bank BNI Syariah, effective February 1, 2021. The performance of Bank Syariah Indonesia (BSI) after the merger needs to be assessed using the RGEC method. This study uses the RGEC method, which encompasses four main factors: Risk Profile, Good Corporate Governance (GCG), Earnings, and Capital. The study period is four years, from 2021 to 2024. The results of the Risk Profile study, using the NPF and FDR financial ratios, both indicate a healthy bank. Good Corporate Governance (GCG) using the GCG value is Santa Terpercaya. Earnings, using the financial ratios ROA, ROE, BOPO, and NIM, yielded Very Healthy results, except for the ROE and Capital ratios, which used the CAR ratio, which yielded Very Healthy results. Keywords: Risk Profile, Good Corporate Governance, Profitability, and Capital. ISRG Journal of Multidisciplinary Studies (ISRGJMS) Copyright © ISRG Publishers. All rights Reserved. DOI: 10.5281/zenodo.17570034 7 initiated the merger of three Islamic banks owned by the Association of State-Owned Banks (HIMBARA). On February 1, 2021, PT Bank BRI Syariah Tbk, PT Bank Syariah Mandiri, and PT Bank BNI Syariah officially merged into a single entity, PT Bank Syariah Indonesia Tbk (BSI). This merger created the largest Islamic bank in Indonesia with massive total assets, which is expected to increase efficiency, competitiveness, and contribution to the national economy (OJK Press Release, 2021). BSI is projected to be the locomotive that accelerates the growth of the Islamic economy in Indonesia. This mega-merger also presents significant challenges. Integrating the systems, work cultures, and risk management of three different banks is a complex undertaking that could potentially pose operational risks. Furthermore, BSI faces fluctuating macroeconomic dynamics, such as changes in benchmark interest rates, inflation rates, and global economic uncertainty, which could impact its financial performance. Therefore, the bank's post-merger health is a crucial focus for stakeholders, including customers, investors, and regulators. To ensure the stability and continuity of a bank's operations, regulators require regular bank health assessments. The Financial Services Authority (OJK) has established a framework for assessing the health of Islamic commercial banks through Financial Services Authority Regulation (POJK) Number 8/POJK.03/2014. This assessment uses a risk-based approach (Risk-Based Bank Rating) with the RGEC method, which includes four main factors: Risk Profile, Good Corporate Governance (GCG), Earnings, and Capital The RGEC method provides a comprehensive overview of a bank's condition, not only in terms of profitability, but also in terms of its ability to manage risk, implement good governance, and maintain sufficient capital to absorb potential losses (Fahmi, 2017). Given BSI's status as a newly merged entity with systemic significance for the Islamic financial industry in Indonesia, an in-depth analysis of its health level is highly relevant and urgent. Research by Rahmawati, D., & Akbar, M. (2021) shows that BSI's financial performance, assessed based on the RGEC principle, shows a significant increase in profitability and capital. Research by Sari, R., & Putri, A. (2020) finds that good GCG implementation has a positive effect on the financial performance of Islamic banks, including BSI. Research by Khan, M.F., & Bhatti, M.I. (2022), analyzed BSI's performance using the RGEC method and found that the bank had a well-managed risk level and stable profitability. Research by Ahmad, A., & Hassan, M.K. (2019) discussed the use of RGEC in assessing the financial health of Islamic banks, including BSI, and stated that capital and corporate governance aspects are crucial for bank sustainability. Analysis of BSI's soundness using the RGEC method indicates that the bank performs well in terms of risk, governance, earnings, and capital. The aforementioned studies can serve as a strong reference for better understanding BSI's financial health. Based on the description above, this study aims to analyze the health level of PT Bank Syariah Indonesia Tbk in the post-merger period using the RGEC method. The results of this analysis are expected to provide an objective picture of BSI's performance and health, as well as serve as useful evaluation material for bank management, regulators, and other stakeholders in maintaining stability and encouraging the growth of the Islamic banking industry in Indonesia. Theoretical review Bank health is a bank's ability to operate normally, fulfill all its obligations properly, and maintain the trust of customers and other stakeholders (Dendawijaya, 2009). A bank's health reflects the performance and stability of the financial system as a whole. A healthy bank is not only able to generate profits but also manages risks effectively, adheres to prudent principles, and has strong capital to absorb potential losses. The Financial Services Authority (OJK), as the regulatory body for the financial services industry in Indonesia, has a significant stake in maintaining the health of every bank. Routine supervision and assessments aim to detect potential problems early (an early warning system) and ensure banks operate in accordance with applicable regulations. This is crucial for maintaining the stability of the national financial system and protecting public funds entrusted to banks (Kasmir, 2016). 1. RGEC Method (Risk Profile, Good Corporate Governance, Earnings, Capital) To assess the soundness of Islamic commercial banks, the Financial Services Authority (OJK) has established a risk-based assessment method, or Risk-Based Bank Rating (RBBR). This framework is regulated in Financial Services Authority Regulation (POJK) Number 8/POJK.03/2014 concerning the Assessment of the Soundness of Islamic Commercial Banks and Islamic Business Units. This method, known by the acronym RGEC, consists of four main factors. The RGEC method provides a more comprehensive assessment than the previous method (CAMELS), as it places greater emphasis on the risk profile and quality of governance as the foundation of bank operations. The following is an in-depth explanation of each RGEC component: 2. Risk Profile A risk profile is an assessment of the inherent risks and the quality of risk management implementation in a bank's operations. According to OJK Regulation No. 8/POJK.03/2014, this assessment covers at least eight main types of risks faced by Islamic banks. However, in quantitative analysis, some of the most common risks measured through financial ratios are: a) Credit Risk (Financing) Credit risk is the risk of loss arising from the failure of a debtor (customer) to fulfill their obligations under the contract. In the context of Islamic banking, this risk is inherent in the distribution of funds in the form of financing (murabahah, mudharabah, musyarakah, etc.). The main indicator for measuring this risk is Non-Performing Financing (NPF). a. Net NPF = Total Financing Total NonPerforming Financing − Allowance for Losses × 100% b. The lower the NPF ratio, the better the quality of the financing disbursed and the better the bank's ability to manage credit risk (Muhammad, 2014). b) Liquidity Risk Liquidity risk is the risk arising from a bank's inability to meet maturing obligations from cash flow funding sources. Islamic banks must be able to maintain cash availability to meet customer withdrawal Copyright © ISRG Publishers. All rights Reserved. DOI: 10.5281/zenodo.17570034 8 requests at all times. A commonly used ratio to measure this risk is the Financing-to-Deposit Ratio (FDR). a. FDR = Total Third Party Funds (DPK) Total Financing × 100% b. An FDR that is too high indicates tight liquidity, while a value that is too low indicates idle funds. Bank Indonesia sets a safe FDR limit of 85% to 110% (PBI No. 17/11/PBI/2015). 3. Good Corporate Governance (GCG) Good Corporate Governance (GCG) is a corporate governance system that regulates and controls a company to create added value for all stakeholders. According to the Forum for Corporate Governance in Indonesia (FCGI, 2001), the basic principles of GCG include Transparency, Accountability, Responsibility, Independence, and Fairness. In the banking context, GCG implementation is vital because banks manage public funds, which demands a high level of trust. GCG assessments are qualitative and conducted through self-assessments by bank management, which are reported to the Financial Services Authority (OJK). This assessment includes an evaluation of: a) Implementation of the duties and responsibilities of the Board of Commissioners and Directors. b) Completeness and implementation of the duties of the committees. c) Implementation of compliance functions, internal audits, and external audits. d) Implementation of risk management, including internal control. e) Provision of funds to related parties and transparency of financial conditions. 4. Profitability (Earnings) Profitability, or earnings, is an assessment of a bank's ability to generate profits from its business operations. Profit is not only crucial for a bank's survival but also serves as a source of additional internal capital. Some of the key ratios used to measure profitability are: a) Return on Assets (ROA) ROA measures management's effectiveness in managing a company's assets to generate net income. This ratio indicates how much profit can be generated from each rupiah of assets held. a. ROA = Average Total Assets Profit Before Tax × 100% b. The higher the ROA value, the more efficient the bank is in utilizing its assets to create profits (Fahmi, 2017). b) Operating Expenses to Operating Income (BOPO) The BOPO ratio is used to measure a bank's efficiency and ability to conduct its operations. This ratio compares total operating expenses to total operating income. a. BOPO = Total Operating Income Total Operating Expenses × 100% b. The smaller the BOPO ratio, the more efficient the bank is in running its operations, which means a greater ability to generate profits. 5. Capital Capital is a fundamental factor that serves as a buffer to absorb unexpected losses and protect the interests of depositors. Capital adequacy also forms the basis for business development and the addition of risky assets. The main indicator for measuring capital is the Capital Adequacy Ratio (CAR). CAR is a ratio comparing a bank's total capital to its Risk-Weighted Assets (RWA). According to OJK regulations, banks are required to maintain a minimum CAR of 8%, but the ideal level is tailored to each bank's risk profile. CAR = Risk-Weighted Assets (RWA) Total Capital × 100% A high CAR ratio indicates that the bank has strong capital to withstand potential shocks or losses from its operational activities (Kasmir, 2016). Research methods 1. Types of research This study uses a quantitative approach with a descriptive research type. The quantitative approach is used because this study will process data in the form of numbers derived from financial reports to measure certain variables through financial ratio calculations. This descriptive research type was chosen because it aims to provide a systematic, factual, and accurate picture of the health condition of PT Bank Syariah Indonesia Tbk in the postmerger period based on the RGEC method (Sugiyono, 2018). This study does not test hypotheses, but rather presents an analysis and interpretation of the bank's financial condition in accordance with the applicable assessment framework. 2. Object and Scope of Research The object and scope of the research are a) Research Object: The object of this research is the level of financial health of PT Bank Syariah Indonesia Tbk (BSI). b) Scope of Research: The scope of this research is limited to the analysis of BSI's published financial statements for the quarterly or annual period after the effective date of the merger (February 1, 2021). The analysis focuses on four factors in the RGEC method, namely Risk Profile, Good Corporate Governance, Earnings, and Capital. 3. Data Types and Sources This research uses quantitative secondary data. The data source is the audited and officially published financial statements (statement of financial position and income statement) of PT Bank Syariah Indonesia Tbk. The data can be accessed through: a) The official website of PT Bank Syariah Indonesia Tbk (www.bankbsi.co.id) in the Investor Relations section. b) Indonesia Stock Exchange Website (www.idx.co.id). c) Financial Services Authority website (www.ojk.go.id). 4. Data collection technique The data collection technique used in this study was a documentation study. Researchers collected, recorded, and processed relevant data from financial report documents published by BSI. The steps included downloading the financial reports and recording the balance sheet and profit and loss items required to calculate the RGEC ratio. 5. Data Analysis Techniques Copyright © ISRG Publishers. All rights Reserved. DOI: 10.5281/zenodo.17570034 9 Data analysis is carried out through several stages in accordance with the guidelines set by the Financial Services Authority: a) Financial Ratio Calculation: Calculate the value of each indicator (NPF, FDR, ROA, BOPO, and CAR) for each research period using the established formula. b) Credit Scoring: Assigns a score to each ratio based on the assessment matrix contained in OJK Circular Letter No. 10/SEOJK.03/2014. Each ratio is ranked from 1 (very good) to 5 (poor). c) Component Ranking Determination: Determines the ranking for each RGEC component. For the Risk Profile, Earnings, and Capital components, the ranking is determined based on the results of their ratio calculations. For GCG, the ranking refers to the results of the bank's self-assessment. d) Composite Rating Determination: Combining the rating results from the four components (R, G, E, C) to determine the final Composite Rating (PK) of the bank's health level. Composite ratings are classified as follows: a. PK-1 : Very Healthy b. PK-2 : Healthy c. PK-3 : Fairly Healthy d. PK-4 : Less Healthy e. PK-5 : Unhealthy The data analysis technique used in this research is descriptive quantitative analysis. Descriptive quantitative is a method that analyzes a problem based on numerical calculations from research results, Suryabrata, Sumadi. After the data was collected, the researchers analyzed it in this report using quantitative descriptive analysis. Quantitative descriptive analysis is a method that analyzes a problem based on numerical calculations from research results, Suryabrata, Sumadi. Standard measurements in predicting the level of bank health using the RGEC method are: A. Risk Profile Risk Profile Rating Criteria (NPF) Table Ranking Information Criteria 1 Very Healthy NPF < 2% 2 Healthy 2% ≤ NPF < 5% 3 Quite Healthy 5% ≤ NPF < 8% 4 Not enough Healthy 8% ≤ NPF < 12% 5 No Healthy NPF ≥ 1 2% Source: Bank Indonesia Circular Letter No. 13/24/DPNP 2011 Risk Profile Rating (FDR) Criteria Table Ranking Information Criteria 1 Very Healthy FDR < 75% 2 Healthy 75% ≤ FDR < 85% 3 Quite Healthy 85% ≤ FDR < 100% 4 Not enough Healthy 100% ≤ FDR < 120% 5 No Healthy FDR ≥ 120% Source: Bank Indonesia Circular Letter No. 13/24/DPNP 2011 B. Good Corporate Governance (GCG) GCG Rating Criteria Table Ranking Information Criteria 1 Very Good GCG > 85 2 Healthy 70 ≤ GCG < 85 3 Enough Good 50 ≤ GCG < 70 4 Not enough Good 30 ≤ GCG < 50 5 No Good GCG < 30 Source: Bank Indonesia Circular Letter No. 13/1/PBI/2011 C. Earning Return On Assets (ROA) Rating Criteria Table Ranking Description Criteria 1 Sangat Healthy ROA > 1.5% 2 Healthy 1.25% ≤ ROA < 1.5% 3 Healthy Enough 0.5% ≤ ROA < 1.25% 4 Kurak Healthy 0% ≤ ROA < 0.5% 5 No Healthy ROA ≤ 0% Source: Bank Indonesia Circular Letter No. 13/24/DPNP 2011 Return On Equity (ROE) Rating Criteria Table Ranking Information Criteria 1 Very Healthy ROE > 20% 2 Healthy 20% ≤ ROE < 12.5% 3 Quite Healthy 12.5% ≤ ROE < 5% 4 Not enough Healthy 5% ≤ ROE < 0% 5 No Healthy ROE ≤ 0% Source: Bank Indonesia Circular Letter No. 13/24/DPNP 2011 BOPO Rating Criteria Table Ranking Information Criteria 1 Very Healthy BOPO < 83% 2 Healthy 83% ≤ BOPO < 85% 3 Quite Healthy 85% ≤ BOPO < 87% 4 Not enough Healthy 87% ≤ BOPO < 89% 5 No Healthy BOPO ≥ 89% Source: Bank Indonesia Circular Letter No. 13/24/DPNP 2011 NIM Ranking Criteria Table Ranking Information Criteria 1 Very Healthy NIM > 3% 2 Healthy 2% < NIM ≤ 3% 3 Quite Healthy 1.5% < NIM ≤ 2% 4 Not enough Healthy 1% < NIM ≤ 1.5% Copyright © ISRG Publishers. All rights Reserved. DOI: 10.5281/zenodo.17570034 10 5 No Healthy NIM ≤ 1% Source: Bank Indonesia Circular Letter No. 13/24/DPNP 2011 D. Capital CAR Rating Criteria Table Ranking Information Criteria 1 Very Healthy CAR > 12% 2 Healthy 9% ≤ CAR < 12 3 Quite Healthy 8% ≤ CAR < 9% 4 Not enough Healthy 6% ≤ CAR < 8% 5 No Healthy CAR ≥ 6% Source: Bank Indonesia Circular Letter No. 13/24/DPNP 2011 E. Bank Health Level Composite Score Determine the composite rating for assessing the level of bank health from 2011 to 2015. The composite value for the ratio. The financials of each component that occupies the composite ranking will be valued as follows, Bank Indonesia Circular Letter. Bank Health Level Assessment. No. 9/24/DPBS/2007: 1) Rank 1 = Each checklist is multiplied by 5 2) Rank 2 = Each checklist is multiplied by 4 3) Rank 3 = Each checklist is multiplied by 3 4) Rank 4 = Each checklist is multiplied by 2 5) Rank 5 = Each checklist is multiplied by 1 The composite score obtained by multiplying each checklist score is then weighted by percentage. The percentage weights used to determine the overall composite ranking of the components are as follows: Composite Ranking Weighting Table Weight Composite Rating Information 86100 PK 1 Very Healthy 7185 PK 2 Healthy 6170 PK 3 Quite Healthy 4160 PK 4 Not enough Healthy <40 PK 5 No Healthy Source: Refmasari and Setiawan, 2014 Composite Rating Formula = (Sum of Composite Scores/Total Composite Scores) X 100% Results and Discussion 1. Based on Risk Profile a. Calculation Risk Credit (NPF) In this study, credit risk is determined using the Non-Performing Financing (NPF) ratio. This ratio is obtained by dividing the amount of non-performing financing by the total financing. In this case, total non-performing financing is financing provided to third parties that is questionable, substandard, and delinquent. Meanwhile, the total financing is total overall financing Which given to third parties. Thus, the calculation of Non-Performing Financing (NPF) is as follows: Calculation Table Non-Performing Financing Period NPF (%) 2021 2.93 2022 2.42 2023 2.08 2024 1.90 Average 2.33 Source: Report Annual PT. Bank Syariah Indonesia b. Based on Risk Liquidity (FDR) In this study, to determine the liquidity risk, it is calculated using of ratio Financing to Deposit Ratio (FDR). This ratio is obtained from total financing divided by third-party funds. In this case, total financing is the total amount of financing provided to third parties, while funds party third is current account, savings and deposits. Thus, the calculation of the Financing to Deposit Ratio (FDR) are as follows: Table Calculation Financing to Deposit Ratio Period FDR (%) 2021 73.39 2022 79.37 2023 81.73 2024 84.97 Average 79.87 Source: Report Annual PT. Bank BRI Sharia, 2018 c. Based on Good Corporate Governance (GCG) In this study to determine Good Corporate Governance can seen from Report Tata Manage Annual on PT Bank Syariah Indonesia. The report is as follows: Good Corporate Table Governance Period GCG 2021 88.89 2022 90.00 2023 91.50 2024 91.80 Average 90.55 Source: Report Tata Manage Bank Syariah Indonesia d. Based on Earnings 1) Calculation Return On Assets (ROA) In this study, earnings were calculated using the Return on Assets (ROA) ratio. This ratio is obtained by dividing profit before tax by total assets. Total assets are the sum of all assets, both current and fixed. Therefore, the calculation of Return on Assets (ROA) is as follows: Calculation Table Return On Asset Period ROA (%) 2021 1.61 Copyright © ISRG Publishers. All rights Reserved. DOI: 10.5281/zenodo.17570034 11 2022 1.98 2023 2.35 2024 2.49 Average 2.11 Source: Report Annual PT. Bank Syariah Indonesia 2) Calculation Return On Equity (ROE) In this study, earnings were calculated using the Return on Equity (ROE) ratio. This ratio is obtained by dividing profit after tax by total equity. Therefore, the calculation of Return on Equity (ROE) is as follows: Calculation Table Return On Equity Period ROE (%) 2021 13.71 2022 16.84 2023 16.88 2024 17.77 Average 16.30 Source: Report Quarterly PT. Bank Syariah Indonesia 3) Calculation of Operating Expenses to Operating Income (BOPO) In this study, to determine earnings, it is calculated using the ratio of Operating Expenses to Income. Operational (BOPO). This Ratio obtained from operating expenses to operating income. Thus, the calculation of Operating Expenses to Operating Income (BOPO) is as follows: Calculation Table Burden Operational to Operating Income Period BOPO (%) 2021 80.46 2022 75.88 2023 71.27 2024 69.93 Average 74.39 Source: Report Quarterly PT. Bank Syariah Indonesia 4) Calculation Net Interest Margin (NIM) In this study, earnings were calculated using the Net Interest Margin (NIM) ratio. This ratio is obtained by dividing net interest income by earning assets. Therefore, the Net Interest Margin (NIM) calculation is as follows: Calculation Table Net Interest Margin Period Student ID Number (%) 2021 6.04 2022 6.31 2023 5.82 2024 5.66 Average 5.96 Source: Report Quarterly PT. Bank Syariah Indonesia e. Based on Capital In this study, capital is calculated using the Capital Adequacy Ratio (CAR). This ratio is obtained from capital shared assets weighted according to risk. Thus, calculation Capital Adequacy Ratio (CAR) is as follows Calculation Table Capital Adequacy Ratio Period CAR (%) 2021 22.09 2022 20.29 2023 21.04 2024 21.40 Average 21.21 Source: Report Annual PT. Bank Syariah Indonesia f. Descriptive Analysis Assessment Table Level Health Bank PT. Bank Indonesian Sharia Average over 4 Years (Years) 2021 to 2024) Year Component Ratio Ratio (%) Ranking Criteria Composite 1 2 3 4 5 2022 Risk Profile NPF 2.33 √ Healthy VERY HEALTHY FDR 79.87 √ Healthy GCG 90.55 √ Sangat Terror Earnings ROA 2.11 √ Very Healthy ROE 16.30 √ Healthy BOPO 74.39 √ Very Healthy NIM 5.96 √ Very Healthy Capital CAR 21.21 √ Very Healthy Composite Value 20 12 0 0 0 (32 ÷ 35) × 100% = 91.43 Source: Data Secondary data processed by researchers Copyright © ISRG Publishers. All rights Reserved. DOI: 10.5281/zenodo.17570034 12 Conclusion The health level of Bank Syariah Indonesia (BSI) for 4 years starting from the year Bank Syariah Indonesia was established, from 2021 to 2024, based on the RGEC Method, which includes four main factors: Risk Profile, Good Corporate Governance (GCG), Earnings, and Capital, obtained a composite value of 91.43% or Very Healthy. RGEC uses four main factors: Risk Profile, using the financial ratios of NPF and FDR, Good Corporate Governance (GCG) using the value of GCG, Profitability (Earnings) using the financial ratios of ROA, ROE, BOPO and NIM, while Capital uses the CAR ratio. Recommendation Based on the research results, it turns out that several financial ratios still meet the healthy criteria. Therefore, the performance of variables or indicators that meet the healthy criteria need to be further improved to achieve the Very Healthy criteria, such as the NPF, FDR, and ROE financial ratios. 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