The Effect of Capital Adequacy and Operational Risk on Profitability with Net Operating Margin as an Intervening Variable in Islamic Commercial Banks in Indonesia During the 2020–2024 Period
Abstract
Islamic commercial banks serve as alternative financial institutions that operate in accordance with Islamic principles by prohibiting interest (riba) and implementing a profit-and-loss sharing system. Funds collected from customers are channeled into the real sector, while returns are distributed based on predetermined profit-sharing agreements (nisbah). Although higher returns increase profit-sharing benefits for both banks and customers, they also expose banks to greater financial risk. Therefore, maintaining adequate capital and effectively managing operational risk are essential for ensuring business sustainability and achieving stable profitability. This study aims to examine the effects of capital adequacy and operational risk on profitability, measured by Return on Assets (ROA), with Net Operating Margin (NOM) acting as a mediating variable. The study employed a quantitative approach using panel data from 55 observations of Islamic commercial banks registered with the Indonesian Financial Services Authority (OJK) during the 2020–2024 period. Data were analyzed using Structural Equation Modeling (SEM). The results indicate that capital adequacy has no significant effect on Net Operating Margin, whereas operational risk has a significant negative effect on Net Operating Margin. In addition, neither capital adequacy nor operational risk directly affects profitability, while Net Operating Margin has a significant positive effect on profitability. The mediation analysis further reveals that Net Operating Margin does not mediate the relationship between capital adequacy and profitability but successfully mediates the relationship between operational risk and profitability. These findings highlight the importance of operational efficiency in improving the profitability of Islamic commercial banks.
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