Pengaruh Diversifikasi Pendapatan Terhadap Profitabilitas dan Stabilitas Perbankan di Indonesia Sebelum dan Saat Pandemi COVID-19

Abstract

Diversifikasi pendapatan perbankan berkaitan dengan banyaknya kegiatan usaha yang dilakukan oleh bank. Kegiatan usaha yang dapat dilakukan oleh bank konvensional di Indonesia dikelompokan berdasarkan modal inti yang dimiliki yaitu kelompok Bank Umum Kegiatan Usaha (BUKU). Sehingga bank dengan modal inti yang tinggi dapat melakukan kegiatan usaha yang lebih luas dibandingkan bank dengan modal inti yang lebih rendah. Diversifikasi pendapatan merupakan aspek penting dalam profitabilitas serta stabilitas perbankan dan menetapkan strategi diversifikasi pendapatan merupakan tugas utama dari manajemen perbankan. Diversifikasi pendapatan yang baik dapat mengindari perbankan dari kebangkrutan dan membuat perbankan lebih stabil. Selain itu, diversifikasi pendapatan juga berpengaruh terhadap profitabilitas perbankan. Diversifikasi pendapatan semakin penting bagi perbankan terutama perbankan di Indonesia mengingat terjadinya tren penurunan pendapatan bunga terlebih saat terjadi kondisi perekonomian yang kurang baik saat krisis di periode pandemi COVID-19. Oleh karena itu penting bagi perbankan konvensional yang beroperasi di Indonesia untuk mengelola diversifikasi pendapatannya dengan baik sehingga profitabilitas dan stabilitas perbankan dapat meningkat. Beberapa penelitian terdahulu telah meneliti pengaruh diversifikasi pendapatan terhadap profitabilitas dan stabilitas perbankan konvensional, namun penelitian-penelitian terdahulu belum banyak mempertimbangkan pengaruh dari kondisi makroekonomi krisis yang terjadi akibat pandemi COVID-19. Padahal studi empiris menunjukkan bahwa kondisi krisis mempengaruhi profitabilitas dan stabilitas perbankan. Sehingga patut diduga kondisi makroekonomi yaitu krisis akibat pandemi COVID-19 berpengaruh terhadap profitabilitas serta stabilitas perbankan. Dengan latar belakang tersebut, maka tujuan penelitian ini adalah (1) menganalisis dinamika profitabilitas, stabilitas dan diversifikasi pendapatan bank konvensional di Indonesia berdasarkan kelompok Bank Umum Kegiatan Usaha (BUKU) sebelum dan saat terjadi krisis akibat pandemi COVID-19; (2) menganalisis pengaruh diversifikasi pendapatan terhadap profitabilitas dan stabilitas bank konvensional di Indonesia; (3) menganalisis strategi diversifikasi pendapatan bank konvensional di Indonesia berdasarkan kelompok Bank Umum Kegiatan Usaha (BUKU) yang memiliki profitabilitas dan stabilitas tinggi saat terjadi krisis akibat pandemi COVID-19. Data pada penelitian ini adalah data sekunder yang diperoleh dari laporan keuangan perbankan konvensional dan juga dari Otoritas Jasa Keuangan pada periode tahun 2017 hingga tahun 2021. Sampel pada penelitian ini ditentukan berdasarkan purposive sampling dimana bank yang dipilih merupakan perbankan konvensional yang terdaftar di Otoritas Jasa Keuangan dan memiliki laporan keuangan yang lengkap. Penelitian ini menggunakan return on asset (ROA) sebagai indikator profitabilitas, kemudian ZSCORE sebagai indikator stabilitas. Indikator diversifikasi pendapatan yang digunakan adalah herfindal hirschman index (HHI). Penelitian ini juga menggunakan variabel kontrol bank spesifik seperti cost to income (BOPO), loans (LDR), dan equity (CAR). Variabel kontrol makroekonomi yang digunakan adalah krisis (crisis) pada saat krisis di periode pandemi COVID-19. Untuk menjawab tujuan penelitian, penelitian ini menggunakan analisis deskriptif, analisis komparatif, analisis regresi data panel berganda, dan analisis kualitatif eksploratif. Berdasarkan hasil analisis deskriptif bank BUKU 4 merupakan bank yang memiliki tingkat diversifikasi pendapatan paling tinggi yang menghasilkan profitabilitas dan stabilitas yang paling optimal baik pada periode sebelum maupun saat krisis. Hasil analisis komparatif berdasarkan kelompok BUKU periode sebelum dan saat terjadi krisis menunjukkan terdapat perbedaan nyata adanya penurunan profitabilitas pada keseluruhan kelompok BUKU dan adanya perbedaan nyata peningkatan stabilitas pada kelompok BUKU 2 dan 3, sedangkan pada analisis komparasi diversifikasi pendapatan hanya kelompok bank BUKU 1 yang menunjukkan adanya peningkatan rata-rata diversifikasi pendapatan saat terjadi krisis. Namun peningkatan tersebut belum dapat diiringi dengan profitabilitas dan stabilitas yang optimal. Hasil analisis regresi data panel berganda menemukan bahwa diversifikasi pendapatan berpengaruh positif terhadap profitabilitas perbankan. Diversifikasi pendapatan juga terbukti berpengaruh positif kepada stabilitas perbankan. Sementara itu variabel kontrol seperti cost to income memiliki pengaruh yang negatif terhadap profitabilitas serta stabilitas bank sedangkan variabel kontrol loans dan equity mempengaruhi profitabilitas dan stabilitas perbankan secara positif. Variabel crisis di periode pandemi COVID-19 terbukti berpengaruh negatif kepada profitabilitas serta stabilitas perbankan konvensional di Indonesia. Hasil kualitatif eksploratif menunjukkan bahwa kelompok bank BUKU 4 yang merupakan kelompok bank dengan profitabilitas dan stabilitas yang tinggi pada saat krisis memiliki strategi diversifikasi pendapatan yang difokuskan pada fee based income. Sumber fee based income yang umum digunakan adalah fee dari bancassurance, transaksi e-channel, trade finance, wealth management serta fee dari jasa administrasi atas simpanan. Disisi lain fee dari transaksi forex dan surat berharga pemerintah obligasi ritel masih belum banyak digunakan. Hasil penelitian ini menekankan pentingnya diversifikasi pendapatan bagi perbankan konvensional di Indonesia dalam meningkatkan profitabilitas dan stabilitasnya. Selain itu manajemen perbankan dan regulator perlu mempertimbangkan kondisi krisis dalam merumuskan kebijakan strategi diversifikasi pendapatan.

Banking income diversification are related to the variety of business activities carried out by banks. Business activities that can carried out by conventional banks in Indonesia are grouped based on their core capital, namely the commercial banks group by business activities (BUKU). Based on that classification, banks with higher core capital can carry out more varied business activities than banks with lower core capital. Income diversification is an important aspect of banking profitability and stability, and also creates an effective income diversification strategy is the main task of banking management. Effective income diversification strategy can prevent banks from bankruptcy and can makes banks more stable. In addition, income diversification affects bank profitability. Income diversification is also essential for banks operating in Indonesia considering the downward trend in interest income of conventional banking, especially during the negative economic conditions cause by COVID-19 pandemic. Therefore, it is important for conventional banks in Indonesia to properly manage their income diversification to increase their profitability and stability. Previous studies have analyzed the effect of income diversification on profitability and stability of conventional banking, but very few studies have analyzed the effect of macroeconomic conditions during COVID-19 pandemic such as crisis. Whereas empirical studies show that crisis conditions affect bank profitability and stability. So it is reasonable to hypothesized that crisis during COVID-19 period as macroeconomic indicator affected banking profitability and stability. Against this background, the objectives of this study are: (1) to analyze the dynamics of profitability, stability, and income diversification of conventional banks in Indonesia based on the commercial banks group by business activities (BUKU) before and during the crisis due to the COVID-19 pandemic; (2) to analyze the effect of income diversification on conventional banks profitability and stability in Indonesia; and (3) to analyze the income diversification strategy of conventional banks in Indonesia based on commercial bank group by business activities (BUKU) that has the highest profitability and stability during the crisis period due to the COVID-19 pandemic. This study uses secondary data from conventional banking financial reports, annual reports, and data from Financial Services Authority from 2017–2021 period. Sample in this study are chosen based on purposive sampling where the selected banks are conventional banks registered with the Financial Services Authority and have complete financial reports and annual reports from 2017-2021 period. This study uses return on assets (ROA) as an indicator of profitability and ZSCORE as an indicator of stability. The income diversification indicator uses is the herfindal hirschman index (HHI). This study also uses bank specific indicator as control variables such as cost to income (BOPO), loans (LDR), and equity (CAR). Macroeconomic control variable uses in this research is crisis during the COVID-19 pandemic. To answer the research objectives this study uses descriptive statistic analysis, comparative testing analysis, panel data multiple regression analysis and exploratory qualitative. Based on descriptive statistics results, BUKU 4 group has the finest income diversification that gives optimal profitability and stability before and during the crisis period. Comparative analysis based on BUKU group before and during the crisis show a significant difference of decrease in average profitability from entire BUKU group and a significant difference of increase in average stability from BUKU 2 and BUKU 3 groups, while the result of comparative analysis of income diversification show that only BUKU 1 group has an increase in average income diversification during the crisis period. However, this increase not accompanied with optimal profitability and stability. Panel data multiple regression analysis found the positive effect of income diversification on banking profitability. Income diversification also show a positive effect on banking stability. Meanwhile, control variables such as cost to income have a negative effect on bank profitability and stability, while loan and equity control variables have a positive effect on bank profitability and stability. Crisis variable during the COVID-19 pandemic have a negative effect on profitability and stability of conventional banking in Indonesia. Exploratory qualitative analysis show that BUKU 4 group which is a group of banks with highest profitability and stability, has an income diversification strategy focused on fee-based income during the crisis period. Commonly used sources of fee-based income are fees from bancassurance, e-channel transactions, trade finance, wealth management, and fees from administrative services for deposits. Meanwhile, fees from forex transactions and government retail bonds are still not widely used. The results of this study emphasize the importance of income diversification for conventional banking in Indonesia to increase its profitability and stability. In addition, banking management and regulators need to consider crisis conditions when formulating income diversification strategies and policies.