<![CDATA[Introduction: Return on Assets (ROA) is a key indicator of bank profitability, reflecting management's effectiveness in utilizing assets to generate profit. This study examines the effects of Capital Adequacy Ratio (CAR), Operating Expenses to Operating Income (BOPO), and Non-Performing Loan (NPL) on Return on Assets (ROA), with Financing to Deposit Ratio (FDR) as an intervening variable, in Conventional Rural Banks (Bank Perekonomian Rakyat/BPR) supervised by the OJK Semarang Regional Office.Methods: This quantitative, explanatory study used secondary panel data from the annual financial reports of all 126 Conventional Rural Banks registered under OJK Semarang for the 2020–2024 period (total sampling/sampling jenuh), yielding 630 bank-year observations. Data were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS) with SmartPLS 4, covering outer model evaluation (convergent validity, discriminant validity, reliability) and inner model evaluation (R², f², path coefficients, bootstrapping).Results: BOPO has a significant negative effect on both FDR and ROA. NPL has a significant negative effect on ROA but not on FDR. CAR has no significant effect on either FDR or ROA. FDR has no significant effect on ROA and does not significantly mediate the effects of BOPO, CAR, or NPL on ROA. The model explains 65.3% of the variance in ROA (R² = 0.653).Conclusion: Operational efficiency (BOPO) and credit risk (NPL) are the dominant, direct determinants of profitability in Conventional Rural Banks in the OJK Semarang region, while capital adequacy (CAR) and the intermediation function (FDR) do not play a significant direct or mediating role. Bank management should prioritize cost efficiency and credit-risk control as the primary levers for sustaining profitability. Keywords: Capital Adequacy Ratio; Non-Performing Loan; Operating Expenses to Operating Income; Return on Assets]]>
