This study aims to prove empirically that inflation and interest rates have a direct infuence on stock returns with ROA as intervening variables on Bankings listed in Indonesian Stock Exchange. The purposive sampling method used has certain criteria on samplings which published financial statements in 2013-2015 with documents in the average of a quartal of 10 banking industries based on Bank 3 book. This research shows the direct and indirect effect of using multiple linear regression to prove contribution of independent variable to dependent partially and simultaneously to stock return and using path analysis as the best intervening effect. Partial test result (t test) inflation and interest rate have direct influence to stock return with result of data of t-calculate> t-table is -4.000> 1.658 and -3.734> 1.658. ROA does not have a direct influence on stock return partial test results (Test t) t-count