<![CDATA[Penelitian ini bertujuan menganalisis pengaruh risiko keuangan, struktur modal, dan risiko likuiditas terhadap profitabilitas bank, serta peran efisiensi operasional sebagai variabel mediasi pada bank BUMN di Indonesia periode 2019–2023. Metode yang digunakan adalah regresi data panel dengan 100 observasi dari lima bank BUMN yang dipilih melalui purposive sampling, menggunakan data laporan keuangan triwulanan dan diolah dengan EViews 12. Hasil penelitian menunjukkan bahwa risiko keuangan dan efisiensi operasional berpengaruh negatif terhadap profitabilitas, risiko likuiditas berpengaruh positif, sedangkan struktur modal tidak berpengaruh. Selain itu, risiko keuangan dan struktur modal berpengaruh positif terhadap efisiensi operasional, sementara risiko likuiditas berpengaruh negatif. Efisiensi operasional tidak memediasi pengaruh risiko keuangan dan struktur modal terhadap profitabilitas, tetapi memediasi pengaruh risiko likuiditas. Temuan ini menunjukkan pentingnya pengelolaan risiko dan efisiensi untuk meningkatkan profitabilitas bank. This study aims to analyze the effect of financial risk, capital structure, and liquidity risk on bank profitability, as well as the role of operational efficiency as a mediating variable in state-owned banks in Indonesia during the period 2019–2023. The method used is panel data regression with 100 observations from five SOEs selected through purposive sampling, using quarterly financial statement data processed with EViews 12. The results show that financial risk and operational efficiency have a negative effect on profitability, liquidity risk has a positive effect, while capital structure has no effect. Additionally, financial risk and capital structure positively influence operational efficiency, while liquidity risk negatively influences it. Operational efficiency does not mediate the influence of financial risk and capital structure on profitability but does mediate the influence of liquidity risk. These findings highlight the importance of risk management and efficiency in enhancing bank profitability.]]>
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