<![CDATA[This study is motivated by the dynamics of the national economy affected by the COVID-19 pandemic and the subsequent economic recovery, which have influenced the performance of the banking sector, including Sharia Business Units (SBUs) in Indonesia. This research aims to analyze the effect of Operating Expenses to Operating Income (BOPO), Financing to Deposit Ratio (FDR), and Non-Performing Financing (NPF) on the financial performance of Sharia Business Units, measured by Return on Assets (ROA), in Indonesian national private banks during the period 2020–2024. The relationship between independent and dependent variables is explained using signaling theory. This study employs a quantitative approach using secondary data obtained from the financial reports of Sharia Business Units. Data analysis techniques include descriptive statistics, classical assumption tests, and panel data regression with 20 quarterly observations. The results show that BOPO has a negative and significant effect on ROA, FDR has a positive and significant effect on ROA, while NPF has a negative but insignificant effect on ROA. Simultaneously, BOPO, FDR, and NPF have a significant effect on the financial performance of Sharia Business Units. These findings indicate that operational efficiency and effective financing distribution play a crucial role in improving the financial performance of SBUs.]]>
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