JURNAL MANAJEMEN MOTIVASI
Vol 22 No 1 (2026): Jurnal Manajemen Motivasi

Financial Health Analysis of PT Bank Muamalat Indonesia Tbk. for the Period 2019–2024 Using the Altman Z-Score and Springate S-Score Models

Mutmainah, Arofiani (Unknown)
Sugianto (Unknown)
Nurlaila (Unknown)

Article Info

Publish Date
10 Jun 2026

Abstract

This study analyzes the financial health of PT Bank Muamalat Indonesia Tbk. during 2019–2024 by comparing the modified Altman Z-Score and Springate S-Score models. Using annual financial statements, this study applies a quantitative descriptive-comparative approach to calculate financial ratios and bankruptcy prediction scores. The findings show improved financial performance since late 2021, reflected in stronger working capital, operating profit, and equity. However, both models produce different signals regarding financial distress risk. These results highlight the importance of using multiple analytical tools as an early warning system and suggest improving profitability, asset efficiency, and capital strength. Keywords: Financial Health; Altman Z-Score; Springate S-Score; Bank Muamalat; Financial Distress

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Journal Info
JURNAL MANAJEMEN MOTIVASI
Website

Abbrev

jm_motivasi

Publisher

Universitas Muhammadiyah Pontianak

Subject

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

Description

Jurnal Manajemen Motivasi (JMM) adalah Jurnal Ilmiah Fakultas Ekonomi dan Bisnis Universitas Muhammadiyah Pontianak yang diterbitkan secara berkala 2 (dua) kali dalam satu tahun (Juni dan Oktober) sebagai sarana untuk menyebarluaskan hasil penelitian dan ilmu pengetahuan di bidang ilmu manajemen ...