<![CDATA[This study examines the effects of the Loan to Deposit Ratio (LDR), Capital Adequacy Ratio (CAR), and the ratio of Operating Expenses to Operating Income (BOPO) on Return on Assets (ROA) of state-owned banks listed on the Indonesia Stock Exchange during 2017-2025. A quantitative explanatory design was employed using balanced panel data obtained from the annual financial reports of Bank Mandiri, Bank Negara Indonesia, Bank Rakyat Indonesia, and Bank Tabungan Negara. Purposive sampling produced 36 bank-year observations. The data were analyzed with EViews 13 through descriptive statistics, panel-model selection, classical assumption tests, fixed-effect regression, and hypothesis testing. The Chow and Hausman tests selected the Fixed Effect Model as the most appropriate specification. The results show that LDR has a positive but statistically insignificant effect on ROA (coefficient 0.015241; p-value 0.1872). CAR has a positive and significant effect on ROA (coefficient 0.075421; p-value 0.0195), whereas BOPO has a negative and significant effect on ROA (coefficient -0.098754; p-value 0.0000). Simultaneously, LDR, CAR, and BOPO significantly affect ROA, with an adjusted R-squared of 0.894322. These findings indicate that capital strength and operational efficiency are the principal internal determinants of profitability in Indonesian state-owned banks, while a high level of credit intermediation does not automatically generate higher returns unless it is accompanied by sound credit quality and effective margin management.]]>
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