<![CDATA[Purpose: This study examines the relationships of capital adequacy and credit risk with bank profitability and assesses the intervening role of the loan-to-deposit ratio (LDR). Method: The study uses 120 bank-year observations from purposively selected Indonesia Stock Exchange-listed banks during 2019–2024. Capital adequacy, credit risk, and profitability are measured by CAR, NPL, and ROA, respectively. Two multiple regression models and Sobel tests assess direct and indirect relationships. Findings: CAR is positively associated with ROA (p = 0.002), whereas NPL is negatively associated with ROA (p < 0.001). LDR is positively associated with ROA (p = 0.015). CAR and NPL are positively and negatively associated with LDR, respectively. Sobel tests indicate partial statistical mediation through LDR for CAR (p = 0.014) and NPL (p = 0.034). Novelty: The study integrates capital adequacy and credit risk in a mediation framework for Indonesian listed banks. The findings support considering lending intensity alongside capital and loan quality when assessing profitability; higher LDR does not necessarily indicate stronger liquidity buffers. The observational design limits causal interpretation.]]>
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