Financial Performance Analysis of PT Bank Central Asia Tbk in Relation to the Acquisition of Bank Royal Indonesia: A Comparative Study of the Pre-Acquisition Period (2017–2018) and Post-Acquisition Period (2020–2021)
Keywords:
PT Bank Central Asia Tbk; Bank Royal Indonesia; Acquisition; Financial Performance; Financial RatiosAbstract
This study aims to examine the differences in the financial performance of PT Bank Central Asia Tbk (BCA) before and after the acquisition of Bank Royal Indonesia. The analysis is conducted using key financial ratios, including liquidity, activity, solvency, and profitability ratios. To assess the company’s overall financial condition. The research data are obtained from BCA’s financial statements published by the Indonesia Stock Exchange. The sampling technique employs a purposive sampling method with an observation period of two years before the acquisition (2017-2018) and two years after the acquisition (2020-2021). Seven financial ratios were analyzed across a five-year timeline (2017–2021), supported by descriptive analysis and the Wilcoxon Signed-Rank Test. The findings show initial declines due to pandemic-related disruptions but strong recovery in 2021 as BCA strengthened its digital ecosystem. Efficiency ratios indicated a shift to digital banking operations, while leverage remained stable. The results indicate that the profitability and activity ratios increased significantly after the acquisition, while the liquidity and solvency ratios remained relatively stable. These findings suggest that the synergistic benefits of the acquisition have not yet been fully realized in the short term and may require a longer period to produce a significant impact on BCA’s overall financial performance. The year 2019 is excluded from the analysis as it represents the transition period of the acquisition process.
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