ANALYSIS OF BANK NEO COMMERCE’S FINANCIAL HEALTH BEFORE AND AFTER THE ACQUISITION BY PT AKULAKU FOR THE PERIOD 2018-2023

Abstract

This study is motivated by the continued financial losses experienced by a bank following its acquisition by PT Akulaku. The acquisition was expected to improve operational efficiency, strengthen capital, and support the integration of digital financial services within Indonesia’s rapidly expanding fintech industry. In recent years, digital banking growth in Indonesia has encouraged many conventional banks to pursue mergers and acquisitions as a strategy to remain competitive. However, acquisition does not automatically guarantee improved financial stability or sustainable performance. This research employs the RGEC method to assess the bank’s soundness based on four dimensions: Risk Profile, Good Corporate Governance (GCG), Earnings, and Capital. The indicators examined include Non-Performing Loans (NPL), Loan to Deposit Ratio (LDR), 25 GCG assessment indicators, Return on Assets (ROA), Return on Equity (ROE), Net Interest Margin (NIM), Operating Expenses to Operating Income (BOPO), and Capital Adequacy Ratio (CAR). A descriptive comparative quantitative approach is applied using secondary data from annual reports and audited financial statements covering the period 2018–2023. The analysis compares the bank’s condition before acquisition (2018–2020) and after acquisition (2021–2023). The results indicate that the bank consistently remained in Composite Rating 4, categorized as less healthy. Although the average composite score increased from 54.17% to 60.83% after the acquisition, the improvement was insufficient to significantly enhance the overall financial condition.