Moderasi Risiko Pembiayaan (NPF) terhadap Pengaruh Efisiensi Operasional (BOPO) dan Struktur Modal (CAR) pada Profitabilitas BPRS di Jawa Timur (2020-2024)

Sharia Rural Banks (BPRS) play a strategic role in financing the micro sector, but profitability as measured by Return On Assets (ROA) shows fluctuations and a downward trend during the 2020-2024 period, from 2,01% to 1,51%. This study aims to analyze the effect of operational efficiency (BOPO) and capital structure (CAR) on profitability (ROA) with financing risk (NPF) as a moderating variable in BPRS in East Java for the period 2020-2024. This study uses a quantitative approach with panel data from 18 BPRS, producing 90 observations, with Moderated Regression Analysis (MRA) using a Random Effect Model (REM). The results show that BOPO has a significant negative effect on ROA, CAR has a positive but insignificant effect on ROA, and NPF has negative but insignificant effect on ROA. The moderation test shows that NPF is able to moderate by weakening the effect of BOPO, and NPF is not able to moderate CAR on ROA. This study provides a theoretical contribution in understanding the moderation mechanism of NPF on the profitability of BPRS focusing on microfinance and managerial implications related to the importance of controlling operational efficiency, strengthening capital, and managing financing quality simultaneously to increase BPRS profitability.