ANALYSIS OF FINANCIAL PERFORMANCE BEFORE AND AFTER STOCK SPLIT AT PT BANK CENTRAL ASIA Tbk

Abstract

The purpose of this study is to identify and explain the variations in PT Bank Central Asia Tbk's financial performance prior to and following the stock split. The company's financial report data for the three years prior to and three years following the stock split are examined in this study, with a focus on 2019–2024. Earnings per share (EPS), debt to equity ratio (DER), return on equity (ROE), and return on assets (ROA) are the financial performance indicators that are examined. The analysis methods used are deskriptif, normality, and difference using t-test based on SPSS 26's lunak parameter. The results of this study support the sinyal theory by showing that ROA and ROE do not significantly differ, with ROA remaining constant and ROE increasing. However, EPS decreased significantly due to the increase in the number of shares outstanding, which is not in line with signalling theory. Meanwhile, DER remains high post-stock split, reflecting the reliance on debt and challenges in financial risk management.