The COVID-19 pandemic has affected stock prices worldwide, including those in the banking industry. Bank Central Asia Tbk (BBCA), Bank Rakyat Indonesia (BBRI), and Bank Negara Indonesia (BBNI) are issuers on the Indonesia Stock Exchange. Based on the Company's Annual Report, BBCA's stock price did not decrease in 2018-2022, whereas other banks experienced a decline in 2020 when the COVID-19 pandemic occurred. This research will analyze BBCA's strategy and financial performance in facing business challenges, especially during the COVID-19 pandemic, compared to other banks such as BBRI and BBNI. The author uses David's strategic analysis approach to identify the strategies implemented and compare prices for BBCA, BBRI, and BBNI stocks in 2018-2022. The author groups the strategy analysis into three conditions: before COVID-19, during COVID-19, and after COVID-19. The strategy at BBCA before COVID-19 used the Horizontal Integration strategy, while BBRI used the Market Penetration strategy, and BBNI also used the Market Penetration and Forward Integration strategies. As a result, supply chain optimization made BBNI's share price superior to BBCA and BBRI in 2018-2019. However, during the COVID-19 pandemic in 2020, BBCA used a different strategy, namely Market Development with the banking movement from home; where this movement made BBCA superior during the time of restrictions during the COVID-19 pandemic. Finally, after the COVID-19 era in 2021 and 2022, the three banks used the same strategy: Related Diversification and Product Development. The results of this study, a sustainable strategy is needed to survive in the face of a pandemic. The acquisition of Bank Digital by BBCA facilitated transactions in the COVID-19 era, where there were high restrictions on community activities to reduce the virus transmission rate. In addition, digital transformation also facilitates transactions anywhere and anytime, so this is directly proportional to customer satisfaction and increased operating profit. A company's strong performance gains investor confidence, leading to a favorable stock price due to increased investments.
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