The purpose of this study is to analyze the factors affecting non performing loans and stock performance in commercial banks. The banks performance level four in Indonesia examines their stock performance, according to central bank regulations. If the proportion is exceeded, it is one of the signs that the bank is having difficulties and may affect company stability. The variables in this study were CAR, NPL, NIM, BOPO, LDR, SR, GDP growth, INF, IR, EXR, COVID-19, and MR. This study used a quantitative method by collecting secondary data from quarterly financial reports on financial services authority (OJK) big banks level 4 during the period 2011-2021. This study was analyzed using statistical methods, namely t-Test and panel data regression with dummy variables. The results of this study are (1). Stock performance of banking. There is no difference of stock return before and during Covid-19 and stock risk during Covid-19 is higher than before Covid-19 (2) only two factors effect the stock return of large banks in Indonesia. Furthermore, GDP Growth the effect is negative which is against the theory. This anomaly needs further research. For the market return the effect is positive in line with the CAPM theory. The results of this study could be used (1) by academicians as a reference for further research related to financial ratios, market return, macroeconomic factors, and stock return, (2) by managers in making strategies.