Economic Value Added (EVA) is a tool to measure of a company's financial performance based on the residual wealth. It is calculated by deducting the cost of capital from the operating profit. Calculating EVA is to capture the true economic profit of a company. In Indonesia, there is an emerging trend of development of Islamic banking, which is still outperformed by the conventional banking. It is still questionable whether an Islamic bank in Indonesia has good profit or not, especially when the the financial world is still overwhelmed by the effect of COVID pandemic occurance. In this research, the authors analyze the performance of a large Islamic bank through EVA. The model built is implemented into data of its financial report from March 2011 to December 2020, obtained from Otoritas Jasa Keuangan (OJK) and the bank’s website. We also build the forecasting model using a time series model, in order to determine the performance of EVA in the following quarters. The results of the EVA from the model is used as one of the earning indicators in assessing the bank health level in the Risk, Good Corporate Governance, Earnings, and Capital (RGEC) models. We also make a multiple linear regression between the RGEC results and the indicators used in the RGEC calculation. Finally, the forecasting model is made to determine the health level of the bank during the COVID-19 pandemic.