Seven Pakistani banks make it to S&P Global’s ‘best performing Asia-Pacific bank stocks in 2025’

Pakistan banks delivered some of the highest total returns to investors among banks in Asia-Pacific in 2025, reported S&P Global.

“The Bank of Punjab reported total returns of 333.8% for its investors in 2025, ranking it top among Asia-Pacific banks with a market capitalisation exceeding $100 million covered by S&P Global Market Intelligence,” read the report.

The National Bank of Pakistan was ranked second with total returns of 301.3%, while Askari Bank Ltd. and The Bank of Khyber secured the third and fourth spots with gains of 194.2% and 177.4%, respectively.

Overall, banks based in Pakistan accounted for seven of the top 15 positions.

United Bank Limited, one of Pakistan’s largest commercial banks, was seventh on the list, delivering a return of 143.7% in 2025. Meanwhile, Bank Makramah and Faysal Bank were placed 10th and 14th on the list, delivering a return of 119.6% and 115.1%, respectively.

Pakistani banks dominate Asia-Pacific ranking: S&P Global

The report noted that Pakistan Stock Exchange (PSX) benchmark KSE-100 stock index gained for a third consecutive year, driven by improved economic indicators, fiscal management and political stability, registering a 51.2% growth in 2025.

 “More than half of the top 10 gainers in the Market Intelligence analysis had market capitalisations below $1.0 billion,” revealed the data.

On the other hand, mid-sized Indian banks were among the worst performers by total returns in 2025, according to Market Intelligence data.

“Utkarsh Small Finance Bank Ltd.‘s total returns dropped 48.6% for its shareholders. Punjab & Sind Bank posted a 42.1% decline, while ESAF Small Finance Bank’s total returns fell 36.6%,” read the report.