ISLAMABAD: Pakistani banks dominated a ranking of Asia-Pacific banks with the best-performing stocks in terms of total return in the third quarter, helped by gains in the equities market, said the latest S&P Global Market Intelligence data & analysis.
The Bank of Punjab remained the best performer among a sample of publicly traded banks headquartered in the Asia-Pacific region with a market capitalisation greater than $100 million, according to the S&P Global Market Intelligence analysis.
The Bank of Khyber ranked second, with a total return of 108.2 percent. The other Pakistani banks that made it to the list of 15 top performers by total return were the National Bank of Pakistan, JS Bank Ltd., Askari Bank Ltd., and Habib Bank Ltd.
Pakistani banks among best performing banking stocks in 2024: S&P Global Market Intelligence
Pakistan’s benchmark KSE-100 stock index has gained in the past five months as investor sentiment improved following the resolution of a military conflict with India in May. The South Asian country’s diplomatic closeness with the US, including multiple meetings between key Pakistani leaders with President Donald Trump, also helped boost sentiment. The benchmark index advanced 11.0 percent in July and 11.4 percent in September, according to Market Intelligence data.
Multiple Indonesia-based lenders also featured in the ranking. PT Allo Bank Indonesia Tbk took the third spot, with a total return of 89.2percent during the third quarter. Also among the top 15 top performers were three banks headquartered in Vietnam. Vietnam Prosperity Joint Stock Commercial Bank, with a market capitalization of $9.34 billion as of Sept. 30 — the highest among the top 15 — came in at seventh place with a total return of 68.1percent.
Of the 15 worst-performing Asia-Pacific bank stocks by total return in the third quarter, seven were mid-tier banks based in China, according to S&P Global Market Intelligence data. PT Bank NationalnobuTbk of Indonesia was the worst-performing bank stock in the analysis, with a total return of negative 31.9percent in the third quarter.
The list of the 15 worst performers also included five banks based in India, namely Aavas Financiers Ltd., Dhanlaxmi Bank Ltd., IndusInd Bank Ltd., Equitas Small Finance Bank Ltd. and Bajaj Holdings & Investment Ltd.
Multiple Indonesia-based lenders also featured in the ranking. PT Allo Bank Indonesia Tbk took the third spot, with a total return of 89.2percent during the third quarter. PT Bank MayapadaInternasionalTbk, PT Bank Neo Commerce Tbk and PT Bank GaneshaTbk were the other Indonesia-based banks that made it to the list.
Also among the top 15 performers were three banks headquartered in Vietnam. Vietnam Prosperity Joint Stock Commercial Bank, with a market capitalization of $9.34 billion as of Sept. 30 — the highest among the top 15 — came in seventh place with a total return of 68.1percent. Other Vietnam-based lenders were Fortune Vietnam Joint Stock Commercial Bank and Saigon - Hanoi Commercial Joint Stock Bank.
Of the 15 worst-performing Asia-Pacific bank stocks by total return in the third quarter, seven were mid-tier banks based in China, according to Market Intelligence data.
Bank of Jiujiang Co Ltd., based in the province of Jiangxi, produced a total return of negative 18.2percent during the third quarter. Other China-headquartered banks on the list were China Everbright Bank Co Ltd, Bank of Beijing Co Ltd, Hua Xia Bank Co Ltd, Bank of Shanghai Co Ltd, Industrial Bank Co Ltd and Bank of Jiangsu Co Ltd.
The list of the 15 worst performers also included five banks based in India, namely Aavas Financiers Ltd., Dhanlaxmi Bank Ltd., IndusInd Bank Ltd., Equitas Small Finance Bank Ltd. and Bajaj Holdings & Investment Ltd.
PT Bank NationalnobuTbk of Indonesia was the worst-performing bank stock in the analysis, with a total return of negative 31.9percent in the third quarter.
Bangladesh-based Midland Bank PLC, the best-performing Asia-Pacific bank stock in the second quarter, was the third-worst performer in the third quarter, with a total return of negative 20.9percent.
South Korea-based KakaoBank Corp took the fourth spot, with a total return of negative 20.8percent.
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