October 7, 2025 Please note: This was produced by S&P Global Market Intelligence, not S&P Global Ratings, which is a separately managed division of S&P Global.
*Summary:* Pakistan-based lenders 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, according to latest S&P Global Market Intelligence data & analysis.
*Key highlights from the analysis include:*
The Bank of Punjab was the best performer among a sample of publicly traded banks headquartered in the Asia-Pacific region with a market capitalization greater than $100 million, according to an S&P Global Market Intelligence analysis.
Peshawar-based The Bank of Khyber ranked second, with a total return of 108.2%. The other Pakistan-headquartered banks that made it to the list of 15 top performers by total return were National Bank of Pakistan, JS Bank Ltd., Askari Bank Ltd. and Habib Bank Ltd.
Multiple Indonesia-based lenders also featured in the ranking. PT Allo Bank Indonesia Tbk took the third spot, with a total return of 89.2% 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 68.1%.
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 Nationalnobu Tbk of Indonesia was the worst-performing bank stock in the analysis, with a total return of negative 31.9% 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.
Please find the full analysis here: Pakistan-based lenders record highest total returns among APAC banks in Q3
Detailed report in this link.
https://www.spglobal.com/market-intelligence/en/news-insights/articles/2025/10/pakistan-based-lenders-record-highest-total-returns-among-apac-banks-in-q3-93464864
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