Monday, July 15, 2024

PSU banks are best-performing bank stocks among Asia-Pacific peers

India’s state-owned lenders posted the best-performing bank stocks among the country’s Asia-Pacific peers in the quarter ended September 30, reflecting growing investor interest and the banks’ stronger financials metrics, according to S&P Global Market Intelligence.

Indian state-owned banks occupied 10 of the top 15 slots, dominating the rankings for the second straight quarter.

Indian Overseas Bank’s share price rose 91.60 per cent in the quarter to sit atop the list of 15 Asia-Pacific banks, while Central Bank of India was in second spot with a rise of 76.59 per cent, according to data compiled by S&P Global Market Intelligence.

Indonesia’s PT Bank Nationalnobu Tbk ranked third, with share price growth of 74.80 per cent.

Two Japanese banks and one each from Pakistan and Sri Lanka filled the remaining slots.

Ten banks from East Asia ranked among the 15 Asia-Pacific bank stocks with the lowest total returns,with the remaining slots taken by three banks from Indonesia and one each from the Philippines and Vietnam, S&P Global Market Intelligence data shows.

Share prices of Indonesia’s PT Bank Jago Tbk and PT Bank Neo Commerce Tbk dropped 37.65 per cent and 34.87 per cent, respectively, in the quarter.

Seven banks in mainland China featured in the list, which was broadly in line with the performance of the stock markets there, where the Shanghai stock exchange’s SSE Composite Index fell nearly 3 per cent and the Hang Seng Mainland Banks Index fell 11 per cent in the third quarter.

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