Wednesday, June 19, 2024
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According to a report by S&P Global Market Intelligence, Indian banks dominate the list of top performing bank stocks in the Asia-Pacific region for the quarter ending December 31, 2022. Of the 15 slots on the list, 11 were occupied by Indian banks.

Two Indian banks, Punjab & Sind Bank and Jammu and Kashmir Bank, came in first and second place respectively, with returns of 118% and 105%. The only other bank to achieve returns of 100% or more during this period was China’s Bank of Jinzhou, which came in third place. Additionally, three banks from mainland China and one from Japan also made the list.

The strong performance of Indian banks was not limited to just a few select banks, as both small and large lenders gave positive returns. The Nifty Bank index, which represents the 12 largest and most liquid bank stocks traded on India’s NSE, rose 21% in 2022, outperforming the NSE benchmark Nifty50 index’s 5% gain. Furthermore, in the fourth quarter of 2022, the Nifty Bank index rose by more than 11%.

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