NEW DELHI: Indian banks occupied 11 of the 15 slots in the Asia-Pacific bank stocks with the highest total returns in the quarter ending December 31, 2022, according to a list compiled by S&P Global Market Intelligence.
The stocks of two Indian banks -- Punjab & Sind Bank, and Jammu and Kashmir Bank -- occupied the top two spots, giving returns of 118% and 105%, respectively, in the fourth quarter of CY2022.
China’s Bank of Jinzhou, which came at third spot, was the only other banking stock that gave a return of 100% or more during the mentioned period. Apart from Indian banks, three banks from mainland China and one from Japan made it to the list of top performers.
The stock performance of Indian banks has been broad-based, with both small and big lenders giving positive returns. The Nifty Bank index, which represents the 12 most liquid and large capitalised bank stocks that trade on India’s NSE, rose 21% in 2022, outperforming the NSE benchmark Nifty50 index’s 5% gain. Nifty Bank index rose more than 11% in the fourth quarter of 2022.