Pakistani banks emerged as banks top performers in the Asia-Pacific region during the third quarter of 2025, according to S&P Global Market Intelligence. From July to September, the country’s banks delivered the highest total shareholder returns among regional lenders.
Leading the pack was the Bank of Punjab (BoP), posting a remarkable 176.4% total return. The strong performance was driven by gains in the local equities market. With a market capitalization of about $320 million as of September 30, BoP ranked first among listed banks in the region with market caps above $100 million.
The Bank of Khyber (BoK) followed, posting a total return of 108.2%. Other Pakistani banks among the banks top performers included National Bank of Pakistan (NBP), JS Bank Ltd, Askari Bank Ltd (ABL), and Habib Bank Ltd (HBL). The strong returns indicate renewed investor confidence in both state-backed and private sector financial institutions.
The surge in Pakistani bank stocks coincided with a broader rally at the Pakistan Stock Exchange (PSX). The benchmark KSE-100 index extended gains for the fifth consecutive month, supported by easing tensions with India and stronger diplomatic ties with the United States. July and September saw especially strong growth, with the index climbing 11.0% and 11.4%, respectively.
Outside Pakistan, Indonesian banks also performed well. PT Allo Bank Indonesia Tbk secured third place in the rankings with an 89.2% return. Other Indonesian institutions, including PT Bank Mayapada Internasional Tbk, PT Bank Neo Commerce Tbk, and PT Bank Ganesha Tbk, were among the region’s top gainers. Vietnamese banks, such as Vietnam Prosperity Joint Stock Commercial Bank, Fortune Vietnam Joint Stock Commercial Bank, and Saigon – Hanoi Commercial Joint Stock Bank, also made strong showings.
In contrast, several Chinese and Indian banks struggled. Mid-sized Chinese banks, including Bank of Jiujiang Co Ltd, China Everbright Bank, Bank of Beijing, and Hua Xia Bank, posted negative returns due to margin compression and weak loan demand. Indian lenders such as Aavas Financiers, Dhanlaxmi Bank, and IndusInd Bank were also among the bottom performers.
Overall, Pakistani banks’ strong third-quarter performance highlights their resilience, marking them as banks top performers in the APAC region for Q3 2025.
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