Pakistani banks dominated the list of Asia-Pacific’s best-performing bank stocks in 2024, with four lenders securing spots in the top 10, according to S&P Global Market Intelligence.
United Bank Ltd. (UBL) emerged as a standout, ranking second with a total stock return of 159.7%. UBL, boasting a market capitalization of $1.68 billion, was surpassed only by Indonesia’s PT Bank Artha Graha Internasional Tbk, which posted a return of 193.2%.
The rankings highlighted a strong showing from banks in developing economies, while smaller-cap banks led the charge overall. Only six of the top 15 performers had market capitalizations exceeding $1 billion.
Pakistani banks’ resurgence followed a mid-year economic recovery, aided by an IMF funding program and strict fiscal and monetary policies. Awais Ashraf of AKD Securities credited the rebound to external payments and smooth political transitions, which bolstered investor confidence.
Despite the promising gains, institutions like the World Bank have stressed the importance of sustained reforms for long-term growth and poverty reduction.