New Delhi [India]April 7 (ANI): State Bank of India, India’s largest lender by assets, recorded the biggest decline in market capitalization among top 20 banks in the Asia Pacific region in the first quarter of 2023 (January-March), according to data . Compiled by S&P Global Market Intelligence.
The analysis prepared by the global financial market information and analysis service provider shows that SBI is ranked 14th, down three places from the previous quarter, with its market cap falling nearly 14.7 per cent to USD 56.92 billion.
The data shows that year-to-date in 2023, SBI shares have declined by about 14 per cent.
Notably, according to the analysis, more than two-thirds of the largest 20 banks in the Asia Pacific region reported a decline in their market capitalization during the said quarter.
Apart from SBI, Japan’s Mitsubishi UFJ Financial Group was the only major bank in the region to report a double-digit decline in market capitalization during the quarter. Nevertheless, it managed to retain its eighth position in the list with a market cap of USD 75.58 billion as of 31 March.
Other major banks in the sector which saw a decline in their market cap are China Merchants Bank Co Ltd, Postal Savings Bank of China Co Ltd, National Australia Bank Ltd and Westpac Banking Corp. They lost value in the range of 6-8 per cent. percent during the quarter.
Chinese banks continued to top the list of the largest banks in the Asia-Pacific region, according to data compilation by S&P Global Market Intelligence. (ANI)
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