Pakistani banks delivered some of the highest total returns to investors across the Asia-Pacific region in 2025, according to data from S&P Global Market Intelligence.
Banks based in Pakistan accounted for seven of the top 15 positions in S&P Global’s ranking of Asia-Pacific lenders with market capitalisations above $100 million.
The Bank of Punjab ranked first, reporting total returns of 333.8% for investors during the year. The National Bank of Pakistan followed in second place with returns of 301.3%.
Askari Bank Ltd. ranked third with gains of 194.2%, while The Bank of Khyber placed fourth after posting returns of 177.4%, the data showed.
United Bank Limited ranked seventh on the list, delivering total returns of 143.7% in 2025. Bank Makramah and Faysal Bank placed 10th and 14th, recording returns of 119.6% and 115.1%, respectively.
S&P Global said the Pakistan Stock Exchange’s benchmark KSE-100 index rose 51.2% in 2025, extending gains for a third consecutive year. The advance was supported by improved economic indicators, fiscal management and relative political stability.
More than half of the top 10 gainers in the Market Intelligence analysis had market capitalisations below $1.0 billion, the report added.
By contrast, several mid-sized Indian banks were among the weakest performers by total returns in 2025. Utkarsh Small Finance Bank Ltd. posted a 48.6% decline in returns, while Punjab & Sind Bank fell 42.1%. ESAF Small Finance Bank’s total returns dropped 36.6%, according to the data.
