Asian banks’ market caps see Q2 decline on looming recession: S&P
AS RECESSION fears rise, negative investor sentiment has seen 20 of Asia-Pacific’s (Apac) largest banks recording declines in their market capitalisation for the second quarter of this year, according to data compiled by S&P Global Market Intelligence on Thursday (Jul 7).
Despite logging declines in market caps ranging from 4.33 per cent to 10.43 per cent quarter on quarter, Chinese lenders retained their top 5 slots on the list of 20 Apac banks, based on market cap.
Australian banks were among the largest market cap losers, with all 4 banks on the list registering double-digit falls in market cap by percentage, quarter on quarter. Australia and New Zealand Banking Group led the losses. Its market cap fell significantly, dropping 20.88 per cent quarter on quarter to US$43.53 billion.
The bank’s ranking on the list of 20 Apac banks, based on market cap, fell 3 notches. It was among 3 of Australia’s 4 lenders to do so. Commonwealth Bank of Australia fell 14.79 per cent quarter on quarter but maintained its sixth slot on the list with a market cap of US$105.86 billion.
Other than the Australian banks, Singapore’s DBS was among the biggest losers with the third-largest decrease in market cap. It recorded a 17.16 per cent fall quarter on quarter to US$54.8 billion, ranking 14th on the market cap list.
Postal Savings Bank of China, Bank of Communications and Industrial Bank, along with India’s ICICI Bank and State Bank of India, logged improvements in their respective rankings on the list during the quarter.
India’s Housing Development Finance Corp, meanwhile, entered the ranking list at number 17 with a market cap of US$49.68 billion as at Jun 30, S&P’s data showed.
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