State Bank of India, India’s biggest lender by assets, recorded the largest decline in market capitalization among the 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 produced by global financial market information and analytics services provider showed SBI ranked at 14th, down three notches from the prior quarter, after its market cap fell about 14.7 per cent to USD 56.92 billion. In the year-to-date of 2023, the shares of SBI fell about 14 per cent, data showed.

Notably, according to the analysis, more than two-thirds of the largest 20 banks in the Asia Pacific region logged a decline in their market capitalization during the raid quarter.

Besides SBI, Japan’s Mitsubishi UFJ Financial Group was the only major bank in the region that also logged a double-digit decline in market capitalization during the quarter. Still, it managed to retain its eighth slot on the list with a market cap of USD 75.58 billion as of March 31.

Among other major banks in the region which saw a decline in 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 during the quarter.

According to the data compilation by S&P Global Market Intelligence, Chinese banks continued to sit atop the list of largest banks in the Asia-Pacific region.