Here are the 5 best performing ASX 200 bank shares of the March quarter

Did you own shares in these ASX 200 banking giants last quarter?

| More on:
Bank building with word Bank on it.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Last quarter was a good time to be invested in these S&P/ASX 200 Index (ASX: XJO) bank shares.

Though, that wasn’t the case for many of their peers. The S&P/ASX 200 Financials Index (ASX: XFJ) underperformed over the 3 months ended 31 March. It gained just 3.67%.

In comparison, the ASX 200 rose 6.39% last quarter, with some of its banking constituents among its best performers.

So, which ASX 200 bank shares provided the greatest gains in the March quarter? Let’s take a look.

5 best performing ASX 200 bank shares of the March quarter

Westpac Banking Corp (ASX: WBC) – gained 13.54%

The Westpac share price led the pack during the March quarter, gaining nearly 14% to end the period at $24.24.

Its gains came on the back of its earnings for the December quarter and a $3.5 billion off-market buyback.

Over the December quarter, Westpac’s unaudited cash earnings rose 74%. Though, it reported a $118 million impairment charge, mainly resulting from uncertainty surrounding the COVID-19 pandemic.

Bendigo and Adelaide Bank Ltd (ASX: BEN) – rose 13.08%

Westpac’s performance over the quarter just been only just beat that of the Bendigo Bank share price. It came in a close second, gaining 13% to finish March at $10.29.

The major catalyst for the bank’s gains was its results for the first half of financial year 2022.

It saw Bendigo Bank reporting an 8.5% jump in earnings and a 31.7% increase in net profit.

Its dividend was also boosted by 12.8% to 26.5 cents per share.

National Australia Bank Ltd. (ASX: NAB) – surged 12.17%

Taking out the bronze medal for ASX 200 bank shares last quarter is NAB. It gained 12% to finish the period at $32.35.

The big news from NAB over the March quarter was the release of its December quarter earnings and news of another $2.5 billion off-market buyback.

The bank’s revenue for the December quarter was 8% higher than that of second half of financial year 2021’s quarterly average. Its cash earnings were also up 12%.

Additionally, NAB announced the end of one $2.5 billion off-market buyback and the beginning of another.

Bank of Queensland Limited (ASX: BOQ) – up 7.29%

After underperforming the ASX 200 in 2021, this bank share climbed above the index last quarter.

That’s right, the Bank of Queensland share price gained 7% over the 3 months ended 31 March to trade at $8.68.

That’s despite no price-sensitive news having been released by the bank in that time.

Commonwealth Bank of Australia (ASX: CBA) – gained 4.72%

Finally, the CBA share price came in as the fifth best performing ASX 200 bank share of the March quarter. That’s despite it underperforming the index over the period.

The biggest drivers of the ASX’s biggest bank stock last quarter was its first half results, news of a $2 billion on-market buyback, and an asset selldown.

CBA sold part of its 10% stake in the Bank of Hangzhou for $1.8 billion last quarter.

It also announced that its statutory net profit after tax (NPAT) had risen 26% over the 6 months ended 31 December and handed investors a $1.75 fully franked dividend.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Bendigo and Adelaide Bank Limited. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Bank Shares

a cute little boy with curly hair wearing a business suit with a tie and too big glasses looks intently at an old fashioned business calculator with a scroll of paper spilling onto his desktop.
Dividend Investing

Are NAB shares really offering a dividend yield above 5%?

The ASX 200 banking giant is currently offering an attractive dividend yield.

Read more »

A young man wearing a bright yellow jumper and glasses purses his lips together and moves them to the side of his face as he wonders whether the Macquarie share price is a buy
Bank Shares

Why did the CBA share price underperform the other ASX 200 banks today?

CBA shares underperformed the rest of the big four today...

Read more »

A woman sits on sofa pondering a question.
Bank Shares

Should you ‘buy the dip’ in ASX 200 bank shares?

There's been a pretty major sell-off in ASX bank shares and the dip has really accelerated in June. Here's what…

Read more »

Bank Shares

ANZ share price rises as MYOB acquisition rumours swirl

Is ANZ about to make a major acquisition?

Read more »

A man in a suit looks surprised as he looks through binoculars.
Bank Shares

What’s the outlook for ASX 200 bank dividends?

The ASX 200 big four bank shares have a reputation as strong dividend stocks. But will rising interest rates change…

Read more »

Man in activewear stands smiling in front of wall.
Bank Shares

Is the NAB share price about to hit the comeback trail?

Bank shares have been beaten down in 2022.

Read more »

A business woman flexes her muscles overlooking a city scape below
Bank Shares

How ANZ plans to fend off competition from other ASX 200 bank shares with fresh tech

There’s a tech race going on in the banking sector.

Read more »

Young investor sits at desk looking happy after discovering Westpac's dividend reinvestment plan
Bank Shares

What’s going on with the Westpac share price this week?

ASX bank shares are rallying this week but Westpac is trailing its big four rivals.

Read more »