Sixteen of the 20 largest Asia-Pacific banks saw declines in their market capitalization in the three months ended Sept. 30, according to S&P Global Market Intelligence data, as uncertainties created by the COVID-19 pandemic continued to drag on investor sentiment in the region.

Chinese banks, which occupied nine slots in the list, reported some of the steepest quarterly increases and decreases in their market cap, with China Construction Bank Corp.'s market cap falling 19.04% in the period to $164.42 billion as of Sept. 30. Ping An Bank Co. Ltd. logged an 18.52% growth in its market cap to $43.35 billion, climbing seven spots in the list to number 13.

Despite a 0.97% decline in its market cap, Industrial & Commercial Bank of China Ltd. continued to sit atop the list as of Sept. 30.

Asia-Pacific banks have been struggling to maintain their profit levels and keep their bad loans in check amid the disruptions caused by the pandemic. China's four largest banks, for example, reported year-over-year declines of more than 20% each in second-quarter net profits amid rising pressure on their asset quality. The third quarter also stands in sharp contrast to the second-quarter ranking, when 16 of the 20 largest banks reported gains in their market cap.

In addition to Ping An Bank, China Merchants Bank Co. Ltd., Industrial Bank Co. Ltd. and India's HDFC Bank Ltd. posted quarter-over-quarter increases of 5.31%, 2.22% and 1.44%, respectively, in their market capitalization. China Merchants Bank and HDFC Bank climbed one spot each, while Industrial Bank was up two notches, taking the 10th spot.

Meanwhile, China's Bank of Communications Co. Ltd. and Shanghai Pudong Development Bank Co. Ltd. joined peer China Construction Bank in recording double-digit declines in market cap during the quarter: 14.08% and 11.25%, respectively.