Of Europe's 20 largest banks, CaixaBank SA posted the biggest growth in market capitalization in 2022, S&P Global Market Intelligence data shows.

The Spanish lender's market value rose 48.50% to €28.87 billion at year-end, making it the 12th largest European bank by that measure.

It is among the banks to benefit from an increase in net interest income in recent quarters due to rising interest rates. Its NII reached €4.84 billion in the nine months to September-end versus €4.42 billion a year earlier, and CFO Javier Pano said it could be "very close" to or even hit €6.7 billion for the full year.

U.K.-headquartered Standard Chartered PLC reported the second highest year-over-year market cap increase at 31.60%, giving it a value of €20.34 billion. It was followed by Asia-focused HSBC Holdings PLC, which retained its spot as Europe's largest bank by market cap at year-end. The lender's year-end €116.10 billion market value was up 14.34% from a year ago.

* Access financial highlights for CaixaBank on the CapIQPro platform. * Access indexes, including regional bank indexes, on the CapIQPro platform.

Worst performers

With a 23.51% decline, France's Société Générale SA's market cap dropped the most and it closed 2022 with a value of €19.64 billion. Domestic rival Crédit Agricole SA followed, reporting a 20.85% drop to €30.05 billion. The country's largest bank, BNP Paribas SA, posted a 12.37% decline in market cap to €65.69 billion.

Rising interest rates will take time to translate into a significant boost for French banks due to their relatively higher levels of fixed-interest rate loans.

Belgium-based KBC Group NV, British bank Barclays PLC and Italy's UniCredit SpA also saw significant declines.

Q4'22 scorecard

All 20 banks recorded higher market caps in the three months to Dec. 31, the biggest improver being Deutsche Bank AG which rejoined the list in 18th place after posting a 38.48% quarterly increase. Dutch bank ING Groep NV logged the second-biggest rise at 24.12%.

KBC, BNP Paribas and Spain's Banco Bilbao Vizcaya Argentaria SA all recorded improvements of more than 20%.

Barclays had the steepest decline in the ranking during the quarter, dropping three notches on the list to 14th place. British peer NatWest Group PLC climbed three spots to 11th place.