Japanese banks grabbed top spots in best performing Asia-Pac banks list

10 in 15 ranks are theirs.

According to SNL, Japanese banks dominated the list of top-performing Asia-Pacific banks, taking 10 of the top 15 spots and the first six positions.

Japan's strong market performance can be attributed to Prime Minister Shinzo Abe's reflationary policies. Gains were not limited to the banking sector, as even the broader market saw a rally. The Nikkei 225 Index jumped 56.7% in 2013.

Tokyo-based Sumitomo Mitsui Trust Holdings Inc. took the top spot, posting a one-year total return of 87.83% through Dec. 31, 2013. The company had a price-to-tangible book ratio of 123.9% at the end of the year.

The cheapest bank among the top 15 is Kochi, Japan-based Bank of Kochi Ltd., which is currently trading at 41.1% of tangible book. The bank recorded the second-best market performance, with a one-year total return of 85.36%. Like Bank of Kochi, there are five other banks on the list trading below tangible book value.

In contrast, Tokyo-based Seven Bank Ltd. is the most expensive bank on the list, with a price-to-tangible book ratio of 428.2%. The company ranked third on the market performance list with a one-year total return of 85.07%. The bank has been expanding its ATM business, acquiring a U.S. ATM provider in 2012 and purchasing the ATM operating business of Jacksonville, Fla.-based Global Axcess Corp. in 2013. Seven Bank is also planning a joint venture to establish an ATM business in Southeast Asia.

Two of Japan's megabanks, Sumitomo Mitsui Financial Group Inc. and Mitsubishi UFJ Financial Group Inc., also showed up on the list, with total returns of 79.11% and 54.04%, respectively.

The list of top performers also included banks from Australia, Pakistan and Taiwan. Karachi, Pakistan-based National Bank of Pakistan's 10.5% dividend yield was the highest among all SNL-covered public banks in the Asia-Pacific region.