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Australian (ASX) Banks Industry Analysis

UpdatedApr 20, 2026
DataAggregated Company Financials
Companies15
  • 7D-4.2%
  • 3M7.2%
  • 1Y19.7%
  • YTD5.6%

Over the last 7 days, the Banks industry has dropped 4.2%, driven by a pullback from National Australia Bank of 8.7%. In the past year, the industry has gained 20%. As for the next few years, earnings are expected to grow by 4.8% per annum.

Industry Valuation and Performance

Has the Australian Banks Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Apr 2026AU$695.9bAU$98.1bAU$30.9b16.4x22.5x7.1x
Thu, 19 Mar 2026AU$711.0bAU$98.1bAU$30.9b15.8x23x7.2x
Sat, 14 Feb 2026AU$715.1bAU$97.6bAU$30.6b20.4x23.4x7.3x
Mon, 12 Jan 2026AU$635.3bAU$96.7bAU$30.3b18.6x21x6.6x
Wed, 10 Dec 2025AU$636.6bAU$96.7bAU$30.3b18.6x21x6.6x
Fri, 07 Nov 2025AU$694.5bAU$96.0bAU$31.4b17.6x22.1x7.2x
Sun, 05 Oct 2025AU$676.3bAU$95.6bAU$31.7b15.4x21.3x7.1x
Tue, 02 Sep 2025AU$662.2bAU$95.6bAU$31.7b15x20.9x6.9x
Thu, 31 Jul 2025AU$638.8bAU$94.6bAU$31.8b14.5x20.1x6.8x
Sat, 28 Jun 2025AU$651.2bAU$94.6bAU$31.8b15.1x20.5x6.9x
Mon, 26 May 2025AU$617.1bAU$94.6bAU$31.8b14x19.4x6.5x
Wed, 23 Apr 2025AU$590.6bAU$93.2bAU$31.7b12.6x18.6x6.3x
Fri, 21 Mar 2025AU$552.9bAU$93.3bAU$31.7b12.3x17.4x5.9x
Sun, 16 Feb 2025AU$632.8bAU$93.1bAU$31.7b14.5x19.9x6.8x
Tue, 14 Jan 2025AU$582.8bAU$92.5bAU$31.4b13.4x18.5x6.3x
Thu, 12 Dec 2024AU$593.4bAU$92.5bAU$31.4b13.5x18.9x6.4x
Sat, 09 Nov 2024AU$594.8bAU$92.2bAU$31.9b13x18.7x6.5x
Mon, 07 Oct 2024AU$541.6bAU$91.8bAU$31.5b11.9x17.2x5.9x
Wed, 04 Sep 2024AU$578.3bAU$91.9bAU$31.6b12.5x18.3x6.3x
Fri, 02 Aug 2024AU$552.1bAU$91.7bAU$31.6b11.7x17.4x6x
Sun, 30 Jun 2024AU$519.6bAU$91.7bAU$31.6b10.2x16.4x5.7x
Tue, 28 May 2024AU$500.2bAU$91.7bAU$31.8b10.6x15.7x5.5x
Thu, 25 Apr 2024AU$488.8bAU$92.4bAU$32.9b11.1x14.9x5.3x
Sat, 23 Mar 2024AU$497.9bAU$92.5bAU$32.7b11x15.2x5.4x
Mon, 19 Feb 2024AU$483.1bAU$92.5bAU$32.8b10.5x14.7x5.2x
Wed, 17 Jan 2024AU$456.4bAU$92.8bAU$33.2b8.2x13.7x4.9x
Fri, 15 Dec 2023AU$439.5bAU$92.8bAU$33.2b8.1x13.2x4.7x
Sun, 12 Nov 2023AU$420.9bAU$92.5bAU$33.3b7.9x12.7x4.6x
Tue, 10 Oct 2023AU$422.4bAU$91.0bAU$32.6b8.1x13x4.6x
Thu, 07 Sep 2023AU$422.3bAU$91.0bAU$32.6b8.2x13x4.6x
Sat, 05 Aug 2023AU$425.4bAU$91.0bAU$32.4b8.4x13.1x4.7x
Mon, 03 Jul 2023AU$409.3bAU$91.0bAU$32.4b8.3x12.6x4.5x
Wed, 31 May 2023AU$407.1bAU$91.0bAU$32.4b8.2x12.6x4.5x
Fri, 28 Apr 2023AU$420.4bAU$89.2bAU$31.3b8.2x13.4x4.7x
Price to Earnings Ratio

13.4x


Total Market Cap: AU$420.4bTotal Earnings: AU$31.3bTotal Revenue: AU$89.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Banks Industry Price to Earnings3Y Average 17.4x202420252026
Current Industry PE
  • Investors are optimistic on the Australian Banks industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 22.5x which is higher than its 3-year average PE of 17.4x.
  • The 3-year average PS ratio of 5.9x is lower than the industry's current PS ratio of 7.1x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 3.2% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Industry Trends

Which industries have driven the changes within the Australian Financials industry?

AU Market0.25%
Financials-1.97%
Banks-4.21%
Regional Banks-2.61%
Diversified Banks-4.24%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 37.5x.
    • Analysts are expecting annual earnings growth of 24.2%, which is higher than its past year's earnings decline of 38.5% per year.
  • Investors are most pessimistic about the Diversified Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 17.4x.
Forecasted Growth
  • Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 24% over the next 5 years.
  • This is better than its past earnings decline of 38% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 4.4% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
BFL BSP Financial GroupAU$8.101.6%
+AU$60.7m		11.0%PB2.3x
KSL Kina SecuritiesAU$1.264.6%
+AU$16.1m		15.1%PB1.6x

Latest News

NAB
AU$41.02
National Australia Bank
7D
-8.7%
1Y
20.7%

NAB: Recent Downgrades And Leadership Changes Will Shape Future Risk Profile

Analysts have reduced their price target for National Australia Bank to about A$41.53 from roughly A$43.01. This reflects slightly softer long term assumptions on revenue growth, profit margins and future P/E multiples following recent downgrades highlighted in Street research.
WBC
AU$40.02
Westpac Banking
7D
-6.0%
1Y
28.5%
JDO
AU$1.50
Judo Capital Holdings
7D
-1.0%
1Y
-13.3%

JDO: Future Returns Will Rely On Steady Earnings And Supportive P E Multiple

Analysts have marginally revised their fair value estimate for Judo Capital Holdings to A$1.73. This reflects updated assumptions for the discount rate, revenue growth, profit margin and future P/E that are broadly consistent with prior expectations.
BEN
AU$11.08
Bendigo and Adelaide Bank
7D
-2.0%
1Y
4.4%

BEN: Future Returns Will Reflect Fair Pricing And Execution On Profitability

Analysts have modestly raised their price target for Bendigo and Adelaide Bank to A$10.84 from A$10.65, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E multiples. Valuation Changes Fair Value: A$10.65 to A$10.84, indicating a small uplift in the assessed valuation per share.
ANZ
AU$37.93
ANZ Group Holdings
7D
-2.3%
1Y
35.3%

ANZ: Mixed Broker Views And Payments JV Review Will Shape Forward Balance

Narrative Update on ANZ Group Holdings The analyst price target for ANZ Group Holdings has been adjusted marginally to A$37.07 from A$37.07 as analysts factor in slightly lower revenue growth and profit margin assumptions, along with a modestly reduced discount rate and a small uptick in future P/E, following mixed recent research views including a Neutral stance with an A$38.14 target. Analyst Commentary Recent research on ANZ Group Holdings shows a mix of optimism and caution, with some analysts adjusting ratings and targets as they reassess the balance between growth prospects, revenue headwinds and current valuation.
MYS
AU$4.59
MyState
7D
-1.1%
1Y
20.8%

MYS: Stable Dividend And Earnings Assumptions Will Support Future Upside Potential

Analysts have kept their A$5.26 price target for MyState steady, with only slight adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions guiding the updated view. What's in the News MyState declared an ordinary dividend of A$0.12 per security for the six months ended December 31, 2025, giving income focused holders clear visibility on the upcoming payout schedule (Key Developments).
CBA
AU$180.15
Commonwealth Bank of Australia
7D
-1.7%
1Y
11.7%

CBA: Elevated P/E And Margin Risks May Restrain Fully Franked Dividend Appeal

Analysts have trimmed their fair value estimate for Commonwealth Bank of Australia by A$1.27 to A$126.17, reflecting slightly lower assumed future P/E multiples, as well as marginally higher revenue growth and profit margin forecasts under a modestly reduced discount rate. Analyst Commentary Recent valuation work on Commonwealth Bank of Australia sits against a backdrop of broadly constructive research across other financials, where several global insurers have seen higher price targets and, in some cases, rating upgrades.
BOQ
AU$7.31
Bank of Queensland
7D
-1.5%
1Y
1.8%
BFL
AU$8.10
BSP Financial Group
7D
1.6%
1Y
11.0%
KSL
AU$1.26
Kina Securities
7D
4.6%
1Y
15.1%