Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Australian (ASX) Banks Industry Analysis

UpdatedJul 01, 2026
DataAggregated Company Financials
Companies15
  • 7D-0.6%
  • 3M-6.6%
  • 1Y-2.7%
  • YTD-3.8%

The Banks industry has stayed flat over the last week. As for the longer term, the industry has declined 3.0% in the last year. As for the next few years, earnings are expected to grow by 5.0% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 01 Jul 2026AU$634.2bAU$98.3bAU$30.0b14.1x21.1x6.5x
Fri, 29 May 2026AU$627.8bAU$98.3bAU$30.0b15.5x20.9x6.4x
Sun, 26 Apr 2026AU$673.7bAU$98.1bAU$30.9b15.5x21.8x6.9x
Tue, 24 Mar 2026AU$692.0bAU$98.1bAU$30.9b16.1x22.4x7.1x
Thu, 19 Feb 2026AU$715.6bAU$97.6bAU$30.6b19.6x23.4x7.3x
Sat, 17 Jan 2026AU$653.2bAU$96.7bAU$30.3b19.3x21.6x6.8x
Mon, 15 Dec 2025AU$647.2bAU$96.7bAU$30.3b19.1x21.4x6.7x
Wed, 12 Nov 2025AU$671.7bAU$96.8bAU$30.3b19.3x22.2x6.9x
Fri, 10 Oct 2025AU$669.6bAU$95.6bAU$31.7b15.5x21.1x7x
Sun, 07 Sep 2025AU$661.1bAU$95.6bAU$31.7b14.8x20.8x6.9x
Tue, 05 Aug 2025AU$631.8bAU$94.6bAU$31.8b14.4x19.9x6.7x
Thu, 03 Jul 2025AU$650.6bAU$94.6bAU$31.8b15.1x20.5x6.9x
Sat, 31 May 2025AU$625.8bAU$94.6bAU$31.8b14.1x19.7x6.6x
Mon, 28 Apr 2025AU$595.3bAU$93.2bAU$31.7b13.1x18.8x6.4x
Wed, 26 Mar 2025AU$559.5bAU$93.3bAU$31.7b12.5x17.6x6x
Fri, 21 Feb 2025AU$579.0bAU$93.2bAU$31.7b13.3x18.3x6.2x
Sun, 19 Jan 2025AU$589.3bAU$92.5bAU$31.4b13.7x18.7x6.4x
Tue, 17 Dec 2024AU$596.8bAU$92.5bAU$31.4b13.5x19x6.5x
Thu, 14 Nov 2024AU$588.0bAU$92.5bAU$31.4b13.1x18.7x6.4x
Sat, 12 Oct 2024AU$553.9bAU$91.8bAU$31.6b12.1x17.6x6x
Mon, 09 Sep 2024AU$582.2bAU$91.9bAU$31.6b12.5x18.4x6.3x
Wed, 07 Aug 2024AU$515.0bAU$91.7bAU$31.6b11.1x16.3x5.6x
Fri, 05 Jul 2024AU$520.2bAU$91.7bAU$31.6b10.7x16.4x5.7x
Sun, 02 Jun 2024AU$495.0bAU$91.7bAU$31.8b10.5x15.6x5.4x
Tue, 30 Apr 2024AU$482.8bAU$81.6bAU$28.7b10.9x16.8x5.9x
Thu, 28 Mar 2024AU$501.0bAU$92.5bAU$32.7b11x15.3x5.4x
Sat, 24 Feb 2024AU$487.3bAU$92.5bAU$32.7b10x14.9x5.3x
Mon, 22 Jan 2024AU$460.4bAU$92.8bAU$33.2b8.1x13.9x5x
Wed, 20 Dec 2023AU$449.5bAU$92.8bAU$33.2b8x13.5x4.8x
Fri, 17 Nov 2023AU$420.8bAU$92.8bAU$33.2b8x12.7x4.5x
Sun, 15 Oct 2023AU$425.9bAU$91.0bAU$32.5b8x13.1x4.7x
Tue, 12 Sep 2023AU$426.6bAU$91.0bAU$32.6b8.2x13.1x4.7x
Thu, 10 Aug 2023AU$433.0bAU$90.8bAU$32.5b8.4x13.3x4.8x
Sat, 08 Jul 2023AU$401.5bAU$91.0bAU$32.4b8.3x12.4x4.4x
Price to Earnings Ratio

12.4x


Total Market Cap: AU$401.5bTotal Earnings: AU$32.4bTotal Revenue: AU$91.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Banks Industry Price to Earnings3Y Average 18x202420252026
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 21.1x which is higher than its 3-year average PE of 18.0x.
  • The industry is trading close to its 3-year average PS ratio of 6.0x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have declined 2.5% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.6% 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, which has decreased profits.

Industry Trends

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

AU Market0.033%
Financials0.071%
Banks-0.57%
Diversified Banks-0.56%
Regional Banks-0.99%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 47.7x.
    • Analysts are expecting annual earnings growth of 27.8%, 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 17.9x.
Forecasted Growth
  • Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 28% 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 4.6% 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$8.200.1%
+AU$4.7m		2.6%PB2.2x

Latest News

JDO
AU$0.91
Judo Capital Holdings
7D
-40.7%
1Y
-43.1%
CBA
AU$160.73
Commonwealth Bank of Australia
7D
-2.5%
1Y
-12.5%
Narrative Update • Jun 25

CBA: Elevated P/E May Struggle As Revenue Outlook Softens

The analyst price target for Commonwealth Bank of Australia has been trimmed by about A$3 to reflect slightly softer revenue growth, marginally lower profit margins and a modestly adjusted forward P/E outlook, while the discount rate is kept largely unchanged. Analyst Commentary Recent adjustments to the valuation model for Commonwealth Bank of Australia reflect a more cautious stance on near term execution, but they also highlight areas where analysts still see support for the current P/E and earnings outlook.
WBC
AU$34.70
Westpac Banking
7D
-3.0%
1Y
2.9%
BEN
AU$10.31
Bendigo and Adelaide Bank
7D
-2.6%
1Y
-19.3%
ANZ
AU$34.47
ANZ Group Holdings
7D
-3.3%
1Y
15.2%
Narrative Update • Jun 24

ANZ: Saturday Branch Push And Suncorp Integration Will Shape Mortgage And Wealth Outlook

Analysts have slightly reduced their fair value estimate for ANZ Group Holdings. The updated price target has moved from A$35.74 to A$35.55 as they modestly adjust assumptions around the discount rate, revenue growth, profit margin and forward P/E expectations.
NAB
AU$36.99
National Australia Bank
7D
-4.5%
1Y
-5.9%
BOQ
AU$6.18
Bank of Queensland
7D
-1.7%
1Y
-21.3%
Narrative Update • Jun 18

BOQ: Share Price Recovery And Capital Returns Will Balance Earnings Pressures

Analysts have made a small trim to their Bank of Queensland price target, edging fair value from A$6.33 to A$6.31 as they factor in updated assumptions for discount rates, revenue growth, profit margins and future P/E multiples. What’s in the News for Bank of Queensland Bank of Queensland shares recently recovered after touching a fresh 52 week low, with the stock holding around the A$6 level as investors weighed earnings headwinds and capital plans.
MYS
AU$4.53
MyState
7D
-3.8%
1Y
7.9%
Narrative Update • Apr 24

MYS: Stable Dividend Outlook Will Support Future Upside Potential

Analysts have maintained their A$5.26 price target on MyState, noting broadly stable views on fair value, discount rate, revenue growth, profit margins and future P/E assumptions. What's in the News MyState Limited declared an ordinary dividend of A$0.12 per security for the six months ended December 31, 2025, giving investors clarity on upcoming income timing (Key Developments).
BFL
AU$8.20
BSP Financial Group
7D
0.1%
1Y
2.6%