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Australian (ASX) Banks Industry Analysis

UpdatedJun 22, 2026
DataAggregated Company Financials
Companies15
  • 7D1.9%
  • 3M-9.1%
  • 1Y-2.0%
  • YTD-4.6%

The Banks industry is up 1.9% in the last week, with Commonwealth Bank of Australia up 1.8%. Overall in the last year, the industry is flat. Earnings are forecast to grow by 5.1% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 22 Jun 2026AU$629.1bAU$98.3bAU$30.0b16.4x21x6.4x
Wed, 20 May 2026AU$633.8bAU$98.3bAU$30.0b15.4x21.1x6.4x
Fri, 17 Apr 2026AU$698.7bAU$98.1bAU$30.9b16.5x22.6x7.1x
Sun, 15 Mar 2026AU$703.4bAU$98.1bAU$30.9b15.7x22.8x7.2x
Tue, 10 Feb 2026AU$670.1bAU$96.7bAU$30.3b19.5x22.1x6.9x
Thu, 08 Jan 2026AU$632.8bAU$96.7bAU$30.3b18.4x20.9x6.5x
Sat, 06 Dec 2025AU$636.3bAU$96.7bAU$30.3b18.6x21x6.6x
Mon, 03 Nov 2025AU$680.2bAU$95.7bAU$31.6b17.4x21.6x7.1x
Wed, 01 Oct 2025AU$664.8bAU$95.6bAU$31.7b15.1x21x7x
Fri, 29 Aug 2025AU$674.1bAU$95.6bAU$31.7b14.8x21.2x7x
Sun, 27 Jul 2025AU$625.2bAU$94.6bAU$31.8b14.4x19.7x6.6x
Tue, 24 Jun 2025AU$643.5bAU$94.6bAU$31.8b13.6x20.2x6.8x
Thu, 22 May 2025AU$618.9bAU$94.6bAU$31.8b14x19.5x6.5x
Sat, 19 Apr 2025AU$580.2bAU$93.2bAU$31.7b12.7x18.3x6.2x
Mon, 17 Mar 2025AU$541.3bAU$93.3bAU$31.7b12x17.1x5.8x
Wed, 12 Feb 2025AU$623.3bAU$92.5bAU$31.4b14.6x19.8x6.7x
Fri, 10 Jan 2025AU$602.7bAU$92.5bAU$31.4b13.8x19.2x6.5x
Sun, 08 Dec 2024AU$605.1bAU$92.5bAU$31.4b14.1x19.2x6.5x
Tue, 05 Nov 2024AU$581.5bAU$92.2bAU$31.8b12.8x18.3x6.3x
Thu, 03 Oct 2024AU$550.1bAU$91.8bAU$31.5b12.1x17.4x6x
Sat, 31 Aug 2024AU$565.7bAU$91.8bAU$31.6b12.5x17.9x6.2x
Mon, 29 Jul 2024AU$540.7bAU$91.7bAU$31.6b11.1x17.1x5.9x
Wed, 26 Jun 2024AU$525.9bAU$91.6bAU$31.8b10.5x16.6x5.7x
Fri, 24 May 2024AU$502.1bAU$91.7bAU$31.8b10.6x15.8x5.5x
Sun, 21 Apr 2024AU$477.2bAU$92.4bAU$32.9b11x14.5x5.2x
Tue, 19 Mar 2024AU$492.9bAU$92.5bAU$32.7b10.5x15.1x5.3x
Thu, 15 Feb 2024AU$474.0bAU$92.5bAU$32.8b10.3x14.5x5.1x
Sat, 13 Jan 2024AU$459.2bAU$92.8bAU$33.2b8.2x13.8x4.9x
Mon, 11 Dec 2023AU$432.8bAU$92.8bAU$33.2b8x13x4.7x
Wed, 08 Nov 2023AU$422.2bAU$92.2bAU$33.3b7.9x12.7x4.6x
Fri, 06 Oct 2023AU$421.3bAU$91.0bAU$32.6b8x12.9x4.6x
Sun, 03 Sep 2023AU$425.7bAU$91.0bAU$32.6b8.3x13.1x4.7x
Tue, 01 Aug 2023AU$435.7bAU$91.0bAU$32.4b8.6x13.4x4.8x
Thu, 29 Jun 2023AU$401.0bAU$91.0bAU$32.4b8.2x12.4x4.4x
Price to Earnings Ratio

12.4x


Total Market Cap: AU$401.0bTotal Earnings: AU$32.4bTotal Revenue: AU$91.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Banks Industry Price to Earnings3Y Average 17.9x202420252026
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 21.0x which is higher than its 3-year average PE of 17.9x.
  • 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 Market0.56%
Financials1.68%
Banks1.86%
Diversified Banks1.86%
Regional Banks1.76%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 46.3x.
    • Analysts are expecting annual earnings growth of 27.7%, 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 4.7% 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
CBA Commonwealth Bank of AustraliaAU$162.401.8%
+AU$4.8b		-11.0%PB3.5x
NAB National Australia BankAU$37.743.4%
+AU$3.8b		-3.0%PB1.9x
ANZ ANZ Group HoldingsAU$35.032.5%
+AU$2.6b		23.4%PB1.5x
BEN Bendigo and Adelaide BankAU$10.552.0%
+AU$121.5m		-16.0%PB0.9x
JDO Judo Capital HoldingsAU$1.493.5%
+AU$56.1m		-2.6%PB1x

Latest News

NAB
AU$37.74
National Australia Bank
7D
3.4%
1Y
-3.0%
Analysis Article • 6h

National Australia Bank (ASX:NAB) Shares Could Be 9.1% Undervalued After Databricks Data Push

Why National Australia Bank’s data push matters for investors National Australia Bank (ASX:NAB) is rolling out a conversational analytics tool powered by Databricks’ Genie, aiming to speed up how teams access customer and operational insights across the bank. This move sits alongside growing attention on Australian financial stocks linked to wealth platforms and capital light earnings, with National Australia Bank often used as a reference point when investors compare business models and data...
CBA
AU$162.40
Commonwealth Bank of Australia
7D
1.8%
1Y
-11.0%
BOQ
AU$6.32
Bank of Queensland
7D
1.3%
1Y
-18.9%
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.
JDO
AU$1.49
Judo Capital Holdings
7D
3.5%
1Y
-2.6%
Narrative Update • Jun 18

JDO: Future Returns Will Rely On Stable Margins And Measured P/E Assumptions

Analysts have nudged their price target for Judo Capital Holdings slightly higher to A$1.60, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E. Taken together, these leave their fair value view essentially unchanged at A$1.60.
ANZ
AU$35.03
ANZ Group Holdings
7D
2.5%
1Y
23.4%
Analysis Article • Jun 16

ANZ (ASX:ANZ) Shares Could Be 2.6% Undervalued After Suncorp Integration And Wealth Push

ANZ Group Holdings (ASX:ANZ) is drawing fresh attention after highlighting its push into private wealth and high net worth banking, as well as the integration of Suncorp Bank and upcoming investor focused financial events. See our latest analysis for ANZ Group Holdings. Recent news around ANZ Group Holdings, including its emphasis on private wealth, the Suncorp Bank integration and upcoming dividend and trading updates, comes as the share price sits at A$34.81. Short term share price returns...
BEN
AU$10.55
Bendigo and Adelaide Bank
7D
2.0%
1Y
-16.0%
Narrative Update • Jun 05

BEN: Future Returns Will Reflect Fair Pricing And Slightly Softer Profitability Assumptions

Analysts have trimmed their price target for Bendigo and Adelaide Bank slightly to A$10.68 from A$10.82, reflecting updated assumptions for revenue growth, profit margins, the discount rate and future P/E levels. What's in the News No recent news items, periodical coverage or key developments were provided for Bendigo and Adelaide Bank in the supplied sources.
WBC
AU$35.01
Westpac Banking
7D
0.03%
1Y
5.4%
KSL
AU$1.34
Kina Securities
7D
-0.7%
1Y
11.2%
MYS
AU$4.66
MyState
7D
2.2%
1Y
10.7%
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$8.25
BSP Financial Group
7D
-1.0%
1Y
7.1%