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Australian (ASX) Banks Industry Analysis

UpdatedMay 27, 2026
DataAggregated Company Financials
Companies15
  • 7D1.0%
  • 3M-12.7%
  • 1Y2.8%
  • YTD-2.9%

Over the last 7 days, the Banks industry has risen 2.9%, driven by gains from National Australia Bank of 2.6%. In the last 12 months, the industry was up 4.2%. Looking forward, earnings are forecast to grow by 5.7% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 27 May 2026AU$640.1bAU$98.3bAU$30.0b15.5x21.3x6.5x
Fri, 24 Apr 2026AU$672.1bAU$98.1bAU$30.9b15.4x21.8x6.9x
Sun, 22 Mar 2026AU$699.2bAU$98.1bAU$30.9b16.6x22.6x7.1x
Tue, 17 Feb 2026AU$713.5bAU$97.6bAU$30.6b20.2x23.3x7.3x
Thu, 15 Jan 2026AU$641.6bAU$96.7bAU$30.3b18.9x21.2x6.6x
Sat, 13 Dec 2025AU$647.2bAU$96.7bAU$30.3b19.1x21.4x6.7x
Mon, 10 Nov 2025AU$687.9bAU$96.1bAU$31.2b17.7x22.1x7.2x
Wed, 08 Oct 2025AU$674.5bAU$95.6bAU$31.7b15.3x21.3x7.1x
Fri, 05 Sep 2025AU$658.6bAU$95.6bAU$31.7b14.8x20.8x6.9x
Sun, 03 Aug 2025AU$635.1bAU$94.6bAU$31.8b14.4x20x6.7x
Tue, 01 Jul 2025AU$650.2bAU$94.6bAU$31.8b14.9x20.5x6.9x
Thu, 29 May 2025AU$615.9bAU$94.6bAU$31.8b14.1x19.4x6.5x
Sat, 26 Apr 2025AU$595.3bAU$93.2bAU$31.7b13.1x18.8x6.4x
Mon, 24 Mar 2025AU$553.6bAU$93.3bAU$31.7b12.4x17.5x5.9x
Wed, 19 Feb 2025AU$624.3bAU$93.3bAU$31.7b14.1x19.7x6.7x
Fri, 17 Jan 2025AU$581.8bAU$92.5bAU$31.4b13.8x18.5x6.3x
Sun, 15 Dec 2024AU$594.7bAU$92.5bAU$31.4b13.5x18.9x6.4x
Tue, 12 Nov 2024AU$596.0bAU$92.5bAU$31.4b13x19x6.4x
Thu, 10 Oct 2024AU$554.6bAU$91.9bAU$31.6b12.1x17.6x6x
Sat, 07 Sep 2024AU$582.2bAU$91.9bAU$31.6b12.5x18.5x6.3x
Mon, 05 Aug 2024AU$536.6bAU$91.7bAU$31.6b11.4x17x5.9x
Wed, 03 Jul 2024AU$514.6bAU$91.7bAU$31.6b10.5x16.3x5.6x
Fri, 31 May 2024AU$490.3bAU$91.7bAU$31.8b10.6x15.4x5.3x
Sun, 28 Apr 2024AU$480.4bAU$81.6bAU$28.7b10.9x16.7x5.9x
Tue, 26 Mar 2024AU$497.9bAU$92.5bAU$32.7b11x15.2x5.4x
Thu, 22 Feb 2024AU$485.9bAU$92.5bAU$32.8b10.2x14.8x5.3x
Sat, 20 Jan 2024AU$460.4bAU$92.8bAU$33.2b8.1x13.9x5x
Mon, 18 Dec 2023AU$447.3bAU$92.8bAU$33.2b7.9x13.5x4.8x
Wed, 15 Nov 2023AU$419.4bAU$92.8bAU$33.2b7.9x12.6x4.5x
Fri, 13 Oct 2023AU$428.8bAU$90.9bAU$32.8b7.7x13.1x4.7x
Sun, 10 Sep 2023AU$420.7bAU$91.0bAU$32.6b8.2x12.9x4.6x
Tue, 08 Aug 2023AU$424.5bAU$91.0bAU$32.4b8.4x13.1x4.7x
Thu, 06 Jul 2023AU$414.0bAU$91.0bAU$32.4b8.3x12.8x4.5x
Sat, 03 Jun 2023AU$396.6bAU$91.0bAU$32.4b8.2x12.2x4.4x
Price to Earnings Ratio

12.2x


Total Market Cap: AU$396.6bTotal Earnings: AU$32.4bTotal Revenue: AU$91.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Banks Industry Price to Earnings3Y Average 17.7x202420252026
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 21.4x which is higher than its 3-year average PE of 17.7x.
  • 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 2.6% 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 Market0.49%
Financials-0.27%
Banks0.99%
Diversified Banks1.04%
Regional Banks-1.53%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 42.7x.
    • Analysts are expecting annual earnings growth of 25.2%, 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 17.7x.
Forecasted Growth
  • Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 25% 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 5.3% 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
NAB National Australia BankAU$37.992.6%
+AU$2.9b		0.6%PB1.9x
CBA Commonwealth Bank of AustraliaAU$164.300.9%
+AU$2.4b		-6.3%PB3.6x
WBC Westpac BankingAU$36.610.6%
+AU$751.3m		15.2%PB1.8x
ANZ ANZ Group HoldingsAU$35.660.4%
+AU$421.5m		22.7%PB1.5x
JDO Judo Capital HoldingsAU$1.392.6%
+AU$39.2m		-1.8%PB0.9x

Latest News

ANZ
AU$35.66
ANZ Group Holdings
7D
0.4%
1Y
22.7%
CBA
AU$164.30
Commonwealth Bank of Australia
7D
0.9%
1Y
-6.3%
NAB
AU$37.99
National Australia Bank
7D
2.6%
1Y
0.6%
WBC
AU$36.61
Westpac Banking
7D
0.6%
1Y
15.2%
Narrative Update • May 16

WBC: Higher Risk Assumptions And Dividend Outlook Will Shape Future Upside

Analysts have reduced their Westpac Banking price target from about A$34.87 to roughly A$34.15, reflecting updated views on discount rates, revenue growth, profit margins and future P/E assumptions. Analyst Commentary Analysts are updating their views on Westpac Banking with a mixed tone, focusing on how current assumptions around discount rates, revenue trends, profit margins and future P/E multiples feed into the updated valuation.
BOQ
AU$6.27
Bank of Queensland
7D
-1.7%
1Y
-19.0%
JDO
AU$1.39
Judo Capital Holdings
7D
2.6%
1Y
-1.8%
Narrative Update • May 14

JDO: Future Returns Will Rely On Solid Margins And Supportive P/E Multiple

Analysts now place their average price target for Judo Capital Holdings at A$1.60, broadly in line with the prior A$1.60. This reflects updated assumptions for discount rates, revenue growth, profit margins and future P/E that are only modestly different from earlier estimates.
BEN
AU$10.36
Bendigo and Adelaide Bank
7D
-1.4%
1Y
-13.3%
KSL
AU$1.36
Kina Securities
7D
1.1%
1Y
16.7%
MYS
AU$4.45
MyState
7D
-1.3%
1Y
10.4%
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
-0.6%
1Y
11.0%
BBC
AU$0.22
BNK Banking
7D
-2.2%
1Y
-25.4%