Narrative Update • Jul 01
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Belgian (BEL20) Banks Industry Analysis
UpdatedJul 08, 2026
DataAggregated Company Financials
Companies7
- 7D1.0%
- 3M2.3%
- 1Y31.0%
- YTD2.8%
In the last week, the Banks industry is up 2.9%, with all of the companies up. This takes the industry's 12 month performance to a gain of 27%. As for the next few years, earnings are expected to grow by 9.9% per annum.
Industry Valuation and Performance
Has the Belgian Banks Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Wed, 08 Jul 2026 | €79.2b | €23.8b | €6.9b | 8.6x | 11.5x | 3.3x |
| Fri, 05 Jun 2026 | €74.7b | €23.7b | €6.9b | 8.3x | 10.9x | 3.1x |
| Sun, 03 May 2026 | €77.3b | €23.6b | €6.9b | 9.2x | 11.2x | 3.3x |
| Tue, 31 Mar 2026 | €72.8b | €23.8b | €6.8b | 10.4x | 10.7x | 3.1x |
| Thu, 26 Feb 2026 | €78.0b | €23.4b | €6.9b | 10.5x | 11.3x | 3.3x |
| Sat, 24 Jan 2026 | €75.9b | €23.0b | €7.0b | 10.2x | 10.8x | 3.3x |
| Mon, 22 Dec 2025 | €75.4b | €23.0b | €7.0b | 10.8x | 10.8x | 3.3x |
| Wed, 19 Nov 2025 | €69.4b | €23.0b | €7.0b | 10.8x | 9.9x | 3x |
| Fri, 17 Oct 2025 | €68.1b | €22.8b | €6.9b | 10.8x | 9.9x | 3x |
| Sun, 14 Sep 2025 | €66.5b | €22.8b | €6.9b | 10.6x | 9.6x | 2.9x |
| Tue, 12 Aug 2025 | €68.6b | €22.9b | €7.2b | 10.6x | 9.5x | 3x |
| Thu, 10 Jul 2025 | €61.6b | €22.8b | €7.2b | 10.6x | 8.6x | 2.7x |
| Sat, 07 Jun 2025 | €59.9b | €22.8b | €7.2b | 10.3x | 8.4x | 2.6x |
| Mon, 05 May 2025 | €57.9b | €22.5b | €7.1b | 9.8x | 8.1x | 2.6x |
| Wed, 02 Apr 2025 | €58.7b | €22.9b | €7.2b | 8.3x | 8.1x | 2.6x |
| Fri, 28 Feb 2025 | €58.3b | €23.1b | €7.2b | 8.3x | 8.1x | 2.5x |
| Sun, 26 Jan 2025 | €56.0b | €23.0b | €6.8b | 8.3x | 8.3x | 2.4x |
| Tue, 24 Dec 2024 | €53.7b | €23.0b | €6.8b | 8.3x | 7.9x | 2.3x |
| Thu, 21 Nov 2024 | €50.4b | €23.0b | €6.8b | 8.1x | 7.4x | 2.2x |
| Sat, 19 Oct 2024 | €50.7b | €22.9b | €6.8b | 8.3x | 7.5x | 2.2x |
| Mon, 16 Sep 2024 | €51.3b | €22.9b | €6.7b | 7.8x | 7.6x | 2.2x |
| Wed, 14 Aug 2024 | €53.1b | €23.1b | €6.9b | 8.5x | 7.7x | 2.3x |
| Fri, 12 Jul 2024 | €54.2b | €23.1b | €6.9b | 8.5x | 7.8x | 2.3x |
| Sun, 09 Jun 2024 | €53.2b | €23.1b | €6.9b | 8.5x | 7.7x | 2.3x |
| Tue, 07 May 2024 | €55.0b | €23.6b | €7.3b | 8.5x | 7.5x | 2.3x |
| Thu, 04 Apr 2024 | €60.2b | €23.3b | €7.2b | 8.4x | 8.4x | 2.6x |
| Sat, 02 Mar 2024 | €58.8b | €22.8b | €7.1b | 8.4x | 8.2x | 2.6x |
| Mon, 29 Jan 2024 | €51.5b | €21.0b | €6.8b | 7.7x | 7.5x | 2.5x |
| Wed, 27 Dec 2023 | €53.3b | €21.0b | €7.1b | 7.6x | 7.5x | 2.5x |
| Fri, 24 Nov 2023 | €51.1b | €21.0b | €7.1b | 7.7x | 7.2x | 2.4x |
| Sun, 22 Oct 2023 | €48.5b | €19.0b | €6.6b | 8.4x | 7.4x | 2.6x |
| Tue, 19 Sep 2023 | €50.7b | €19.0b | €7.0b | 7.6x | 7.3x | 2.7x |
| Thu, 17 Aug 2023 | €52.5b | €18.5b | €7.0b | 7.2x | 7.5x | 2.8x |
| Sat, 15 Jul 2023 | €53.7b | €18.3b | €7.0b | 7.2x | 7.7x | 2.9x |
Price to Earnings Ratio
7.7x
Current Industry PE
- Investors are optimistic on the Belgian Banks industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 11.5x which is higher than its 3-year average PE of 8.7x.
- The 3-year average PS ratio of 2.7x is lower than the industry's current PS ratio of 3.3x.
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 9.3% 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 Belgian Financials industry?
| BE Market | -1.03% | |
| Financials | 0.77% | |
| Banks | 1.01% | |
| Diversified Banks | 1.01% | |
| Regional Banks | 0% | 0 |
Industry PE
- Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 8.7x.
- Analysts are expecting annual earnings growth of 9.9%, which is higher than its past year's earnings decline of 5.0% per year.
- Investors are most pessimistic about the Regional Banks industry, which is trading below its 3-year average of 9.2x.
Forecasted Growth
- Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 9.9% over the next 5 years.
- This is better than its past earnings decline of 5.0% per year.
- In contrast, the Diversified Banks industry is expected to see its earnings grow by 9.9% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| KBC KBC Group | €121.00 | 1.4% +€674.4m | 36.7% | PB1.7x | |
| KBCA KBC Ancora | €83.60 | 1.8% +€115.5m | 38.6% | PB1.8x |