Narrative Update • May 16
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Belgian (BEL20) Banks Industry Analysis
UpdatedMay 23, 2026
DataAggregated Company Financials
Companies7
- 7D-0.1%
- 3M-4.8%
- 1Y19.5%
- YTD-3.9%
Over the last 7 days, the Banks industry has dropped 2.9%, driven by BNP Paribas Fortis declining 3.2%. In the past year, the industry has gained 16%. Earnings are forecast to grow by 11% annually.
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 |
|---|---|---|---|---|---|---|
| Sat, 23 May 2026 | €74.1b | €23.7b | €6.9b | 8x | 10.8x | 3.1x |
| Mon, 20 Apr 2026 | €80.1b | €23.5b | €6.9b | 10.4x | 11.7x | 3.4x |
| Wed, 18 Mar 2026 | €74.2b | €23.8b | €6.8b | 10.4x | 10.8x | 3.1x |
| Fri, 13 Feb 2026 | €77.7b | €23.0b | €7.0b | 9.2x | 11.1x | 3.4x |
| Sun, 11 Jan 2026 | €78.3b | €23.0b | €7.0b | 10.2x | 11.2x | 3.4x |
| Tue, 09 Dec 2025 | €72.6b | €23.0b | €7.0b | 10.8x | 10.4x | 3.2x |
| Thu, 06 Nov 2025 | €69.1b | €22.8b | €6.9b | 10.8x | 10x | 3x |
| Sat, 04 Oct 2025 | €71.0b | €22.8b | €6.9b | 10.6x | 10.3x | 3.1x |
| Mon, 01 Sep 2025 | €66.0b | €22.9b | €7.2b | 10.6x | 9.1x | 2.9x |
| Wed, 30 Jul 2025 | €64.2b | €22.8b | €7.2b | 10.6x | 9x | 2.8x |
| Fri, 27 Jun 2025 | €64.7b | €22.8b | €7.2b | 10.1x | 9x | 2.8x |
| Sun, 25 May 2025 | €62.0b | €22.8b | €7.2b | 10.1x | 8.7x | 2.7x |
| Tue, 22 Apr 2025 | €57.8b | €22.5b | €7.1b | 8.3x | 8.1x | 2.6x |
| Thu, 20 Mar 2025 | €60.2b | €23.1b | €7.2b | 8.3x | 8.3x | 2.6x |
| Sat, 15 Feb 2025 | €25.6b | €12.2b | €3.9b | 7.2x | 6.6x | 2.1x |
| Mon, 13 Jan 2025 | €53.7b | €23.0b | €6.8b | 8.3x | 7.9x | 2.3x |
| Wed, 11 Dec 2024 | €51.1b | €23.0b | €6.8b | 8.3x | 7.5x | 2.2x |
| Fri, 08 Nov 2024 | €51.3b | €22.9b | €6.8b | 8.1x | 7.6x | 2.2x |
| Sun, 06 Oct 2024 | €52.0b | €22.9b | €6.8b | 8.3x | 7.7x | 2.3x |
| Tue, 03 Sep 2024 | €53.8b | €23.1b | €6.9b | 7.6x | 7.8x | 2.3x |
| Thu, 01 Aug 2024 | €55.4b | €23.1b | €6.9b | 8.5x | 8x | 2.4x |
| Sat, 29 Jun 2024 | €53.2b | €23.1b | €6.9b | 8.5x | 7.7x | 2.3x |
| Mon, 27 May 2024 | €53.7b | €23.1b | €6.9b | 8.7x | 7.7x | 2.3x |
| Wed, 24 Apr 2024 | €57.5b | €23.6b | €7.3b | 8.6x | 7.8x | 2.4x |
| Fri, 22 Mar 2024 | €57.3b | €22.8b | €7.1b | 8.4x | 8x | 2.5x |
| Sun, 18 Feb 2024 | €57.6b | €22.8b | €7.1b | 8.4x | 8.1x | 2.5x |
| Tue, 16 Jan 2024 | €53.8b | €21.0b | €7.1b | 7.7x | 7.6x | 2.6x |
| Thu, 14 Dec 2023 | €52.3b | €21.0b | €7.1b | 7.6x | 7.3x | 2.5x |
| Sat, 11 Nov 2023 | €47.9b | €19.0b | €6.6b | 8.4x | 7.3x | 2.5x |
| Mon, 09 Oct 2023 | €50.8b | €19.0b | €6.6b | 8.3x | 7.7x | 2.7x |
| Wed, 06 Sep 2023 | €51.1b | €18.5b | €7.0b | 7.5x | 7.3x | 2.8x |
| Fri, 04 Aug 2023 | €54.5b | €18.3b | €7.0b | 7.2x | 7.8x | 3x |
| Sun, 02 Jul 2023 | €52.6b | €18.3b | €7.0b | 7.2x | 7.6x | 2.9x |
| Tue, 30 May 2023 | €52.8b | €18.3b | €7.0b | 7.5x | 7.6x | 2.9x |
Price to Earnings Ratio
7.6x
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 10.6x which is higher than its 3-year average PE of 8.5x.
- The 3-year average PS ratio of 2.7x is lower than the industry's current PS ratio of 3.1x.
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 9.2% 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 Belgian Financials industry?
| BE Market | 2.04% | |
| Financials | 0.52% | |
| Banks | -0.15% | |
| Regional Banks | 0% | 0 |
| Diversified Banks | -0.15% | |
Industry PE
- Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 8.5x.
- Analysts are expecting annual earnings growth of 10.7%, 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 8.9x.
Forecasted Growth
- Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 11% 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 11% 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 | €112.60 | 0.9% +€416.5m | 30.5% | PB1.6x | |
| KBCA KBC Ancora | €79.20 | 2.6% +€154.0m | 24.9% | PB1.7x |