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Polish (WIG) Banks Industry Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies11
  • 7D2.3%
  • 3M16.4%
  • 1Y43.2%
  • YTD43.6%

The Banks industry has gained 2.3% in the last week and Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna up 2.0%. In the last 12 months, the industry was up 43%. Looking forward, earnings are forecast to grow by 3.7% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025zł373.4bzł111.3bzł38.8b9.7x9.6x3.4x
Fri, 21 Nov 2025zł347.7bzł111.3bzł38.8b9x8.9x3.1x
Sun, 19 Oct 2025zł330.7bzł110.2bzł38.1b8.6x8.7x3x
Tue, 16 Sep 2025zł331.2bzł110.2bzł38.1b8.9x8.7x3x
Thu, 14 Aug 2025zł375.0bzł109.9bzł37.9b10.1x9.9x3.4x
Sat, 12 Jul 2025zł331.6bzł106.4bzł36.1b9.6x9.2x3.1x
Mon, 09 Jun 2025zł309.6bzł106.4bzł36.1b8.8x8.6x2.9x
Wed, 07 May 2025zł323.8bzł105.2bzł35.5b9.8x9.1x3.1x
Fri, 04 Apr 2025zł330.3bzł104.7bzł34.9b9.3x9.5x3.2x
Sun, 02 Mar 2025zł310.6bzł97.3bzł32.2b9.8x9.6x3.2x
Tue, 28 Jan 2025zł285.9bzł96.8bzł31.1b9.1x9.2x3x
Thu, 26 Dec 2024zł260.7bzł96.8bzł31.1b8.5x8.4x2.7x
Sat, 23 Nov 2024zł252.4bzł97.1bzł31.2b8.5x8.1x2.6x
Mon, 21 Oct 2024zł269.2bzł94.7bzł30.1b9.2x8.9x2.8x
Wed, 18 Sep 2024zł271.1bzł94.7bzł30.1b9x9x2.9x
Fri, 16 Aug 2024zł272.2bzł94.1bzł28.4b10.4x9.6x2.9x
Sun, 14 Jul 2024zł300.0bzł94.1bzł28.6b11x10.5x3.2x
Tue, 11 Jun 2024zł276.4bzł94.1bzł28.6b9.7x9.7x2.9x
Thu, 09 May 2024zł304.5bzł92.7bzł28.1b11.2x10.8x3.3x
Sat, 06 Apr 2024zł318.3bzł91.5bzł27.3b12.2x11.6x3.5x
Mon, 04 Mar 2024zł297.5bzł94.0bzł28.5b11.2x10.4x3.2x
Wed, 31 Jan 2024zł251.8bzł90.8bzł28.3b9.1x8.9x2.8x
Fri, 29 Dec 2023zł257.2bzł90.8bzł28.3b9.2x9.1x2.8x
Sun, 26 Nov 2023zł243.9bzł90.8bzł28.3b8.6x8.6x2.7x
Tue, 24 Oct 2023zł207.7bzł71.7bzł13.3b10.7x15.6x2.9x
Thu, 21 Sep 2023zł185.8bzł71.7bzł13.3b10.5x14x2.6x
Sat, 19 Aug 2023zł190.2bzł69.7bzł13.0b10.7x14.6x2.7x
Mon, 17 Jul 2023zł201.8bzł67.9bzł11.6b14.4x17.4x3x
Wed, 14 Jun 2023zł178.5bzł67.9bzł11.6b12.5x15.4x2.6x
Fri, 12 May 2023zł164.7bzł67.2bzł10.9b11.4x15.2x2.5x
Sun, 09 Apr 2023zł153.6bzł64.4bzł10.5b10.8x14.7x2.4x
Tue, 07 Mar 2023zł161.1bzł65.0bzł10.4b11.4x15.6x2.5x
Thu, 02 Feb 2023zł159.0bzł62.5bzł4.9b13.1x32.5x2.5x
Sat, 31 Dec 2022zł151.0bzł62.5bzł4.9b12.5x30.9x2.4x
Price to Earnings Ratio

30.9x


Total Market Cap: zł151.0bTotal Earnings: zł4.9bTotal Revenue: zł62.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Polish Banks Industry Price to Earnings3Y Average 11.8x202320242025
Current Industry PE
  • Investors are pessimistic on the Polish Banks industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 9.6x which is lower than its 3-year average PE of 11.8x.
  • The 3-year average PS ratio of 2.9x is lower than the industry's current PS ratio of 3.4x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 100% per year over the last three years.
  • Revenues for these companies have grown 21% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

PL Market1.74%
Financials2.10%
Banks2.33%
Diversified Banks2.33%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry even though it's trading below its 3-year average PE ratio of 11.8x.
    • Analysts are expecting annual earnings growth of 3.7%, which is lower than the prior year's growth of 6.6% per year.
  • Investors are most pessimistic about the Diversified Banks industry, which is trading below its 3-year average of 11.8x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 3.7% over the next 5 years.
  • However this is lower than its past earnings growth rate of 6.6% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 3.7% 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
PKO Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjnazł84.442.0%
+zł2.0b		41.1%PB2x
SPL Santander Bank Polskazł542.403.7%
+zł2.0b		17.1%PB1.7x
MBK mBankzł1.06k3.9%
+zł1.7b		91.5%PB2.2x
ING ING Bank Slaskizł342.002.9%
+zł1.2b		40.7%PB2.3x
MIL Bank Millenniumzł16.886.2%
+zł1.2b		94.6%PB2.3x

Latest News

MIL
zł16.88
Bank Millennium
7D
6.2%
1Y
94.6%
ING
zł342.00
ING Bank Slaski
7D
2.9%
1Y
40.7%

ING: Future Earnings Power Will Drive Upside Despite Slightly Lower Multiple

Analysts have slightly lowered their price target on ING Bank Slaski by approximately PLN 1.47. This reflects a marginally higher long term revenue growth outlook and profit margin, which are offset by a modestly reduced fair value and future P/E expectation.
BHW
zł106.00
Bank Handlowy w Warszawie
7D
3.9%
1Y
20.3%

BHW: Future Earnings Multiple Will Likely Reflect Stable Margins Amid Softer Revenue Outlook

Analysts have raised their price target on Bank Handlowy w Warszawie slightly to PLN 111.15 from PLN 110.83, citing a marginally improved profit margin outlook that more than offsets a modest uptick in the discount rate and slightly weaker near term revenue growth assumptions. Valuation Changes Fair value has risen slightly to PLN 111.15 from PLN 110.83, reflecting a modest upward revision in intrinsic valuation.
ALR
zł111.05
Alior Bank
7D
1.0%
1Y
27.3%

ALR: Lending Portfolio Strength Will Support Future Earnings And Capital Returns

Analysts have nudged their price target on Alior Bank slightly higher to PLN 126.68 from PLN 126.34, reflecting modest adjustments to the discount rate and earnings expectations, while incorporating a more conservative growth outlook following recent research downgrades. Analyst Commentary Analysts highlight a more balanced risk reward profile for Alior Bank following the latest downgrade.
SPL
zł542.40
Santander Bank Polska
7D
3.7%
1Y
17.1%

SPL: Higher Discount Rate Will Pressure Long Term Profit Outlook

Analysts have trimmed their price target on Santander Bank Polska from PLN 460 to PLN 440, reflecting slightly higher discount rate assumptions and somewhat lower long term profitability expectations, despite improved revenue trend forecasts. Valuation Changes Fair Value Estimate: lowered slightly from PLN 460 to PLN 440, indicating a modest reduction in the bank's assessed intrinsic value.
PEO
zł204.60
Bank Polska Kasa Opieki
7D
-1.9%
1Y
46.5%

PEO: Neutral Outlook Will Reflect Balanced Earnings Prospects And Rising Risk Profile

Analysts have modestly raised their fair value estimate for Bank Polska Kasa Opieki from PLN 208 to approximately PLN 213, reflecting slightly higher revenue growth expectations and valuation multiples, even as they temper margin assumptions and align with more cautious Street targets around PLN 200. Analyst Commentary Recent commentary suggests that, while the stock’s fundamental story remains intact, its risk reward profile has become more balanced at current levels.
MBK
zł1,060.00
mBank
7D
3.9%
1Y
91.5%

MBK: Lower Discount Rate And Margin Pressure Will Shape Future Expectations

Analysts have modestly raised their price target on mBank to approximately $993 from about $979, citing slightly improved revenue growth expectations, a marginally lower discount rate, and a higher future price-to-earnings multiple that more than offset a negligible reduction in projected profit margins. Valuation Changes The fair value estimate has risen slightly to approximately 993 PLN from about 979 PLN, reflecting a modestly higher intrinsic valuation.
BNP
zł131.00
BNP Paribas Bank Polska
7D
4.0%
1Y
56.0%

BNP: Upcoming Guidance Day Will Drive Confidence Despite Slightly Higher Risk

Analysts have trimmed their price target for BNP Paribas Bank Polska slightly to PLN 144.65 from PLN 147.67, reflecting marginally softer assumptions for long term revenue growth, profit margins, and valuation multiples. What's in the News BNP Paribas Bank Polska plans to host an Analyst and Investor Day, offering updated strategic and financial guidance to the market (company event).
PKO
zł84.44
Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna
7D
2.0%
1Y
41.1%

PKO: Higher Projected Profit Margins Will Drive Stronger Outlook

Analysts have raised their price target for Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna from PLN 87.49 to PLN 88.03, citing stronger revenue growth forecasts and higher expected profit margins as key factors behind the upward revision. Valuation Changes Fair Value has risen slightly from PLN 87.49 to PLN 88.03.
BOS
zł9.70
Bank Ochrony Srodowiska
7D
-1.5%
1Y
0%
GTN
zł0.53
Getin Holding
7D
-0.6%
1Y
-11.0%