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Polish (WIG) Banks Industry Analysis

UpdatedMar 28, 2026
DataAggregated Company Financials
Companies11
  • 7D2.2%
  • 3M4.9%
  • 1Y13.3%
  • YTD1.4%

Last week, the Banks industry hasn't moved much but Santander Bank Polska is up 4.5% in that time. The past year has been better, since the industry has gained 11% in that time. Earnings are forecast to grow by 6.2% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 28 Mar 2026zł391.7bzł108.9bzł40.6b8.9x9.6x3.6x
Mon, 23 Feb 2026zł411.8bzł110.7bzł40.3b9.9x10.2x3.7x
Wed, 21 Jan 2026zł377.7bzł111.3bzł38.8b9.9x9.7x3.4x
Fri, 19 Dec 2025zł364.8bzł111.3bzł38.8b9.4x9.4x3.3x
Sun, 16 Nov 2025zł347.8bzł110.9bzł38.7b9.1x9x3.1x
Tue, 14 Oct 2025zł331.1bzł110.2bzł38.1b8.6x8.7x3x
Thu, 11 Sep 2025zł325.1bzł110.2bzł38.1b8.8x8.5x3x
Sat, 09 Aug 2025zł372.5bzł108.8bzł37.5b10.1x9.9x3.4x
Mon, 07 Jul 2025zł334.2bzł106.4bzł36.1b9.7x9.2x3.1x
Wed, 04 Jun 2025zł317.6bzł106.4bzł36.1b9.2x8.8x3x
Fri, 02 May 2025zł339.7bzł105.3bzł35.6b9.7x9.5x3.2x
Sun, 30 Mar 2025zł345.7bzł104.7bzł34.9b9.7x9.9x3.3x
Tue, 25 Feb 2025zł306.2bzł97.5bzł32.2b9.9x9.5x3.1x
Thu, 23 Jan 2025zł276.8bzł96.8bzł31.1b9.3x8.9x2.9x
Sat, 21 Dec 2024zł260.5bzł96.8bzł31.1b8.3x8.4x2.7x
Mon, 18 Nov 2024zł259.7bzł97.1bzł31.2b8.9x8.3x2.7x
Wed, 16 Oct 2024zł271.2bzł94.7bzł30.1b9.3x9x2.9x
Fri, 13 Sep 2024zł265.3bzł94.7bzł30.3b8.8x8.8x2.8x
Sun, 11 Aug 2024zł259.3bzł94.1bzł28.5b10.1x9.1x2.8x
Tue, 09 Jul 2024zł297.0bzł94.1bzł28.6b10.9x10.4x3.2x
Thu, 06 Jun 2024zł279.3bzł94.1bzł28.6b9.7x9.8x3x
Sat, 04 May 2024zł302.5bzł92.5bzł28.0b11x10.8x3.3x
Mon, 01 Apr 2024zł313.0bzł91.5bzł27.3b12x11.4x3.4x
Wed, 28 Feb 2024zł294.0bzł93.6bzł28.9b9.9x10.2x3.1x
Fri, 26 Jan 2024zł246.1bzł90.8bzł28.3b9x8.7x2.7x
Sun, 24 Dec 2023zł257.2bzł90.8bzł28.3b9.2x9.1x2.8x
Tue, 21 Nov 2023zł246.5bzł90.8bzł28.3b8.2x8.7x2.7x
Thu, 19 Oct 2023zł214.6bzł71.7bzł13.3b10.9x16.1x3x
Sat, 16 Sep 2023zł184.3bzł71.7bzł13.3b10.4x13.9x2.6x
Mon, 14 Aug 2023zł198.4bzł69.7bzł13.0b10.7x15.2x2.8x
Wed, 12 Jul 2023zł190.9bzł67.9bzł11.6b13.6x16.5x2.8x
Fri, 09 Jun 2023zł179.9bzł67.9bzł11.6b12.4x15.5x2.6x
Sun, 07 May 2023zł163.5bzł66.8bzł10.6b11.4x15.4x2.4x
Tue, 04 Apr 2023zł155.7bzł64.4bzł10.5b10.9x14.9x2.4x
Price to Earnings Ratio

14.9x


Total Market Cap: zł155.7bTotal Earnings: zł10.5bTotal Revenue: zł64.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Polish Banks Industry Price to Earnings3Y Average 10.6x202420252026
Current Industry PE
  • Investors are relatively neutral on the Polish Banks industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 10.6x.
  • The 3-year average PS ratio of 3.0x is lower than the industry's current PS ratio of 3.6x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 57% per year over the last three years.
  • Revenues for these companies have grown 19% 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 Market0.19%
Financials1.75%
Banks2.16%
Diversified Banks2.16%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry, which is trading close to its 3-year average PE ratio of 10.6x.
    • Analysts are expecting annual earnings growth of 6.2%, which is lower than the prior year's growth of 17.3% per year.
  • Investors are most pessimistic about the Diversified Banks industry, which is trading close to its 3-year average of 10.6x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 6.2% over the next 5 years.
  • However this is lower than its past earnings growth rate of 17% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 6.2% 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
SPL Santander Bank Polskazł580.404.5%
+zł2.6b		2.4%PB1.7x
MBK mBankzł1.08k3.9%
+zł1.7b		29.5%PB2.1x
PKO Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjnazł86.201.2%
+zł1.3b		12.4%PB1.8x
PEO Bank Polska Kasa Opiekizł214.701.6%
+zł892.4m		18.9%PB1.6x
MIL Bank Millenniumzł16.293.6%
+zł679.3m		10.9%PB2.2x

Latest News

PKO
zł86.20
Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna
7D
1.2%
1Y
12.4%

PKO: Regional Volume Outlook Will Support Bullish Case Despite Recent Downgrade

Analysts have nudged their fair value estimate for Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna higher from PLN 97.82 to PLN 99.82, reflecting updated assumptions on revenue growth, profit margins and future P/E, alongside mixed recent research that includes a new Overweight initiation and a separate downgrade. Analyst Commentary Bullish Takeaways Bullish analysts highlight PKO Bank Polski as a key way to gain exposure to Central and Eastern Europe banks, citing what they view as relatively low banking market penetration in the region that could support long term volume growth assumptions.
ALR
zł109.75
Alior Bank
7D
3.1%
1Y
-9.3%
GTN
zł0.51
Getin Holding
7D
-7.1%
1Y
-20.4%
ING
zł397.50
ING Bank Slaski
7D
1.3%
1Y
22.3%

ING: Dividend Policy And Earnings Profile Will Support Fair Value

Analysts have adjusted their fair value estimate for ING Bank Slaski slightly higher, moving the price target from PLN 379.58 to PLN 381.44. This change reflects updated assumptions on revenue growth, profit margins and future P/E expectations.
MBK
zł1,082.00
mBank
7D
3.9%
1Y
29.5%

MBK: Refined Discount Rate And Profitability Assumptions Will Support Balanced Outlook

Analysts have nudged their mBank price target slightly higher from PLN 1,008.24 to PLN 1,013.18, citing updated assumptions around the discount rate, revenue growth, profit margin and forward P/E that modestly refine their valuation view. Valuation Changes Fair Value: PLN 1,008.24 to PLN 1,013.18, reflecting a slight upward adjustment in the modelled valuation level.
MIL
zł16.29
Bank Millennium
7D
3.6%
1Y
10.9%

MIL: Fair Value Profile Will Depend On Revenue And P/E Assumptions

Analysts have slightly raised their price target for Bank Millennium to PLN16.12 from PLN15.99, citing updated assumptions around revenue growth, profit margins and future P/E that result in a modest adjustment to their view of the bank's long term fair value profile. Valuation Changes Fair Value: PLN15.99 to PLN16.12, a small upward adjustment to the modelled long term value.
SPL
zł580.40
Santander Bank Polska
7D
4.5%
1Y
2.4%

SPL: Future Dividend And Profitability Outlook Will Support Bullish Sentiment

Analysts have raised their price target for Santander Bank Polska from PLN 674 to PLN 733, citing updated assumptions for revenue growth, profit margins and future P/E that indicate a higher estimated fair value. What's in the News Santander Bank Polska announced an annual dividend of PLN 49.9800 per share, with payment scheduled for May 20, 2026, ex-date on May 12, 2026, and record date on May 13, 2026 (Key Developments).
PEO
zł214.70
Bank Polska Kasa Opieki
7D
1.6%
1Y
18.9%

PEO: Neutral View Will Balance PLN 233 Fairness And Regional Execution Risk

Analysts have nudged the Bank Polska Kasa Opieki fair value estimate higher, with the price target moving from about PLN 225.65 to roughly PLN 233.62. They cite refined assumptions around revenue growth, profitability and future P/E expectations, in the context of recent research that includes a Barclays target lift to PLN 237 and a new Equal Weight initiation at Morgan Stanley.
BHW
zł110.60
Bank Handlowy w Warszawie
7D
1.3%
1Y
-7.1%

BHW: Future P/E Will Track Stable Margins And Unchanged Fair Value

Analysts have kept their PLN price target for Bank Handlowy w Warszawie broadly unchanged at around PLN 110, reflecting stable assumptions on the discount rate, revenue trends, profit margin and future P/E. Valuation Changes Fair Value: PLN 109.63 remains unchanged, indicating no adjustment to the central valuation estimate.
BNP
zł142.00
BNP Paribas Bank Polska
7D
-0.4%
1Y
28.5%
BOS
zł10.08
Bank Ochrony Srodowiska
7D
-1.0%
1Y
-21.3%