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Polish (WIG) Banks Industry Analysis

UpdatedFeb 08, 2026
DataAggregated Company Financials
Companies11
  • 7D3.3%
  • 3M18.7%
  • 1Y37.6%
  • YTD6.5%

Over the last 7 days, the Banks industry has risen 3.3%, driven by gains in Bank Polska Kasa Opieki and ING Bank Slaski of 6.2% and 6.4%, respectively. In the last 12 months, the industry was up 38%. Earnings are forecast to grow by 4.2% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 08 Feb 2026zł411.3bzł109.8bzł39.5b9.5x10.4x3.7x
Tue, 06 Jan 2026zł384.5bzł111.3bzł38.8b10x9.9x3.5x
Thu, 04 Dec 2025zł346.2bzł111.3bzł38.8b8.7x8.9x3.1x
Sat, 01 Nov 2025zł340.6bzł110.2bzł38.3b9x8.9x3.1x
Mon, 29 Sep 2025zł324.0bzł110.2bzł38.1b8.7x8.5x2.9x
Wed, 27 Aug 2025zł342.8bzł110.1bzł38.0b9.3x9x3.1x
Fri, 25 Jul 2025zł353.0bzł106.4bzł36.1b10.2x9.8x3.3x
Sun, 22 Jun 2025zł314.7bzł106.4bzł36.1b9.1x8.7x3x
Tue, 20 May 2025zł330.9bzł106.1bzł36.1b9.7x9.2x3.1x
Thu, 17 Apr 2025zł327.8bzł104.7bzł34.9b9.4x9.4x3.1x
Sat, 15 Mar 2025zł341.7bzł99.7bzł33.9b10.5x10.1x3.4x
Mon, 10 Feb 2025zł298.9bzł97.5bzł32.2b9.2x9.3x3.1x
Wed, 08 Jan 2025zł269.0bzł96.8bzł31.1b9x8.6x2.8x
Fri, 06 Dec 2024zł265.8bzł96.8bzł31.1b8.2x8.5x2.7x
Sun, 03 Nov 2024zł255.6bzł95.8bzł31.3b8.7x8.2x2.7x
Tue, 01 Oct 2024zł264.9bzł94.7bzł30.1b8.9x8.8x2.8x
Thu, 29 Aug 2024zł279.0bzł94.7bzł30.3b9x9.2x2.9x
Sat, 27 Jul 2024zł285.4bzł94.1bzł28.6b10.3x10x3x
Mon, 24 Jun 2024zł289.4bzł94.1bzł28.6b10.1x10.1x3.1x
Wed, 22 May 2024zł281.5bzł93.7bzł28.6b10.1x9.8x3x
Fri, 19 Apr 2024zł303.7bzł91.5bzł27.3b11.8x11.1x3.3x
Sun, 17 Mar 2024zł299.3bzł91.5bzł27.3b11.3x10.9x3.3x
Tue, 13 Feb 2024zł266.0bzł92.0bzł28.0b9.2x9.5x2.9x
Thu, 11 Jan 2024zł252.6bzł90.8bzł28.3b9.1x8.9x2.8x
Sat, 09 Dec 2023zł256.9bzł90.8bzł28.3b9.2x9.1x2.8x
Mon, 06 Nov 2023zł226.8bzł82.1bzł21.9b9.7x10.3x2.8x
Wed, 04 Oct 2023zł176.2bzł71.7bzł13.3b9.5x13.2x2.5x
Fri, 01 Sep 2023zł193.0bzł71.5bzł13.2b10.8x14.6x2.7x
Sun, 30 Jul 2023zł206.1bzł68.3bzł12.3b13.9x16.8x3x
Tue, 27 Jun 2023zł188.1bzł67.9bzł11.6b13x16.2x2.8x
Thu, 25 May 2023zł169.2bzł68.8bzł11.6b11.6x14.6x2.5x
Sat, 22 Apr 2023zł170.2bzł64.5bzł10.4b12.3x16.3x2.6x
Mon, 20 Mar 2023zł141.2bzł64.5bzł10.7b9.9x13.2x2.2x
Wed, 15 Feb 2023zł160.5bzł63.6bzł9.0b11.2x17.7x2.5x
Price to Earnings Ratio

17.7x


Total Market Cap: zł160.5bTotal Earnings: zł9.0bTotal Revenue: zł63.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Polish Banks Industry Price to Earnings3Y Average 10.8x202420252026
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 10.9x.
  • The 3-year average PS ratio of 2.9x is lower than the industry's current PS ratio of 3.7x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 63% per year over the last three years.
  • Revenues for these companies have grown 20% 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 Market0.54%
Financials2.92%
Banks3.30%
Diversified Banks3.30%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry, which is trading close to its 3-year average PE ratio of 10.9x.
    • Analysts are expecting annual earnings growth of 4.2%, which is lower than the prior year's growth of 19.8% per year.
  • Investors are most pessimistic about the Diversified Banks industry, which is trading close to its 3-year average of 10.9x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 4.2% over the next 5 years.
  • However this is lower than its past earnings growth rate of 20% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 4.2% 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
PEO Bank Polska Kasa Opiekizł230.206.2%
+zł3.5b		40.1%PB1.8x
ING ING Bank Slaskizł413.006.4%
+zł3.3b		36.3%PB2.8x
SPL Santander Bank Polskazł580.003.7%
+zł2.1b		15.3%PB1.7x
MBK mBankzł1.06k2.5%
+zł1.1b		59.2%PB2.2x
ALR Alior Bankzł123.456.3%
+zł959.6m		32.1%PB1.3x

Latest News

ALR
zł123.45
Alior Bank
7D
6.3%
1Y
32.1%

ALR: Adjusted Growth Assumptions Will Support Fairly Valued Future Returns

Analysts have trimmed their price target for Alior Bank slightly to €126.43 from €126.68, reflecting updated assumptions around revenue growth, profit margins and a modestly higher future P/E multiple. Valuation Changes Fair Value: Trimmed slightly to €126.43 from €126.68.
SPL
zł580.00
Santander Bank Polska
7D
3.7%
1Y
15.3%
MIL
zł17.78
Bank Millennium
7D
3.4%
1Y
73.6%

MIL: Higher Future P/E Assumptions Will Sustain An Overvalued Share Price

Analysts have slightly raised their price target for Bank Millennium to PLN 15.99667 from PLN 15.56111. This reflects updated assumptions around fair value, discount rate, profit margin and future P/E that they see as better aligned with current fundamentals.
PEO
zł230.20
Bank Polska Kasa Opieki
7D
6.2%
1Y
40.1%

PEO: Neutral View Will Balance Higher Margin Assumptions And Execution Risks

Analysts have raised their price target for Bank Polska Kasa Opieki, increasing their fair value estimate from €215.49 to €217.93 after updating assumptions around the discount rate, revenue growth, profit margin and future P/E levels. Valuation Changes Fair Value Estimate edged higher from €215.49 to €217.93 per share, suggesting only a minor adjustment to the underlying valuation range.
BNP
zł149.50
BNP Paribas Bank Polska
7D
2.0%
1Y
63.9%
PKO
zł93.16
Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna
7D
0.6%
1Y
38.1%

PKO: Fair Outlook Will Depend On Margins And Upcoming Shareholder Meeting

Analysts have nudged their price target for Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna higher to reflect a revised fair value of 92.67, underpinned by slightly adjusted assumptions for discount rate, revenue growth, profit margin and future P/E. What's in the News Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna has scheduled a Special or Extraordinary Shareholders Meeting for January 20, 2026, at 10:00 Central European Standard Time (Key Developments).
ING
zł413.00
ING Bank Slaski
7D
6.4%
1Y
36.3%

ING: Future Earnings Power Will Support Fair Outlook With Refined Assumptions

Analysts have kept their price target on ING Bank Slaski steady while slightly adjusting assumptions around discount rate, revenue growth, profit margin and future P/E. This reflects refreshed views on the bank's risk profile and earnings potential without changing their overall valuation stance.
MBK
zł1,064.00
mBank
7D
2.5%
1Y
59.2%

MBK: Higher Margin And P/E Assumptions Will Ultimately Prove Too Optimistic

Analysts have lifted their fair value estimate for mBank from €626.00 to about €841.34, citing updated assumptions around revenue growth, profit margins, and the future P/E multiple that together point to a higher central valuation range. Valuation Changes Fair Value Estimate was lifted from €626.00 to about €841.34, marking a sizeable upward shift in the central value range used in the model.
GTN
zł0.56
Getin Holding
7D
-2.8%
1Y
-12.0%