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Polish (WIG) Banks Industry Analysis

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies11
  • 7D-2.3%
  • 3M3.0%
  • 1Y9.0%
  • YTD-0.4%

In the last week, the Banks industry is down 2.3% with Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna down the most at 2.4%. In the past year, the industry has gained 9.0%. Looking forward, 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
Thu, 26 Mar 2026zł384.6bzł108.9bzł40.6b8.7x9.5x3.5x
Sat, 21 Feb 2026zł411.8bzł110.7bzł40.3b9.9x10.2x3.7x
Mon, 19 Jan 2026zł377.4bzł111.3bzł38.8b9.8x9.7x3.4x
Wed, 17 Dec 2025zł364.9bzł111.3bzł38.8b9.5x9.4x3.3x
Fri, 14 Nov 2025zł351.5bzł111.3bzł38.8b9.2x9.1x3.2x
Sun, 12 Oct 2025zł333.2bzł110.2bzł38.1b8.7x8.7x3x
Tue, 09 Sep 2025zł333.5bzł110.2bzł38.1b9.1x8.8x3x
Thu, 07 Aug 2025zł354.9bzł108.3bzł37.3b9.6x9.5x3.3x
Sat, 05 Jul 2025zł334.2bzł106.4bzł36.1b9.7x9.2x3.1x
Mon, 02 Jun 2025zł330.0bzł106.4bzł36.1b9.5x9.1x3.1x
Wed, 30 Apr 2025zł352.4bzł104.6bzł34.8b10.1x10.1x3.4x
Fri, 28 Mar 2025zł351.2bzł104.4bzł34.8b9.9x10.1x3.4x
Sun, 23 Feb 2025zł315.0bzł97.5bzł32.2b10x9.8x3.2x
Tue, 21 Jan 2025zł274.9bzł96.8bzł31.1b8.8x8.8x2.8x
Thu, 19 Dec 2024zł262.4bzł96.8bzł31.1b8.5x8.4x2.7x
Sat, 16 Nov 2024zł259.7bzł97.1bzł31.2b8.9x8.3x2.7x
Mon, 14 Oct 2024zł270.2bzł94.7bzł30.1b9.3x9x2.9x
Wed, 11 Sep 2024zł270.8bzł94.7bzł30.3b9x8.9x2.9x
Fri, 09 Aug 2024zł255.8bzł94.5bzł28.9b10x8.8x2.7x
Sun, 07 Jul 2024zł293.4bzł94.1bzł28.6b10.6x10.3x3.1x
Tue, 04 Jun 2024zł287.3bzł94.1bzł28.6b10x10x3.1x
Thu, 02 May 2024zł304.0bzł92.5bzł28.0b11x10.9x3.3x
Sat, 30 Mar 2024zł313.0bzł91.5bzł27.3b12x11.4x3.4x
Mon, 26 Feb 2024zł296.0bzł92.7bzł28.1b10x10.5x3.2x
Wed, 24 Jan 2024zł245.6bzł90.8bzł28.3b9x8.7x2.7x
Fri, 22 Dec 2023zł256.3bzł90.8bzł28.3b9.2x9.1x2.8x
Sun, 19 Nov 2023zł243.3bzł90.8bzł28.3b8.1x8.6x2.7x
Tue, 17 Oct 2023zł216.6bzł71.7bzł13.3b11.2x16.3x3x
Thu, 14 Sep 2023zł183.7bzł71.7bzł13.3b10.4x13.8x2.6x
Sat, 12 Aug 2023zł198.4bzł69.7bzł13.0b10.7x15.2x2.8x
Mon, 10 Jul 2023zł188.9bzł67.9bzł11.6b13.1x16.3x2.8x
Wed, 07 Jun 2023zł182.7bzł67.9bzł11.6b12.1x15.8x2.7x
Fri, 05 May 2023zł161.7bzł66.8bzł10.6b11.3x15.2x2.4x
Sun, 02 Apr 2023zł152.1bzł64.4bzł10.5b10.7x14.5x2.4x
Price to Earnings Ratio

14.5x


Total Market Cap: zł152.1bTotal 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 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 9.5x which is lower than its 3-year average PE of 10.6x.
  • The 3-year average PS ratio of 3.0x is lower than the industry's current PS ratio of 3.5x.
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 Market-3.63%
Financials-2.59%
Banks-2.25%
Diversified Banks-2.25%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry even though it's trading below 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 below 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 Polskazł573.202.4%
+zł1.4b		-2.6%PB1.7x
MBK mBankzł1.07k1.9%
+zł871.8m		25.9%PB2.1x
MIL Bank Millenniumzł16.252.4%
+zł461.0m		12.6%PB2.2x
ING ING Bank Slaskizł398.500.4%
+zł195.2m		21.1%PB2.4x
BOS Bank Ochrony Srodowiskazł10.180.6%
+zł5.6m		-23.7%PB0.4x

Latest News

ALR
zł109.35
Alior Bank
7D
-3.0%
1Y
-6.4%
GTN
zł0.53
Getin Holding
7D
-5.8%
1Y
-17.3%
ING
zł398.50
ING Bank Slaski
7D
0.4%
1Y
21.1%

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
zł1,073.00
mBank
7D
1.9%
1Y
25.9%

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
zł16.25
Bank Millennium
7D
2.4%
1Y
12.6%

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
zł573.20
Santander Bank Polska
7D
2.4%
1Y
-2.6%

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
zł214.50
Bank Polska Kasa Opieki
7D
-1.6%
1Y
17.5%

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
zł110.00
Bank Handlowy w Warszawie
7D
-3.2%
1Y
-7.9%

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.
PKO
zł86.66
Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna
7D
-2.0%
1Y
10.4%
BNP
zł140.00
BNP Paribas Bank Polska
7D
-2.8%
1Y
25.0%
BOS
zł10.18
Bank Ochrony Srodowiska
7D
0.6%
1Y
-23.7%