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Polish (WIG) Banks Industry Analysis

UpdatedMay 12, 2026
DataAggregated Company Financials
Companies11
  • 7D1.6%
  • 3M2.1%
  • 1Y25.6%
  • YTD9.3%

Over the last 7 days, the Banks industry has remained flat, although notably mBank gained 4.0%. The past year has been better, since the industry has gained 23% in that time. Looking forward, earnings are forecast to grow by 6.9% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 12 May 2026zł422.3bzł109.0bzł39.3b10.3x10.7x3.9x
Thu, 09 Apr 2026zł438.6bzł109.0bzł40.6b9.8x10.8x4x
Sat, 07 Mar 2026zł376.6bzł110.6bzł40.4b9x9.3x3.4x
Mon, 02 Feb 2026zł398.2bzł111.3bzł38.8b10.1x10.3x3.6x
Wed, 31 Dec 2025zł374.3bzł111.3bzł38.8b9.7x9.6x3.4x
Fri, 28 Nov 2025zł357.0bzł111.3bzł38.8b9.3x9.2x3.2x
Sun, 26 Oct 2025zł344.4bzł110.1bzł38.2b9x9x3.1x
Tue, 23 Sep 2025zł319.6bzł110.2bzł38.1b8.6x8.4x2.9x
Thu, 21 Aug 2025zł368.9bzł110.1bzł38.0b9.8x9.7x3.3x
Sat, 19 Jul 2025zł348.3bzł106.4bzł36.1b9.9x9.6x3.3x
Mon, 16 Jun 2025zł312.1bzł106.4bzł36.1b8.9x8.6x2.9x
Wed, 14 May 2025zł338.6bzł105.4bzł35.6b10x9.5x3.2x
Fri, 11 Apr 2025zł314.1bzł104.7bzł34.9b9.2x9x3x
Sun, 09 Mar 2025zł324.2bzł97.7bzł32.3b10x10x3.3x
Tue, 04 Feb 2025zł293.3bzł96.8bzł31.1b9x9.4x3x
Thu, 02 Jan 2025zł259.5bzł96.8bzł31.1b8.6x8.3x2.7x
Sat, 30 Nov 2024zł250.0bzł97.1bzł31.1b8.2x8x2.6x
Mon, 28 Oct 2024zł259.4bzł94.9bzł30.2b8.9x8.6x2.7x
Wed, 25 Sep 2024zł271.5bzł94.7bzł30.1b9.1x9x2.9x
Fri, 23 Aug 2024zł279.3bzł94.0bzł28.5b10.7x9.8x3x
Sun, 21 Jul 2024zł293.5bzł94.1bzł28.6b10.8x10.3x3.1x
Tue, 18 Jun 2024zł279.6bzł94.1bzł28.6b9.8x9.8x3x
Thu, 16 May 2024zł287.6bzł93.7bzł28.6b9.9x10x3.1x
Sat, 13 Apr 2024zł306.2bzł91.5bzł27.3b11.7x11.2x3.3x
Mon, 11 Mar 2024zł286.7bzł91.4bzł27.3b11.6x10.5x3.1x
Wed, 07 Feb 2024zł267.5bzł91.7bzł28.9b9.3x9.3x2.9x
Fri, 05 Jan 2024zł253.2bzł90.8bzł28.3b9.1x9x2.8x
Sun, 03 Dec 2023zł255.2bzł90.8bzł28.3b8.9x9x2.8x
Tue, 31 Oct 2023zł222.7bzł77.2bzł18.2b9.7x12.2x2.9x
Thu, 28 Sep 2023zł176.3bzł71.7bzł13.3b9.8x13.2x2.5x
Sat, 26 Aug 2023zł189.6bzł68.1bzł13.2b10.7x14.4x2.8x
Mon, 24 Jul 2023zł203.5bzł67.9bzł11.6b14.4x17.6x3x
Wed, 21 Jun 2023zł185.3bzł67.9bzł11.6b12.9x16x2.7x
Fri, 19 May 2023zł166.6bzł68.4bzł11.3b11.5x14.8x2.4x
Price to Earnings Ratio

14.8x


Total Market Cap: zł166.6bTotal Earnings: zł11.3bTotal Revenue: zł68.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Polish Banks Industry Price to Earnings3Y Average 10.4x202420252026
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 10.4x.
  • The 3-year average PS ratio of 3.1x is lower than the industry's current PS ratio of 3.8x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 52% per year over the last three years.
  • Revenues for these companies have grown 17% 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 Market2.07%
Financials1.60%
Banks1.62%
Diversified Banks1.62%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry, which is trading close to its 3-year average PE ratio of 10.4x.
    • Analysts expect its future annual earnings growth (6.9%) to be largely in line with prior year's earnings growth.
  • Investors are most pessimistic about the Diversified Banks industry, which is trading close to its 3-year average of 10.4x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 6.9% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 6.9% 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
MBK mBankzł1.17k4.0%
+zł1.9b		41.8%PB2.2x
PKO Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjnazł96.141.4%
+zł1.7b		23.2%PB2.1x
PEO Bank Polska Kasa Opiekizł233.702.1%
+zł1.3b		30.7%PB1.7x
EBP Erste Bank Polskazł620.601.5%
+zł940.1m		21.0%PB1.8x
BNP BNP Paribas Bank Polskazł150.003.0%
+zł651.0m		41.5%PB1.2x

Latest News

MIL
zł18.10
Bank Millennium
7D
-0.03%
1Y
27.5%
Narrative Update • May 09

MIL: Future Returns Will Rely On Margin Strength And Resilient P/E Levels

Analysts now set Bank Millennium's fair value at roughly PLN 16.84 per share, compared with around PLN 16.12 previously, citing updated assumptions for profit margins, the discount rate, and future P/E levels. Valuation Changes Fair Value: Adjusted from PLN 16.12 to PLN 16.84 per share, reflecting a modest increase in the estimated equity value.
BNP
zł150.00
BNP Paribas Bank Polska
7D
3.0%
1Y
41.5%
BHW
zł115.40
Bank Handlowy w Warszawie
7D
0.7%
1Y
-3.8%
Narrative Update • May 08

BHW: Fair Value Will Reflect Demerger Vote And Resilient Margins

Analysts have slightly adjusted their view on Bank Handlowy w Warszawie. The updated PLN price target is now aligned with a fair value estimate of PLN 109.65, supported by refreshed assumptions for discount rate, revenue growth, profit margin and future P/E that remain broadly consistent with prior expectations.
ING
zł389.60
ING Bank Slaski
7D
-0.1%
1Y
24.9%
Narrative Update • May 06

ING: Dividend Commitment And Steady Outlook Will Support Fair Value

Analysts have left the PLN 381.38 price target for ING Bank Slaski unchanged, noting that a slightly higher assumed discount rate and revenue growth outlook are offset by a modestly lower profit margin and broadly steady future P/E expectations. What's in the News ING Bank Slaski S.A. announced an annual dividend of PLN 26.71 per share, with payment scheduled for April 27, 2026 (Key Developments).
EBP
zł620.60
Erste Bank Polska
7D
1.5%
1Y
21.0%
Narrative Update • May 06

EBP: Sector Discount Rate Reset Will Likely Restrain Future Share Price Upside

Analysts kept the fair value for Erste Bank Polska steady at PLN 490.00, citing slightly adjusted assumptions for the discount rate, revenue growth, profit margin and future P/E that are broadly in line with recent sector research, including the PLN 83 price target change at Santander Bank Polska. Analyst Commentary Recent commentary around Erste Bank Polska has kept the fair value steady at PLN 490.00, even as some inputs such as the discount rate, revenue growth, profit margin and future P/E have been tweaked to align more closely with sector research and the PLN 83 price target move at Santander Bank Polska reported by JPMorgan analyst Mehmet.
ALR
zł126.10
Alior Bank
7D
1.2%
1Y
17.8%
PEO
zł233.70
Bank Polska Kasa Opieki
7D
2.1%
1Y
30.7%
MBK
zł1,174.00
mBank
7D
4.0%
1Y
41.8%
PKO
zł96.14
Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna
7D
1.4%
1Y
23.2%
Narrative Update • Apr 25

PKO: Regional Volume Outlook And Dividend Will Balance Recent Downgrades

The updated analyst price target for Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna edges higher to around PLN 100.46 from PLN 100.25, as analysts weigh recent downgrades alongside new coverage that highlights potential in Central and Eastern Europe banks, supported by low market penetration and a solid volume outlook. Analyst Commentary Recent research shows a split in views on Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna, with some analysts turning more cautious while others see room for upside, especially within the wider Central and Eastern Europe banking space.
GTN
zł0.50
Getin Holding
7D
-0.5%
1Y
-24.6%
BOS
zł10.26
Bank Ochrony Srodowiska
7D
-0.2%
1Y
-3.2%