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Polish (WIG) Banks Industry Analysis

UpdatedMar 18, 2026
DataAggregated Company Financials
Companies11
  • 7D1.7%
  • 3M8.7%
  • 1Y11.9%
  • YTD1.8%

The Banks industry is up 1.1% in the last week, with mBank up 8.1%. This means that the industry has gained 10% over the past year. Looking forward, earnings are forecast to grow by 5.3% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 18 Mar 2026zł393.4bzł106.3bzł40.7b9.2x9.7x3.7x
Fri, 13 Feb 2026zł414.6bzł110.4bzł40.1b9.9x10.3x3.8x
Sun, 11 Jan 2026zł383.5bzł111.3bzł38.8b10.1x9.9x3.4x
Tue, 09 Dec 2025zł348.7bzł111.3bzł38.8b8.8x9x3.1x
Thu, 06 Nov 2025zł342.9bzł110.5bzł38.3b9.1x9x3.1x
Sat, 04 Oct 2025zł331.8bzł110.2bzł38.1b8.8x8.7x3x
Mon, 01 Sep 2025zł326.7bzł109.6bzł38.1b8.8x8.6x3x
Wed, 30 Jul 2025zł354.0bzł106.9bzł36.2b10.2x9.8x3.3x
Fri, 27 Jun 2025zł323.9bzł106.4bzł36.1b9.3x9x3x
Sun, 25 May 2025zł324.6bzł106.4bzł36.1b9.4x9x3x
Tue, 22 Apr 2025zł331.8bzł104.7bzł34.9b9.5x9.5x3.2x
Thu, 20 Mar 2025zł348.0bzł104.4bzł34.8b9.8x10x3.3x
Sat, 15 Feb 2025zł308.8bzł97.5bzł32.2b9.5x9.6x3.2x
Mon, 13 Jan 2025zł271.7bzł96.8bzł31.1b9x8.7x2.8x
Wed, 11 Dec 2024zł269.3bzł96.8bzł31.1b8.3x8.6x2.8x
Fri, 08 Nov 2024zł274.3bzł93.7bzł31.0b9.4x8.9x2.9x
Sun, 06 Oct 2024zł256.6bzł94.7bzł30.1b8.6x8.5x2.7x
Tue, 03 Sep 2024zł288.6bzł94.7bzł30.3b9.3x9.5x3x
Thu, 01 Aug 2024zł287.2bzł94.1bzł28.4b11x10.1x3.1x
Sat, 29 Jun 2024zł298.6bzł94.1bzł28.6b10.6x10.4x3.2x
Mon, 27 May 2024zł283.3bzł94.1bzł28.6b10x9.9x3x
Wed, 24 Apr 2024zł310.5bzł91.5bzł27.3b12.2x11.4x3.4x
Fri, 22 Mar 2024zł307.7bzł91.5bzł27.3b11.7x11.3x3.4x
Sun, 18 Feb 2024zł276.1bzł92.8bzł28.1b9.4x9.8x3x
Tue, 16 Jan 2024zł246.3bzł90.8bzł28.3b8.9x8.7x2.7x
Thu, 14 Dec 2023zł256.3bzł90.8bzł28.3b9.2x9.1x2.8x
Sat, 11 Nov 2023zł229.6bzł89.6bzł27.9b8.1x8.2x2.6x
Mon, 09 Oct 2023zł187.4bzł71.7bzł13.3b9.9x14.1x2.6x
Wed, 06 Sep 2023zł189.1bzł71.7bzł13.3b10.4x14.2x2.6x
Fri, 04 Aug 2023zł201.4bzł69.1bzł12.3b14.2x16.3x2.9x
Sun, 02 Jul 2023zł190.1bzł67.9bzł11.6b13.3x16.4x2.8x
Tue, 30 May 2023zł174.0bzł67.9bzł11.6b11.9x15x2.6x
Thu, 27 Apr 2023zł166.3bzł65.3bzł10.4b11.6x15.9x2.5x
Sat, 25 Mar 2023zł141.5bzł64.4bzł10.5b10x13.5x2.2x
Price to Earnings Ratio

13.5x


Total Market Cap: zł141.5bTotal 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 9.4x 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 3.6x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 56% per year over the last three years.
  • Revenues for these companies have grown 18% 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 Market1.28%
Financials1.35%
Banks1.74%
Diversified Banks1.74%
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 5.3%, which is lower than the prior year's growth of 14.8% 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 5.3% over the next 5 years.
  • However this is lower than its past earnings growth rate of 15% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 5.3% 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 mBankzł1.05k8.1%
+zł3.3b		26.9%PB2.1x
ING ING Bank Slaskizł402.502.9%
+zł1.5b		20.1%PB2.5x
PEO Bank Polska Kasa Opiekizł218.702.4%
+zł1.4b		17.4%PB1.6x
SPL Santander Bank Polskazł560.000.4%
+zł245.3m		-4.2%PB1.6x
ALR Alior Bankzł113.150.8%
+zł111.0m		2.1%PB1.1x

Latest News

ING
zł402.50
ING Bank Slaski
7D
2.9%
1Y
20.1%

ING: Higher Margin And Dividend Will Support Fairly Valued Shares

Analysts have nudged their price target for ING Bank Slaski higher to PLN 379.58 from PLN 365.72, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E as drivers of the revised view. What's in the News ING Bank Slaski S.A. announced an annual dividend of PLN 26.7100 per share, with an ex-dividend date on April 21, 2026, a record date on April 22, 2026, and payment scheduled for April 27, 2026 (Key Developments).
MBK
zł1,053.00
mBank
7D
8.1%
1Y
26.9%

MBK: Lower Margin Outlook And Richer P/E Will Eventually Unwind

Analysts have made a marginal upward adjustment to their mBank price target to PLN 841.40. This reflects updated assumptions around discount rates, revenue growth, profit margins, and future P/E expectations.
SPL
zł560.00
Santander Bank Polska
7D
0.4%
1Y
-4.2%

SPL: Unchanged Fair Value Will Limit Upside Despite Minor Forecast Tweaks

Analysts have kept their PLN 490 price target for Santander Bank Polska unchanged, citing only very small adjustments to discount rate, revenue growth, profit margin and future P/E assumptions that do not materially alter their overall view. What's in the News Santander Bank Polska has scheduled a Special or Extraordinary Shareholders Meeting for January 22, 2026, at 14:00 Central European Standard Time, giving investors a clear date to watch for potential governance or capital structure decisions (Key Developments).
MIL
zł16.05
Bank Millennium
7D
0.4%
1Y
18.0%

MIL: Steady Fair Value Will Rely On Higher Discount Rate And P/E

Analysts have kept their PLN 15.99 price target for Bank Millennium unchanged, citing a slightly higher discount rate and a marginally adjusted revenue growth outlook, along with a steady profit margin and future P/E assumption as the key inputs behind their view. Valuation Changes Fair Value: PLN 15.99 remains unchanged.
BHW
zł114.00
Bank Handlowy w Warszawie
7D
0.7%
1Y
-0.7%

BHW: Future P/E Will Reflect Stable Margins And Subtle Discount Rate Refinement

Analysts have maintained their fair value estimate for Bank Handlowy w Warszawie at PLN 109.63, making only minor adjustments to inputs such as the discount rate and future P/E. This reflects a broadly unchanged view of the bank's valuation profile.
PEO
zł218.70
Bank Polska Kasa Opieki
7D
2.4%
1Y
17.4%

PEO: Neutral Stance Will Balance Higher PLN 237 Outlook And Profitability Risks

Analysts have lifted their price target for Bank Polska Kasa Opieki to PLN 237 from PLN 223, reflecting updated assumptions on fair value, discount rate, profitability, and future P/E, as highlighted in recent research. Analyst Commentary Recent research around the new PLN 237 price target focuses on how current market pricing lines up with updated views on fair value, discount rates, profitability, and future P/E assumptions.
ALR
zł113.15
Alior Bank
7D
0.8%
1Y
2.1%
BOS
zł10.20
Bank Ochrony Srodowiska
7D
-1.0%
1Y
-27.1%
GTN
zł0.57
Getin Holding
7D
-0.4%
1Y
-11.7%