这波上涨由Commonwealth Bank of Australia、National Australia Bank Ltd.、Westpac Banking Corp.与ANZ Group Holdings Ltd.的强劲财报带动。分析师与策略师指出，与住房相关的房贷需求具韧性、系统信贷成长强于预期、存款稳健、不良债务结果可控，以及较高利率对净利息收益率的支撑；UBS的John Storey强调信贷成长的上行惊喜，Vantage的Hebe Chen则形容该板块在AI相关动荡期间重新确立为低beta避风港。
这一走势也反映出相对于2025年初的急剧逆转，当时竞争与较低利率压缩利差并抹去该板块数十亿价值，但如今估值风险成为核心：澳洲银行的交易价格约为2.4x帐面价值，美国同业为1.6x，欧洲同业为1.4x。Commonwealth Bank of Australia为3.9x帐面价值，而JPMorgan Chase & Co.为2.4x；Morningstar的Nathan Zaia认为，尽管财报对获利的安抚显示房贷成长对利差的压力部分被存款强劲所抵消，但财报后定价看起来仍偏贵。
On 20 February 2026, Australian bank equities emerged as a relative safe pocket amid AI-driven cross-sector volatility, with a domestic bank gauge reaching a record high. The index is up 11% in 2026, more than 2x the gain of the MSCI World Bank Index and ahead of comparable US, European, and emerging-market bank benchmarks, supporting Australia’s financials-heavy S&P/ASX 200 while the S&P 500 has started 2026 near flat.
The rally was driven by strong earnings from Commonwealth Bank of Australia, National Australia Bank Ltd., Westpac Banking Corp., and ANZ Group Holdings Ltd. Analysts and strategists cited resilient housing-linked mortgage demand, stronger-than-expected system credit growth, robust deposits, manageable bad-debt outcomes, and net interest margin support from higher interest rates; UBS’s John Storey highlighted upside surprises in credit growth, and Vantage’s Hebe Chen described the sector as re-established as a low-beta haven during AI-related turbulence.
The move also reflects a sharp reversal from early 2025, when competition and lower rates compressed margins and erased billions in sector value, but valuation risk is now central: Australian banks trade around 2.4x book value versus 1.6x for US peers and 1.4x for European peers. Commonwealth Bank of Australia is at 3.9x book versus 2.4x for JPMorgan Chase & Co., and Morningstar’s Nathan Zaia argued post-earnings pricing looks rich despite earnings reassurance that home-loan growth pressure on margins was partly offset by deposit strength.