Australia’s Big Four banks were not supposed to perform this well. Analyst price targets flagged these stocks as fully valued for much of 2024 and into 2025. Yet twelve months on, investors who held their ground or ignored the sell ratings are sitting on returns that most asset classes would struggle to match.
Figure 1: Logos of Australia’s Big Four banks-Commonwealth Bank, Westpac, ANZ and NAB, representing the country’s dominant banking institutions [ABC News]
The sentiment around Big Four bank shares returns has shifted considerably since the February 2026 earnings season. All four banks posted healthy share price growth on the back of results, a spike that caught many analysts off guard. It is a timely reminder that broker price targets are not guarantees, and that blue-chip bank share markets can reprice quickly.
The Returns: What Big Four Bank Shares Actually Delivered
NAB, Westpac and ANZ led the charge over the past twelve months, each delivering returns in a similar range. Here is how each of the Big Four bank shares performed:
- National Australia Bank (ASX: NAB) rose 34.88% over the past twelve months.
- ANZ Group Holdings (ASX: ANZ) increased 32.39% over the same period.
- Westpac Banking Corp (ASX: WBC) climbed 31.45% year-on-year.
- Commonwealth Bank of Australia (ASX: CBA) rose 10.72%, still slightly ahead of the S&P/ASX 200 Index.
For context, a $10,000 investment in NAB, ANZ or Westpac a year ago would today be worth between $13,100 and $13,500, depending on the stock. CBA shares are also up approximately 18% since late January 2026 alone.
Why CBA Tells a Different Story?
Commonwealth Bank has had a more volatile twelve months than its peers. CBA reached record highs in mid-2025 and was consistently flagged as a sell by multiple brokers at those levels. The stock did retreat in the back half of 2025, but it never fell to the lows some analysts had forecast.
Figure 2: Stock market trading chart displayed on a laptop illustrating financial market analysis and investment performance tracking [Freepik]
Those who waited for CBA to drop to $100 per share, a target tipped by some brokers, may now be reconsidering that call. The stock’s recovery heading into February 2026 earnings is a reminder that even when valuations appear stretched, time in the market can outperform timing the market.
The Role of Big Four Banks in the Australian Market
The Big Four banks Australia are not just investment options, they are the structural backbone of the ASX. Just as US-focused investors seek exposure to Apple or Tesla for their market dominance, Australian investors look to the Big Four for equivalent weight and stability.
Bank share price growth in Australia has a corresponding effect on index-level returns, superannuation balances and broader portfolio performance across the country. Any material move in CBA, NAB, ANZ or Westpac flows through to millions of Australian investors, directly or indirectly.
How to Get Exposure to Big Four Bank Shares
For investors who want broader exposure to Big Four bank shares returns without concentrating in a single stock, one option is the VanEck Australian Banks ETF (ASX: MVB). Key details are as follows:
- 80% of the fund is allocated to the Big Four banks Australia.
- The remaining 20% is spread across three other ASX-listed bank shares.
- The ETF provides diversified exposure rather than requiring the selection of a single bank stock.
- It is suited to investors who want participation in bank share price growth in Australia without single-stock concentration risk.
Share Price Performance as at 4 Mar 2026
National Australia Bank (ASX: NAB) last traded at $46.680 per share on the ASX. The 52-week range is $31.130 to $49.450. Market capitalisation stands at approximately $146.14 billion. The P/E ratio is 21.56 and EPS is $2.208.
Figure 3: National Australia Bank (ASX: NAB) share price performance over the past year showing strong upward momentum [ASX]
Westpac Banking Corporation (ASX: WBC) last traded at $40.925 per share on the ASX. The 52-week range is $28.440 to $43.320. Market capitalisation stands at approximately $142.96 billion. The P/E ratio is 20.97, and EPS is $1.992.
Figure 4: Westpac Banking Corporation (ASX: WBC) one-year share price trend reflecting steady growth in bank stocks [ASX]
ANZ Group Holdings (ASX: ANZ) last traded at $37.950 per share on the ASX. The 52-week range is $26.220 to $41.000. Market capitalisation stands at approximately $118.75 billion. The P/E ratio is 20.06, and EPS is $1.959.
Figure 5: ANZ Group Holdings (ASX: ANZ) share price chart highlighting year-on-year market performance [ASX]
Commonwealth Bank of Australia (ASX: CBA) last traded at $171.510 per share on the ASX. The 52-week range is $140.210 to $192.000. Market capitalisation stands at approximately $291.14 billion. The P/E ratio is 28.67, and EPS is $6.049.
Figure 6: Commonwealth Bank of Australia (ASX: CBA) one-year share price movement illustrating volatility and recovery in bank shares [ASX]
Conclusion
Bank share price growth in Australia over the past year has outpaced most comparable markets. NAB, ANZ and Westpac each returned north of 30%, while CBA delivered a more modest but still positive result against a backdrop of elevated valuations and persistent sell ratings. The key takeaway is straightforward: in Australia, the Big Four banks remain a core part of any diversified portfolio, and the cost of waiting for a better entry point has once again proven higher than the cost of simply holding.
Frequently Asked Questions
Q1. Which Big Four bank share performed best over the past 12 months?
Ans. National Australia Bank (ASX: NAB) led the Big Four bank shares over the past twelve months, rising 34.88%. ANZ and Westpac delivered comparable returns of 32.39% and 31.45%, respectively.
Q2. How much would a $10,000 investment in Big Four bank shares be worth today?
Ans. A $10,000 investment made twelve months ago in NAB, ANZ, or Westpac would today be worth between $13,100 and $13,500, depending on the stock selected.
Q3. Why did CBA underperform the other Big Four banks Australia?
Ans. CBA entered the period at elevated valuations after reaching record highs in mid-2025, which compressed its upside relative to peers. Despite a retreat in late 2025, the stock recovered strongly into February 2026, adding approximately 18% since late January alone.
Q4. What is the VanEck Australian Banks ETF?
Ans. The VanEck Australian Banks ETF (ASX: MVB) provides diversified exposure to bank share price growth in Australia. Approximately 80% of the fund is allocated to the Big Four banks, with the balance spread across three additional ASX-listed bank shares.
