Top 10 ASX bank shares to watch in 2026

Banks take deposits, extend credit and process payments for individuals, businesses and governments. The ten companies on this list all do that, but their business models vary more than the word 'bank' suggests. Macquarie Group ($MQG) draws much of its income from asset management, commodities trading and advisory work, while BSP Financial Group ($BFL) operates across Papua New Guinea and several Pacific island nations rather than the domestic Australian market.

How we built this list: We selected these companies based on their industry and ordered them by market capitalisation. Prices are updated daily, and the list and supporting content are reviewed roughly every quarter. All data is sourced from Stake. This list isn't a recommendation and isn't ordered by suitability.

Past performance is not a reliable indicator of future performance.

Source: Stake market data. Figures in A$. Data updated as of 21 August 2026.

✅ Learn more: Top 10 ASX defensive stocks to watch in 2026→

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1. Commonwealth Bank of Australia ($CBA)

Commonwealth Bank of Australia (CBA) share price over the last year: started at A$170.30, ended at A$157.99, a change of −7.2%. Range over the period: high A$183.52, low A$147.22. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $157.99 · Daily: 1.0% · Market cap: $264.39B · Sector: Financials · Industry: Banking

Under CEO Matt Comyn, Commonwealth Bank of Australia ($CBA) runs retail and commercial banking across Australia and New Zealand, with a workforce of 51,714. Its Retail Banking Services arm covers home loans, everyday transaction accounts and deposits for personal and private bank customers. Business Banking serves corporate and agribusiness clients across a full suite of financial services. CommSec, which sits within the group, adds equities trading and margin lending to the mix.

Institutional Banking and Markets handles financing and banking for government and institutional clients, domestically and globally. In New Zealand, $CBA operates through its subsidiary ASB Bank, which runs banking and funds management under the ASB brand.

2. National Australia Bank ($NAB)

National Australia Bank (NAB) share price over the last year: started at A$41.71, ended at A$38.17, a change of −8.5%. Range over the period: high A$49.10, low A$35.68. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $38.17 · Daily: -0.7% · Market cap: $118.99B · Sector: Financials · Industry: Banking

National Australia Bank ($NAB) has built its identity around business lending more than any of the other major domestic banks. Under chief executive Andrew Irvine, the Business and Private Banking segment serves small and medium enterprises across industries including agriculture, health and professional services.

Personal Banking handles the everyday side – home loans, deposits, credit cards and personal loans for individual customers. The Corporate and Institutional Banking arm goes further, working with larger organisations globally on corporate finance, markets, enterprise payments and asset servicing. That global reach sits alongside a New Zealand operation, where $NAB serves both personal and business customers through a network of customer centres.

With 41,880 employees, it's a substantial operation across multiple geographies and customer types.

3. Westpac Banking Corp ($WBC)

Westpac Banking Corp (WBC) share price over the last year: started at A$38.29, ended at A$33.83, a change of −11.6%. Range over the period: high A$42.95, low A$33.82. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $33.83 · Daily: 0.03% · Market cap: $115.71B · Sector: Financials · Industry: Banking

Westpac Banking Corporation ($WBC) runs across four main segments: Consumer, Business & Wealth, its institutional bank, and a New Zealand operation. The Consumer segment covers mortgages, personal lending and everyday transaction accounts for Australian customers. The institutional arm – known as WIB – serves corporate, government and wholesale clients with a broader suite of financial products.

Beyond those core divisions, the Business & Wealth segment pulls together business banking, private wealth and the Pacific operations under one roof. With around 35,236 employees and chief executive Anthony Miller at the helm, $WBC operates predominantly in Australia and New Zealand, with a smaller footprint across Asia, Europe and North America.

4. ANZ Group Holdings ($ANZ)

ANZ Group Holdings (ANZ) share price over the last year: started at A$33.40, ended at A$37.13, a change of +11.2%. Range over the period: high A$40.89, low A$32.67. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $37.13 · Daily: 0.3% · Market cap: $111.98B · Sector: Financials · Industry: Banking

Home loans, credit cards and deposits anchor ANZ Group Holdings ($ANZ)'s Australia Retail division, which serves everyday banking customers. The Australia Commercial arm extends that reach to small-to-medium enterprises, larger commercial clients and high-net-worth individuals. Beyond retail and commercial banking, the Institutional division handles transaction banking, corporate finance and markets for corporate clients and governments. $ANZ also operates a Suncorp Bank division covering retail, commercial and agribusiness customers, alongside New Zealand and Pacific divisions.

5. Macquarie Group ($MQG)

Macquarie Group (MQG) share price over the last year: started at A$225.14, ended at A$248.43, a change of +10.3%. Range over the period: high A$267.25, low A$189.90. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $248.43 · Daily: -1.5% · Market cap: $95.31B · Sector: Financials · Industry: Investment Services

Macquarie Group ($MQG) brings together four distinct businesses: asset management, retail and business banking, commodities and global markets, and advisory and capital raising. The asset management arm invests across private markets and public investments on behalf of institutional and other clients. The commodities and global markets business provides capital, financing and risk management to companies operating across international markets.

Chief executive Shemara Wikramanayake leads the group's 19,124 employees.

6. Bendigo and Adelaide Bank Limited ($BEN)

Bendigo and Adelaide Bank Limited (BEN) share price over the last year: started at A$13.13, ended at A$10.49, a change of −20.1%. Range over the period: high A$13.47, low A$9.88. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $10.49 · Daily: 2.7% · Market cap: $6.08B · Sector: Financials · Industry: Banking

Bendigo and Adelaide Bank Limited ($BEN) covers more ground than its regional heritage might suggest. The Consumer division runs a national branch network alongside Up, a smartphone-first digital bank, and also handles wealth services, cards and payments. A separate Business and Agribusiness segment focuses on commercial lending and rural banking – providing credit and deposit products specifically to farming and agricultural customers across Australia.

$BEN employs 4,762 people and is led by CEO Richard Fennell.

7. Bank of Queensland Limited ($BOQ)

Bank of Queensland Limited (BOQ) share price over the last year: started at A$7.97, ended at A$6.34, a change of −20.5%. Range over the period: high A$7.97, low A$6.02. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $6.34 · Daily: -0.2% · Market cap: $4.19B · Sector: Financials · Industry: Banking

Bank of Queensland Limited ($BOQ) operates as a regional bank with two main arms: Retail Banking and BOQ Business. The retail side runs through a network of branches alongside the ME Bank and Virgin Money brands, plus digital platforms and third-party intermediaries. The business banking arm covers commercial lending, equipment finance, cash flow finance and foreign exchange services, among other products.

Rod Finch leads the company, which employs 3,558 people. $BOQ also offers home, contents, landlord and car insurance products alongside its core banking and deposit accounts.

8. BSP Financial Group ($BFL)

BSP Financial Group (BFL) share price over the last year: started at A$8.77, ended at A$8.07, a change of −8.0%. Range over the period: high A$8.99, low A$6.82. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $8.07 · Daily: 1.6% · Market cap: $3.77B · Sector: Financials · Industry: Banking

Commercial banking and financial services form the core of BSP Financial Group's ($BFL) business, which operates out of Papua New Guinea and across eight other countries in the Pacific and Southeast Asia. Its territory includes Fiji, Solomon Islands, Cook Islands, Tonga, Samoa and Vanuatu, plus Laos and Cambodia in Southeast Asia.

Beyond its two main banking segments, $BFL also runs fund management and life insurance operations under its Non-Bank Services division. Mark Robinson serves as CEO.

9. Judo Capital Holdings ($JDO)

Judo Capital Holdings (JDO) share price over the last year: started at A$1.79, ended at A$0.98, a change of −45.1%. Range over the period: high A$1.92, low A$0.88. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $0.98 · Daily: -1.5% · Market cap: $1.10B · Sector: Financials · Industry: Banking

Judo Capital Holdings ($JDO) operates through its subsidiary Judo Bank, and its focus is narrow by design: lending to small and medium enterprises (SMEs). Business loans, asset finance, lines of credit and bank guarantees make up the core of what it does, with residential mortgages available only to existing business lending customers.

On the funding side, $JDO raises deposits exclusively as term deposits. Those depositors – individuals, charities, universities, government bodies, self-managed super funds and corporates – are largely separate from the SME borrowers, so the two customer groups have limited overlap.

Under CEO Chris Bayliss, the bank employs 593 people, making it a compact operation relative to the major domestic banks. That focused headcount reflects a business built around a single customer type rather than the full suite of retail banking services.

10. MyState ($MYS)

MyState (MYS) share price over the last year: started at A$4.32, ended at A$4.70, a change of +8.8%. Range over the period: high A$4.96, low A$4.09. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $4.70 · Daily: 0.2% · Market cap: $801.0M · Sector: Financials · Industry: Banking

MyState Limited ($MYS) operates across three subsidiaries: MyState Bank, Auswide Bank (which includes equipment finance arm Selfco) and TPT Wealth. That structure puts home loans, personal lending, deposits and insurance alongside leasing, commercial hire purchase, funds management and trustee services under one roof.

MyState Bank is the core, offering the full range of retail and commercial products you'd expect from a community bank. Auswide Bank broadens the mix with Selfco's leasing and hire purchase products, which serve businesses rather than households. TPT Wealth rounds things out with managed funds and trustee services through the group's wealth management division.

$MYS operates predominantly within Tasmania, which shapes its customer base and growth profile more than most banking names on this list. CEO Brett Morgan leads the group.

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Common questions

How do I invest in ASX bank shares in Australia?

All ten companies in this list trade on the ASX, so you can buy shares directly through a share trading platform using each company's ticker. Settlement follows the standard ASX T+2 cycle – trades settle two business days after execution. For broader exposure across several banks at once, some ASX-listed ETFs include financial sector stocks as part of a wider portfolio, though how much of that allocation goes to banking specifically varies by fund.

What are the key risks of ASX bank shares?

Banks are sensitive to interest rate movements, which affect the gap between what they earn on loans and what they pay on deposits – a margin that flows directly into profit. Credit risk runs alongside that: when borrowers default, the bank absorbs the loss, and a slowing economy tends to bring more of them. Most Australian banks also carry significant residential mortgage exposure, tying a large share of their loan books to the local property market. Regulatory capital requirements can further constrain how banks grow or return capital.

How do the banks in this list differ from one another?

The four largest – $CBA, $NAB, $WBC and $ANZ – are diversified banks running retail, business and institutional operations across Australia and New Zealand. $MQG is structured quite differently: asset management, commodities trading and capital markets form a large part of its business, alongside a retail and business banking arm. The remaining banks cover regional and community banking, SME-specialist lending through $JDO, and Pacific-focused banking through $BFL, which operates across Papua New Guinea, Fiji and several other island nations rather than Australia's domestic market.

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Disclaimer

Past performance is not a reliable indicator of future performance. When you invest, your capital is at risk. You should consider your own investment objectives, financial situation, and particular needs before making an investment decision. The value of your investments can go down as well as up and you may receive back less than your original investment. As always, do your own research and consider seeking appropriate financial advice before investing.

This is not personal financial advice nor a recommendation to invest in the securities listed. Any advice provided by Stake is of general nature only and does not take into account your specific circumstances. Trading and volume data from the Stake investing platform is for reference purposes only, the investment choices of others may not be appropriate for your needs and is not a reliable indicator of performance.

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Stake Desk

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This article combines AI and human review from our analysts to bring you accurate, informative investing content at speed. For questions or suggestions, contact stakedesk@stake.com.au.