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Citigroup's Polish banking subsidiary (Citi Handlowy), providing corporate, institutional and private banking services.
Citigroup's Polish banking subsidiary (Citi Handlowy), providing corporate, institutional and private banking services.
Earns from the spread on corporate loans and deposits, fees from payments, trade finance and treasury services for multinationals and large Polish firms, and trading in currencies and bonds. Citigroup owns a majority stake, giving it access to the parent's global client network.
In one line: Citigroup's Polish banking subsidiary (Citi Handlowy).
Moat: narrow (brand, switching costs, distribution). Citigroup's global network relationships plus a long-standing Polish corporate banking franchise.
Headquarters: Warsaw, Poland · Founded: 1870 · Employees: 3,045
Size Bank Handlowy w Warszawie (BHW.WA) is a Poland Financials company (Regional Banks) with a market value of $4.09B, the 23rd largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 122.80 on 6 Nov 2026.
Performance Over six months the shares gained 6.8%, against +7.8% for the median peer and +14.3% for the Poland market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 21.6% over the last twelve months (peer median +3.4%); the operating margin is 62.7% (peer median 43.8%).
Valuation It trades at 1.72× book value against a peer median of 1.27× (6th most expensive of 21).
Price implies The share price implies a return on equity of about 17.1%; Bank Handlowy w Warszawie delivers 16.7%, so the price asks more than the business earns today.
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | PLN 4.33B | PLN 4.20B | PLN 4.19B | PLN 5.79B | PLN 4.39B |
| Revenue growth | — | 0% | -28% | +32% | — |
| Net income | PLN 1.77B | PLN 1.67B | PLN 1.76B | PLN 2.26B | PLN 1.55B |
| Free cash flow | n/a | PLN 1.00B | PLN 89.0M | -PLN 140M | PLN 625M |
| Capital expenditure | PLN 14.0M | PLN 64.8M | PLN 172M | PLN 210M | PLN 143M |
| Total debt | PLN 9.91B | PLN 3.99B | PLN 7.77B | PLN 6.78B | PLN 8.47B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Bank Handlowy w Warszawie BHW.WA | $4.09B | +7% | -22% | 17% | 1.72× | 17.1% |
| PKO Bank Polski PKO.WA | $36.5B | +18% | -2% | 20% | 2.56× | 31.9% |
| mBank MBK.WA | $17.7B | +37% | -1% | 19% | 3.05× | 37.6% |
| Alior Bank ALR.WA | $4.59B | +15% | -7% | 16% | 1.42× | 20.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BHW.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.0% | +2.6% | 11th highest of 21 |
| 6-month return | +6.8% | +7.8% | 10th lowest of 21 |
| Return on equity | 16.7% | 8.8% | 4th highest of 21 |
| Price / book | 1.72× | 1.27× | 6th most expensive of 21 |
| Trailing P/E | 9.0× | 12.3× | 2nd cheapest of 19 |
| ROE the price implies | 17.1% | 9.8% | 4th most demanding of 20 |
| ROE delivered | 16.7% | 8.8% | 4th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Bank Handlowy w Warszawie BHW.WA | Poland | $4.09B | +7% | -22% | 17% | 1.72× | 17.1% | 16.7% |
| Zuger Kantonalbank ZUGER.SW | Switzerland | $4.04B | +8% | -10% | 8% | 2.03× | n/a | 8.3% |
| CVB Financial CVBF | United States | $3.99B | +12% | +23% | 9% | 1.27× | 9.8% | 8.6% |
| International Bancshares IBOC | United States | $4.20B | -8% | +2% | 13% | 1.25× | 9.8% | 12.9% |
| Cathay General Bancorp CATY | United States | $4.24B | +12% | +3% | 12% | 1.39× | 11.8% | 12.2% |
| Independent Bank INDB | United States | $3.94B | +8% | +25% | 9% | 1.14× | 9.5% | 9.3% |
| First Bancorp FBP | United States | $3.92B | +8% | +3% | 19% | 2.09× | 15.7% | 19.4% |
| Hirogin 7337.T | Japan | $3.89B | +9% | +26% | 8% | 0.99× | 7.4% | 8.2% |
| BancFirst BANF | United States | $3.87B | +2% | -3% | 14% | 1.94× | 12.7% | 13.6% |
| Bendigo & Adelaide Bank BEN.AX | Australia | $4.36B | +5% | -6% | 6% | 0.93× | 11.0% | 5.6% |
| Karur Vysya Bank KARURVYSYA.NS | India | $3.80B | +18% | +14% | 21% | 2.32× | 30.7% | 21.0% |
| EQB EQB.TO | Canada | $3.79B | +3% | -4% | 0% | 1.44× | 12.8% | -0.1% |
| United Community Banks UCB | United States | $4.43B | +11% | -18% | 4% | 1.26× | 10.9% | 4.1% |
| Chugin Financial Group,Inc 5832.T | Japan | $3.76B | +10% | +34% | 8% | 0.86× | 6.5% | 8.3% |
| ServisFirst Bancshares SFBS | United States | $4.49B | +2% | +5% | 18% | 2.21× | 17.2% | 17.9% |
| WesBanco WSBC | United States | $3.70B | +13% | +17% | 9% | 0.96× | 8.2% | 8.8% |
| Alior Bank ALR.WA | Poland | $4.59B | +15% | -7% | 16% | 1.42× | 20.0% | 15.6% |
| Twenty One Capital XXI | United States | $3.57B | -36% | n/a | -12% | 1.38× | 7.6% | n/a |
| Renasant RNST | United States | $3.55B | -2% | +20% | 9% | 0.93× | 9.5% | 8.7% |
| Yamaguchi Financial 8418.T | Japan | $3.54B | +6% | +19% | 6% | 0.84× | 5.8% | 5.7% |
| Bank of Qingdao 002948.SZ | China | $4.78B | +3% | +3% | 13% | 0.85× | 5.0% | 12.9% |