Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd (ASX: NAB) are the two largest ASX bank stocks on the S&P/ASX 200 Index (ASX: XJO) by market capitalisation.
CBA stands out for its enormous scale and consumer banking dominance, while NAB differentiates itself through its strength in commercial banking, agribusiness, and small-to-medium sized enterprises (SMEs).
But, between CBA and NAB, which ASX bank stock has made investors richer this past year?
Let's find out.
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Which ASX bank stock has made investors richer over the past 12 months?
Interest rate movements and inflation concerns have been the key themes so far in 2026, with the Middle East conflict adding market volatility by pushing up energy prices and exacerbating inflation risks.
CBA and NAB shares have both also faced concerns about over stretched valuations as analysts and investors question whether earnings can continue to justify premium share prices.
Over the past 12 months, NAB shares have significantly outperformed CBA shares, but for the year to date, the reverse is true.
At the time of writing, CBA shares are changing hands for $172.12 a piece. For the year to date, that represents around a 7% increase, but the ASX bank stock is now trading around 4% below share price levels this time 12 months ago.
Whereas, at the time of writing, NAB shares are changing hands for $40.89 a piece. That's around 4% lower for the year to date but just over 4% higher than this time 12 months ago.
What do brokers tip next for CBA shares?
The experts continue to be bearish about the outlook for CBA shares over the next 12 months.
Market Index data shows all brokers agree on a sell rating, and the $124.88 average target price implies a potential 27% downside at the time of writing.
Sentiment is similar on TradingView. Of 16 analysts, 14 analysts have a sell/strong sell rating, and the other two rate the ASX bank stock as a hold.
The average target price is a little higher, at $126.03, which implies a potential 27% downside ahead. Some are even more pessimistic and have forecast the shares to drop another 48% to $90 each over the next 12 months.
What do brokers tip next for NAB shares?
Sentiment is a little more mixed when it comes to the outlook for NAB shares.
Market Index data shows the majority of brokers have a hold rating on the bank shares. But the $40.58 average target price now implies a potential 1% downside ahead, at the time of writing.
Again, a similar sentiment on TradingView. Of 16 analysts, half have a hold rating on NAB shares. Another five rate the stock as a sell/strong sell, and three rate the shares as a strong buy.
Again, despite the more positive ratings, the average $38.07 target price implies a potential 7% downside, at the time of writing. Although the range between the maximum and minimum target prices is huge. Some expect the shares to jump 22% to $50 a piece, and others expect the shares to crash 30% to just $28.91 over the next 12 months, at the time of writing.
