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Norwegian (OSEAX) Banks Industry Analysis
UpdatedMar 25, 2026
DataAggregated Company Financials
Companies35
- 7D-1.1%
- 3M2.1%
- 1Y8.9%
- YTD1.6%
Over the last 7 days, the Banks industry has dropped 1.1%, driven by a pullback from DNB Bank of 1.3%. In the past year, the industry has gained 8.9%. Looking forward, earnings are forecast to grow by 3.2% annually.
Industry Valuation and Performance
Has the Norwegian Banks Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Wed, 25 Mar 2026 | NOK 654.5b | NOK 153.3b | NOK 62.9b | 11.6x | 10.4x | 4.3x |
| Fri, 20 Feb 2026 | NOK 673.4b | NOK 153.3b | NOK 63.1b | 10.9x | 10.7x | 4.4x |
| Sun, 18 Jan 2026 | NOK 643.0b | NOK 150.0b | NOK 62.9b | 11.3x | 10.2x | 4.3x |
| Tue, 16 Dec 2025 | NOK 631.8b | NOK 150.8b | NOK 63.1b | 11.3x | 10x | 4.2x |
| Thu, 13 Nov 2025 | NOK 593.8b | NOK 150.7b | NOK 66.2b | 10.2x | 9x | 3.9x |
| Sat, 11 Oct 2025 | NOK 610.9b | NOK 150.2b | NOK 64.7b | 10.9x | 9.4x | 4.1x |
| Mon, 08 Sep 2025 | NOK 587.1b | NOK 150.2b | NOK 64.7b | 10.9x | 9.1x | 3.9x |
| Wed, 06 Aug 2025 | NOK 591.5b | NOK 146.5b | NOK 63.2b | 11.2x | 9.4x | 4x |
| Fri, 04 Jul 2025 | NOK 618.2b | NOK 145.5b | NOK 63.4b | 11.4x | 9.7x | 4.2x |
| Sun, 01 Jun 2025 | NOK 604.2b | NOK 145.7b | NOK 63.4b | 11x | 9.5x | 4.1x |
| Tue, 29 Apr 2025 | NOK 589.2b | NOK 146.4b | NOK 62.9b | 10.7x | 9.4x | 4x |
| Thu, 27 Mar 2025 | NOK 618.8b | NOK 146.4b | NOK 63.4b | 11x | 9.8x | 4.2x |
| Sat, 22 Feb 2025 | NOK 566.7b | NOK 146.4b | NOK 66.8b | 9.8x | 8.5x | 3.9x |
| Mon, 20 Jan 2025 | NOK 518.6b | NOK 143.0b | NOK 60.6b | 9.4x | 8.6x | 3.6x |
| Wed, 18 Dec 2024 | NOK 498.6b | NOK 143.0b | NOK 60.7b | 9.2x | 8.2x | 3.5x |
| Fri, 15 Nov 2024 | NOK 493.8b | NOK 142.9b | NOK 60.9b | 8.7x | 8.1x | 3.5x |
| Sun, 13 Oct 2024 | NOK 467.9b | NOK 137.0b | NOK 56.6b | 9.3x | 8.3x | 3.4x |
| Tue, 10 Sep 2024 | NOK 469.5b | NOK 140.1b | NOK 57.4b | 9.4x | 8.2x | 3.4x |
| Thu, 08 Aug 2024 | NOK 469.4b | NOK 138.2b | NOK 56.8b | 9.2x | 8.3x | 3.4x |
| Sat, 06 Jul 2024 | NOK 458.2b | NOK 136.5b | NOK 55.6b | 9.1x | 8.2x | 3.4x |
| Mon, 03 Jun 2024 | NOK 462.1b | NOK 136.1b | NOK 55.7b | 9x | 8.3x | 3.4x |
| Wed, 01 May 2024 | NOK 442.7b | NOK 134.3b | NOK 54.7b | 9.5x | 8.1x | 3.3x |
| Fri, 29 Mar 2024 | NOK 470.2b | NOK 134.2b | NOK 54.9b | 9.1x | 8.6x | 3.5x |
| Sun, 25 Feb 2024 | NOK 457.0b | NOK 133.9b | NOK 55.2b | 8.7x | 8.3x | 3.4x |
| Tue, 23 Jan 2024 | NOK 472.7b | NOK 130.3b | NOK 53.9b | 9.3x | 8.8x | 3.6x |
| Thu, 21 Dec 2023 | NOK 460.5b | NOK 130.3b | NOK 53.9b | 9.1x | 8.5x | 3.5x |
| Sat, 18 Nov 2023 | NOK 443.9b | NOK 130.1b | NOK 53.9b | 8.8x | 8.2x | 3.4x |
| Mon, 16 Oct 2023 | NOK 472.4b | NOK 124.2b | NOK 50.8b | 9.4x | 9.3x | 3.8x |
| Wed, 13 Sep 2023 | NOK 463.4b | NOK 124.1b | NOK 50.7b | 9.4x | 9.1x | 3.7x |
| Fri, 11 Aug 2023 | NOK 464.0b | NOK 121.8b | NOK 50.0b | 9.9x | 9.3x | 3.8x |
| Sun, 09 Jul 2023 | NOK 441.4b | NOK 118.6b | NOK 48.3b | 9.8x | 9.1x | 3.7x |
| Tue, 06 Jun 2023 | NOK 424.8b | NOK 118.5b | NOK 48.3b | 9.8x | 8.8x | 3.6x |
| Thu, 04 May 2023 | NOK 422.4b | NOK 116.6b | NOK 47.5b | 10.6x | 8.9x | 3.6x |
| Sat, 01 Apr 2023 | NOK 417.0b | NOK 111.5b | NOK 44.8b | 10x | 9.3x | 3.7x |
Price to Earnings Ratio
9.3x
Current Industry PE
- Investors are optimistic on the Norwegian Banks industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 10.4x which is higher than its 3-year average PE of 8.9x.
- The 3-year average PS ratio of 3.7x is lower than the industry's current PS ratio of 4.3x.
Past Earnings Growth
- The earnings for companies in the Banks industry have grown 12% per year over the last three years.
- Revenues for these companies have grown 11% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Industry Trends
Which industries have driven the changes within the Norwegian Financials industry?
| NO Market | -0.33% | |
| Financials | -2.36% | |
| Banks | -1.10% | |
| Regional Banks | -0.33% | |
| Diversified Banks | -1.35% | |
Industry PE
- Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 9.4x.
- Analysts are expecting annual earnings growth of 11.0%, which is higher than its past year's earnings growth of 4.5% per year.
- Investors are most pessimistic about the Diversified Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 8.8x.
Forecasted Growth
- Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 11% over the next 5 years.
- This is better than its past earnings growth rate of 4.5% per year.
- In contrast, the Diversified Banks industry is expected to see its earnings growth to stay flat over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| SPOG Sparebanken Øst | NOK 86.69 | 4.3% +NOK 73.6m | 6.4% | PB0.4x | |
| ROMER Romerike Sparebank | NOK 167.98 | 7.7% +NOK 34.0m | 19.1% | PB0.2x | |
| BIEN Bien Sparebank | NOK 147.00 | 2.8% +NOK 22.7m | -13.0% | PB1.1x | |
| VVL Voss Veksel- og Landmandsbank | NOK 430.00 | 2.4% +NOK 22.0m | 20.1% | PB1.1x | |
| ROGS Rogaland Sparebank | NOK 157.48 | 0.6% +NOK 20.2m | 14.8% | PB0.8x |
