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Norwegian (OSEAX) Banks Industry Analysis

UpdatedMay 09, 2026
DataAggregated Company Financials
Companies35
  • 7D-1.7%
  • 3M-3.5%
  • 1Y8.2%
  • YTD-2.0%

Last week, the Banks industry hasn't moved much but Kraft Bank is up 8.2% in that time. The past year has been better, since the industry has gained 7.2% in that time. Looking forward, earnings are forecast to grow by 4.0% annually.

Industry Valuation and Performance

Has the Norwegian Banks Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 09 May 2026NOK 630.9bNOK 153.9bNOK 61.8b11.2x10.2x4.1x
Mon, 06 Apr 2026NOK 680.5bNOK 153.3bNOK 62.6b11.6x10.9x4.4x
Wed, 04 Mar 2026NOK 662.2bNOK 153.2bNOK 63.0b11.1x10.5x4.3x
Fri, 30 Jan 2026NOK 623.0bNOK 150.0bNOK 62.9b11.2x9.9x4.2x
Sun, 28 Dec 2025NOK 645.4bNOK 150.8bNOK 63.1b11.1x10.2x4.3x
Tue, 25 Nov 2025NOK 589.0bNOK 150.8bNOK 63.5b9.8x9.3x3.9x
Thu, 23 Oct 2025NOK 583.8bNOK 150.2bNOK 64.7b10.8x9x3.9x
Sat, 20 Sep 2025NOK 602.2bNOK 150.2bNOK 64.7b10.6x9.3x4x
Mon, 18 Aug 2025NOK 601.8bNOK 149.9bNOK 64.8b10.8x9.3x4x
Wed, 16 Jul 2025NOK 593.9bNOK 146.4bNOK 63.4b11.2x9.4x4.1x
Fri, 13 Jun 2025NOK 616.2bNOK 145.5bNOK 63.4b11.3x9.7x4.2x
Sun, 11 May 2025NOK 582.9bNOK 145.6bNOK 63.4b10.9x9.2x4x
Tue, 08 Apr 2025NOK 540.1bNOK 146.4bNOK 63.0b10.1x8.6x3.7x
Thu, 06 Mar 2025NOK 576.6bNOK 146.4bNOK 66.5b9.6x8.7x3.9x
Sat, 01 Feb 2025NOK 529.6bNOK 143.0bNOK 60.5b9.6x8.8x3.7x
Mon, 30 Dec 2024NOK 498.5bNOK 143.3bNOK 60.6b9.5x8.2x3.5x
Wed, 27 Nov 2024NOK 494.3bNOK 143.0bNOK 61.0b9x8.1x3.5x
Fri, 25 Oct 2024NOK 499.4bNOK 139.6bNOK 58.5b9.8x8.5x3.6x
Sun, 22 Sep 2024NOK 471.4bNOK 140.1bNOK 57.4b9.3x8.2x3.4x
Tue, 20 Aug 2024NOK 483.0bNOK 140.2bNOK 57.8b8.8x8.4x3.4x
Thu, 18 Jul 2024NOK 469.0bNOK 138.2bNOK 56.8b9.2x8.3x3.4x
Sat, 15 Jun 2024NOK 457.3bNOK 136.1bNOK 55.5b8.8x8.2x3.4x
Mon, 13 May 2024NOK 459.7bNOK 135.0bNOK 55.1b9.2x8.3x3.4x
Wed, 10 Apr 2024NOK 477.2bNOK 134.2bNOK 54.7b9.2x8.7x3.6x
Fri, 08 Mar 2024NOK 464.8bNOK 133.9bNOK 55.2b8.8x8.4x3.5x
Sun, 04 Feb 2024NOK 459.8bNOK 132.1bNOK 56.2b9.3x8.2x3.5x
Tue, 02 Jan 2024NOK 472.1bNOK 130.3bNOK 53.9b9.2x8.8x3.6x
Thu, 30 Nov 2023NOK 445.4bNOK 130.2bNOK 53.8b8.8x8.3x3.4x
Sat, 28 Oct 2023NOK 439.5bNOK 128.4bNOK 54.0b9.3x8.1x3.4x
Mon, 25 Sep 2023NOK 472.0bNOK 124.2bNOK 50.8b9.4x9.3x3.8x
Wed, 23 Aug 2023NOK 458.8bNOK 123.5bNOK 51.3b8.9x8.9x3.7x
Fri, 21 Jul 2023NOK 449.9bNOK 121.4bNOK 49.8b9.6x9x3.7x
Sun, 18 Jun 2023NOK 434.1bNOK 118.6bNOK 48.2b9.9x9x3.7x
Tue, 16 May 2023NOK 416.4bNOK 117.8bNOK 48.3b10.4x8.6x3.5x
Price to Earnings Ratio

8.6x


Total Market Cap: NOK 416.4bTotal Earnings: NOK 48.3bTotal Revenue: NOK 117.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Banks Industry Price to Earnings3Y Average 9x202420252026
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 10.3x which is higher than its 3-year average PE of 9.0x.
  • The 3-year average PS ratio of 3.8x is lower than the industry's current PS ratio of 4.2x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 8.7% per year over the last three years.
  • Revenues for these companies have grown 9.3% 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-2.98%
Financials-1.80%
Banks-1.68%
Diversified Banks-0.88%
Regional Banks-4.16%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 9.5x.
    • Analysts are expecting annual earnings growth of 11.3%, which is higher than its past year's earnings growth of 7.6% 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 7.6% 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?

CompanyLast Price7D1YValuation
KRAB Kraft BankNOK 14.508.2%
+NOK 46.2m		70.6%PB1.2x
INSTA InstabankNOK 4.340.9%
+NOK 18.1m		86.3%PB1.4x
BIEN Bien SparebankNOK 159.001.3%
+NOK 11.4m		13.6%PB1.2x
AURG Aurskog SparebankNOK 255.000.8%
+NOK 9.5m		9.0%PB0.5x
TRSB Trøndelag SparebankNOK 116.601.4%
+NOK 7.7m		-0.3%PB0.5x

Latest News

KRAB
NOK 14.50
Kraft Bank
7D
8.2%
1Y
70.6%
SBNOR
NOK 192.00
Sparebanken Norge
7D
-4.6%
1Y
37.5%
PARB
NOK 64.90
Pareto Bank
7D
-3.1%
1Y
-17.2%
SOGN
NOK 359.45
Sogn Sparebank
7D
1.3%
1Y
39.9%
SB1NO
NOK 191.00
SpareBank 1 Sør-Norge
7D
-4.5%
1Y
10.1%
Narrative Update • Apr 26

SB1NO: Dividend Authorisation And Capital Increase Will Support Attractive Future Returns

Analysts have trimmed their price target for SpareBank 1 Sør-Norge from NOK 225 to around NOK 221, reflecting updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News The AGM on 23 April 2026 authorised the Board to decide on special dividends of up to NOK 5 per share, based on the approved 2025 financial statements and subject to capital and market conditions (Key Developments).
DNB
NOK 280.10
DNB Bank
7D
-0.2%
1Y
6.4%
SPOL
NOK 190.96
SpareBank 1 Østlandet
7D
-6.2%
1Y
8.6%
Narrative Update • Apr 25

SPOL: Dividend Timeline And Stable Assumptions Will Shape A Balanced Outlook

Analysts have kept the SpareBank 1 Østlandet price target steady at NOK 206.67, with slightly adjusted assumptions around discount rate, revenue growth, profit margin and future P/E supporting an unchanged view on fair value. What's in the News SpareBank 1 Østlandet announced an annual dividend of NOK 12.70 per share.
INSTA
NOK 4.34
Instabank
7D
0.9%
1Y
86.3%
ROGS
NOK 147.00
Rogaland Sparebank
7D
-2.6%
1Y
10.5%
ROMER
NOK 159.98
Romerike Sparebank
7D
1.3%
1Y
14.8%
TRSB
NOK 116.60
Trøndelag Sparebank
7D
1.4%
1Y
-0.3%
NONG
NOK 146.60
SpareBank 1 Nord-Norge
7D
-6.6%
1Y
2.5%
MING
NOK 194.20
SpareBank 1 SMN
7D
-6.1%
1Y
4.1%
BIEN
NOK 159.00
Bien Sparebank
7D
1.3%
1Y
13.6%
AURG
NOK 255.00
Aurskog Sparebank
7D
0.8%
1Y
9.0%
MELG
NOK 193.40
Melhus Sparebank
7D
0.7%
1Y
13.8%