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Norwegian (OSEAX) Banks Industry Analysis

UpdatedFeb 07, 2026
DataAggregated Company Financials
Companies35
  • 7D4.2%
  • 3M11.9%
  • 1Y21.1%
  • YTD1.6%

Over the last 7 days, the Banks industry has risen 3.9%, driven by gains from DNB Bank of 4.9%. This takes the industry's 12 month performance to a gain of 19%. As for the next few years, earnings are expected to grow by 1.5% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Feb 2026NOK 654.7bNOK 151.2bNOK 61.9b11.4x10.6x4.3x
Mon, 05 Jan 2026NOK 648.9bNOK 150.8bNOK 63.1b11.4x10.3x4.3x
Wed, 03 Dec 2025NOK 610.4bNOK 150.8bNOK 63.1b10.7x9.7x4x
Fri, 31 Oct 2025NOK 583.8bNOK 149.0bNOK 63.3b10.7x9.2x3.9x
Sun, 28 Sep 2025NOK 605.3bNOK 150.2bNOK 64.6b10.6x9.4x4x
Tue, 26 Aug 2025NOK 610.9bNOK 150.2bNOK 64.7b10.8x9.4x4.1x
Thu, 24 Jul 2025NOK 587.7bNOK 146.4bNOK 63.2b11.3x9.3x4x
Sat, 21 Jun 2025NOK 609.1bNOK 145.5bNOK 63.4b11.3x9.6x4.2x
Mon, 19 May 2025NOK 606.1bNOK 145.7bNOK 63.5b10.4x9.5x4.2x
Wed, 16 Apr 2025NOK 576.3bNOK 146.4bNOK 62.9b10.9x9.2x3.9x
Fri, 14 Mar 2025NOK 591.2bNOK 146.5bNOK 63.8b9.3x9.3x4x
Sun, 09 Feb 2025NOK 527.1bNOK 145.5bNOK 64.9b9.7x8.1x3.6x
Tue, 07 Jan 2025NOK 502.1bNOK 143.0bNOK 60.6b9.4x8.3x3.5x
Thu, 05 Dec 2024NOK 502.9bNOK 143.0bNOK 60.7b9.4x8.3x3.5x
Sat, 02 Nov 2024NOK 499.5bNOK 141.0bNOK 60.7b9.6x8.2x3.5x
Mon, 30 Sep 2024NOK 469.9bNOK 140.1bNOK 57.4b9.3x8.2x3.4x
Wed, 28 Aug 2024NOK 481.8bNOK 140.1bNOK 57.5b9x8.4x3.4x
Fri, 26 Jul 2024NOK 478.5bNOK 138.2bNOK 56.8b9.1x8.4x3.5x
Sun, 23 Jun 2024NOK 453.7bNOK 136.1bNOK 55.4b8.9x8.2x3.3x
Tue, 21 May 2024NOK 459.3bNOK 135.1bNOK 55.1b9.1x8.3x3.4x
Thu, 18 Apr 2024NOK 467.2bNOK 134.2bNOK 54.8b9.3x8.5x3.5x
Sat, 16 Mar 2024NOK 463.9bNOK 134.1bNOK 55.1b8.9x8.4x3.5x
Mon, 12 Feb 2024NOK 448.1bNOK 133.1bNOK 57.8b8.9x7.8x3.4x
Wed, 10 Jan 2024NOK 471.7bNOK 130.3bNOK 53.9b9.3x8.8x3.6x
Fri, 08 Dec 2023NOK 458.8bNOK 130.2bNOK 53.8b8.8x8.5x3.5x
Sun, 05 Nov 2023NOK 437.8bNOK 128.5bNOK 54.4b8.9x8x3.4x
Tue, 03 Oct 2023NOK 465.6bNOK 124.2bNOK 50.8b9.2x9.2x3.7x
Thu, 31 Aug 2023NOK 460.4bNOK 123.7bNOK 50.7b8.9x9.1x3.7x
Sat, 29 Jul 2023NOK 458.2bNOK 121.5bNOK 49.7b9.7x9.2x3.8x
Mon, 26 Jun 2023NOK 426.8bNOK 118.6bNOK 48.3b9.7x8.8x3.6x
Wed, 24 May 2023NOK 420.3bNOK 118.6bNOK 48.4b9.9x8.7x3.5x
Fri, 21 Apr 2023NOK 442.9bNOK 111.5bNOK 44.7b10.6x9.9x4x
Sun, 19 Mar 2023NOK 411.5bNOK 111.3bNOK 44.9b9.9x9.2x3.7x
Tue, 14 Feb 2023NOK 427.8bNOK 110.2bNOK 45.7b10x9.4x3.9x
Price to Earnings Ratio

9.4x


Total Market Cap: NOK 427.8bTotal Earnings: NOK 45.7bTotal Revenue: NOK 110.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Banks Industry Price to Earnings3Y Average 8.9x202420252026
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 10.5x 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 11% 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 Market2.65%
Financials3.63%
Banks4.22%
Diversified Banks4.63%
Regional Banks2.95%
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 7.5%, which is lower than the prior year's growth of 8.5% 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 7.5% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • 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
DNB DNB BankNOK 290.304.9%
+NOK 19.8b		20.9%PB1.4x
SB1NO SpareBank 1 Sør-NorgeNOK 201.503.5%
+NOK 2.5b		26.7%PB1.4x
SPOL SpareBank 1 ØstlandetNOK 203.904.1%
+NOK 1.1b		24.0%PB1x
SBNOR Sparebanken NorgeNOK 198.243.3%
+NOK 1.1b		42.7%PB0.7x
MING SpareBank 1 SMNNOK 200.003.3%
+NOK 917.0m		10.0%PB1x

Latest News

DNB
NOK 290.30
DNB Bank
7D
4.9%
1Y
20.9%
SBNOR
NOK 198.24
Sparebanken Norge
7D
3.3%
1Y
42.7%
PARB
NOK 80.00
Pareto Bank
7D
-1.2%
1Y
6.2%
APRILA
NOK 9.50
Aprila Bank
7D
-5.0%
1Y
n/a
SPOL
NOK 203.90
SpareBank 1 Østlandet
7D
4.1%
1Y
24.0%

SPOL: Higher Revenue Assumptions And Lower P/E Will Shape Balanced Outlook

Analysts have lifted their price target for SpareBank 1 Østlandet from NOK 193.33 to NOK 197.33, citing updated assumptions on revenue growth, profit margins and future P/E that refine their view of the bank’s earnings power and risk profile. Valuation Changes Fair Value Estimate: Raised slightly from NOK 193.33 to NOK 197.33 per share, reflecting the updated assessment of earnings power.
MELG
NOK 191.88
Melhus Sparebank
7D
-2.1%
1Y
14.1%
SB1NO
NOK 201.50
SpareBank 1 Sør-Norge
7D
3.5%
1Y
26.7%

SB1NO: Share Buyback Plan Will Support Stable Outlook At Current Pricing

Analysts have kept their price target for SpareBank 1 Sør-Norge steady at NOK 196.25, citing only very small tweaks to inputs like the discount rate, long term revenue growth, profit margin and future P/E assumptions as the basis for this unchanged view. What's in the News The Board of Directors of SpareBank 1 SR Bank ASA has authorized a share buyback plan on November 27, 2025, categorized as a buyback transaction announcement (Key Developments).
JAREN
NOK 346.00
Jæren Sparebank
7D
-3.6%
1Y
-3.6%
TRSB
NOK 112.00
Trøndelag Sparebank
7D
-2.6%
1Y
-4.7%
BIEN
NOK 144.00
Bien Sparebank
7D
-2.7%
1Y
7.5%
ROMER
NOK 140.40
Romerike Sparebank
7D
-1.8%
1Y
0.3%
MING
NOK 200.00
SpareBank 1 SMN
7D
3.3%
1Y
10.0%
SB68
NOK 205.95
Sparebank 68° Nord
7D
-7.2%
1Y
21.9%
RING
NOK 424.95
SpareBank 1 Ringerike Hadeland
7D
2.4%
1Y
16.4%
MORG
NOK 115.00
Sparebanken Møre
7D
4.7%
1Y
15.0%
NONG
NOK 150.92
SpareBank 1 Nord-Norge
7D
2.8%
1Y
16.0%