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Norwegian (OSEAX) Banks Industry Analysis

UpdatedSep 22, 2026
DataAggregated Company Financials
Companies35
  • 7D1.7%
  • 3M8.9%
  • 1Y18.2%
  • YTD10.2%

The Banks industry is up 1.7% in the last week, with DNB Bank up 1.5%. Meanwhile, Grong Sparebank actually underperformed within the industry, shrinking 13% in the last week. In the last 12 months, the industry was up 18%. Earnings are forecast to grow by 5.1% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 22 Sep 2026NOK 705.5bNOK 153.5bNOK 60.3b12.1x11.7x4.6x
Thu, 20 Aug 2026NOK 683.9bNOK 153.4bNOK 60.8b11.4x11.2x4.5x
Sat, 18 Jul 2026NOK 662.2bNOK 153.7bNOK 60.4b12.1x11x4.3x
Mon, 15 Jun 2026NOK 645.6bNOK 153.7bNOK 61.2b12x10.5x4.2x
Wed, 13 May 2026NOK 621.5bNOK 153.7bNOK 61.2b11.5x10.2x4x
Fri, 10 Apr 2026NOK 691.3bNOK 153.3bNOK 62.6b11.9x11x4.5x
Sun, 08 Mar 2026NOK 662.9bNOK 153.2bNOK 63.1b11.1x10.5x4.3x
Tue, 03 Feb 2026NOK 636.3bNOK 150.0bNOK 62.9b11.2x10.1x4.2x
Thu, 01 Jan 2026NOK 647.5bNOK 150.8bNOK 63.1b11.4x10.3x4.3x
Sat, 29 Nov 2025NOK 601.5bNOK 150.8bNOK 63.7b10.3x9.4x4x
Mon, 27 Oct 2025NOK 581.7bNOK 149.4bNOK 63.2b10.7x9.2x3.9x
Wed, 24 Sep 2025NOK 600.2bNOK 150.2bNOK 64.7b10.6x9.3x4x
Fri, 22 Aug 2025NOK 610.5bNOK 150.1bNOK 64.5b10.9x9.5x4.1x
Sun, 20 Jul 2025NOK 587.4bNOK 146.4bNOK 63.2b11.3x9.3x4x
Tue, 17 Jun 2025NOK 620.4bNOK 145.5bNOK 63.4b11.3x9.8x4.3x
Thu, 15 May 2025NOK 592.3bNOK 145.6bNOK 63.4b10.7x9.3x4.1x
Sat, 12 Apr 2025NOK 555.2bNOK 146.4bNOK 62.9b10.7x8.8x3.8x
Mon, 10 Mar 2025NOK 584.5bNOK 146.5bNOK 66.6b9.4x8.8x4x
Wed, 05 Feb 2025NOK 524.1bNOK 142.9bNOK 60.4b9.7x8.7x3.7x
Fri, 03 Jan 2025NOK 502.7bNOK 143.3bNOK 60.6b9.4x8.3x3.5x
Sun, 01 Dec 2024NOK 497.6bNOK 143.0bNOK 60.7b9.2x8.2x3.5x
Tue, 29 Oct 2024NOK 496.8bNOK 139.7bNOK 58.5b9.8x8.5x3.6x
Thu, 26 Sep 2024NOK 463.9bNOK 140.1bNOK 57.4b9.3x8.1x3.3x
Sat, 24 Aug 2024NOK 483.3bNOK 140.1bNOK 57.7b9x8.4x3.5x
Mon, 22 Jul 2024NOK 474.4bNOK 138.2bNOK 56.8b9.2x8.4x3.4x
Wed, 19 Jun 2024NOK 463.2bNOK 136.1bNOK 55.4b8.9x8.4x3.4x
Fri, 17 May 2024NOK 459.3bNOK 135.0bNOK 55.1b9.2x8.3x3.4x
Sun, 14 Apr 2024NOK 474.2bNOK 134.2bNOK 54.7b9.3x8.7x3.5x
Tue, 12 Mar 2024NOK 463.7bNOK 133.9bNOK 55.4b8.8x8.4x3.5x
Thu, 08 Feb 2024NOK 451.1bNOK 132.1bNOK 54.1b9.3x8.3x3.4x
Sat, 06 Jan 2024NOK 469.5bNOK 130.3bNOK 53.9b9.3x8.7x3.6x
Mon, 04 Dec 2023NOK 448.6bNOK 130.2bNOK 53.8b8.9x8.3x3.4x
Wed, 01 Nov 2023NOK 442.3bNOK 128.1bNOK 54.7b9.5x8.1x3.5x
Fri, 29 Sep 2023NOK 469.1bNOK 124.2bNOK 50.9b9.2x9.2x3.8x
Price to Earnings Ratio

9.2x


Total Market Cap: NOK 469.1bTotal Earnings: NOK 50.9bTotal Revenue: NOK 124.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Banks Industry Price to Earnings3Y Average 9.2x202420252026
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 11.7x which is higher than its 3-year average PE of 9.2x.
  • The 3-year average PS ratio of 3.8x is lower than the industry's current PS ratio of 4.6x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 5.8% per year over the last three years.
  • Revenues for these companies have grown 7.3% 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-0.36%
Financials1.11%
Banks1.67%
Diversified Banks1.67%
Regional Banks1.66%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 9.7x.
    • Analysts are expecting annual earnings growth of 12.1%, which is higher than its past year's earnings decline of 1.7% 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 9.1x.
Forecasted Growth
  • Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 12% over the next 5 years.
  • This is better than its past earnings decline of 1.7% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 2.9% per year 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 318.001.0%
+NOK 4.3b		17.6%PB1.6x
SB1NO SpareBank 1 Sør-NorgeNOK 229.001.1%
+NOK 929.1m		30.1%PB1.6x
MING SpareBank 1 SMNNOK 219.452.4%
+NOK 735.5m		15.0%PB1x
SBNOR Sparebanken NorgeNOK 210.501.2%
+NOK 433.1m		22.0%PB0.7x
SPOL SpareBank 1 ØstlandetNOK 204.851.5%
+NOK 421.2m		9.0%PB1x

Latest News

SBNOR
NOK 210.50
Sparebanken Norge
7D
1.2%
1Y
22.0%
GRONG
NOK 161.00
Grong Sparebank
7D
-12.0%
1Y
4.5%
Analysis Article • Sep 18

Should You Be Adding Grong Sparebank (OB:GRONG) To Your Watchlist Today?

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
SB1NO
NOK 229.00
SpareBank 1 Sør-Norge
7D
1.1%
1Y
30.1%
DNB
NOK 318.00
DNB Bank
7D
1.0%
1Y
17.6%
Narrative Update • Sep 03

DNB: Future Returns Will Weigh Nordic Tailwinds Against Margin Pressure Risks

The analyst fair value estimate for DNB Bank has been revised higher to NOK 310.24 from NOK 302.47, reflecting updated assumptions on earnings power in combination with recent Street price target moves that cite a better Nordic banking backdrop, rate conditions, volumes and spreads. Analyst Commentary Recent Street research on DNB Bank shows a split view on the stock, with several bullish analysts raising price targets alongside more cautious voices trimming targets or ratings.
SPOL
NOK 204.85
SpareBank 1 Østlandet
7D
1.5%
1Y
9.0%
SB68
NOK 211.95
Sparebank 68° Nord
7D
-3.7%
1Y
14.0%
MING
NOK 219.45
SpareBank 1 SMN
7D
2.4%
1Y
15.0%
Narrative Update • Aug 25

MING: Fair Outlook Will Rely On Sustained Profitability Assumptions

Analysts have raised their fair value estimate for SpareBank 1 SMN from NOK 213.33 to NOK 222.50, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E as the key drivers of the new price target. What’s in the News for SpareBank 1 SMN No recent company specific news items for SpareBank 1 SMN are available based on the sources provided as of 24 August 2026.
HGSB
NOK 155.00
Haugesund Sparebank
7D
-3.1%
1Y
-0.3%
NONG
NOK 173.92
SpareBank 1 Nord-Norge
7D
0.9%
1Y
24.6%
Analysis Article • Aug 18

Earnings Update: SpareBank 1 Nord-Norge (OB:NONG) Just Reported Its Second-Quarter Results And Analysts Are Updating Their Forecasts

It's been a good week for SpareBank 1 Nord-Norge ( OB:NONG ) shareholders, because the company has just released its...
AASB
NOK 133.32
Aasen Sparebank
7D
-2.0%
1Y
7.9%
Analysis Article • Aug 17

Analysts Have Been Trimming Their Aasen Sparebank (OB:AASB) Price Target After Its Latest Report

Last week saw the newest quarterly earnings release from Aasen Sparebank ( OB:AASB ), an important milestone in the...
HELG
NOK 176.00
SpareBank 1 Helgeland
7D
3.5%
1Y
1.7%
SOGN
NOK 305.00
Sogn Sparebank
7D
-2.9%
1Y
20.6%
MORG
NOK 109.90
Sparebanken Møre
7D
-0.2%
1Y
4.7%
Analysis Article • Aug 16

Sparebanken Møre Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next

Sparebanken Møre ( OB:MORG ) just released its latest quarterly results and things are looking bullish. It was overall...
AURG
NOK 257.00
Aurskog Sparebank
7D
-0.4%
1Y
6.6%
ROGS
NOK 151.40
Rogaland Sparebank
7D
-0.9%
1Y
9.7%
RING
NOK 444.00
SpareBank 1 Ringerike Hadeland
7D
2.1%
1Y
13.1%