Analysis Article • Jun 20
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Norwegian (OSEAX) Banks Industry Analysis
UpdatedJun 23, 2026
DataAggregated Company Financials
Companies35
- 7D3.2%
- 3M1.0%
- 1Y9.8%
- YTD2.6%
Over the last 7 days, the Banks industry has risen 3.2%, driven by gains from DNB Bank of 1.4%. In the last 12 months, the industry was up 9.8%. Looking forward, earnings are forecast to grow by 3.9% 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 |
|---|---|---|---|---|---|---|
| Tue, 23 Jun 2026 | NOK 661.7b | NOK 153.7b | NOK 61.2b | 11.8x | 10.8x | 4.3x |
| Thu, 21 May 2026 | NOK 644.9b | NOK 153.6b | NOK 61.0b | 12x | 10.6x | 4.2x |
| Sat, 18 Apr 2026 | NOK 685.1b | NOK 153.3b | NOK 62.4b | 12.1x | 11x | 4.5x |
| Mon, 16 Mar 2026 | NOK 662.5b | NOK 153.2b | NOK 63.1b | 11x | 10.5x | 4.3x |
| Wed, 11 Feb 2026 | NOK 660.7b | NOK 151.3b | NOK 61.9b | 11.5x | 10.7x | 4.4x |
| Fri, 09 Jan 2026 | NOK 635.7b | NOK 150.8b | NOK 63.1b | 11.1x | 10.1x | 4.2x |
| Sun, 07 Dec 2025 | NOK 616.2b | NOK 150.8b | NOK 63.1b | 11x | 9.8x | 4.1x |
| Tue, 04 Nov 2025 | NOK 587.9b | NOK 149.4b | NOK 63.0b | 10.8x | 9.3x | 3.9x |
| Thu, 02 Oct 2025 | NOK 601.2b | NOK 150.2b | NOK 64.6b | 10.7x | 9.3x | 4x |
| Sat, 30 Aug 2025 | NOK 592.5b | NOK 150.2b | NOK 64.7b | 10.8x | 9.2x | 3.9x |
| Mon, 28 Jul 2025 | NOK 590.4b | NOK 146.5b | NOK 63.2b | 11.2x | 9.3x | 4x |
| Wed, 25 Jun 2025 | NOK 603.0b | NOK 145.5b | NOK 63.4b | 11.4x | 9.5x | 4.1x |
| Fri, 23 May 2025 | NOK 608.7b | NOK 145.7b | NOK 63.5b | 10.5x | 9.6x | 4.2x |
| Sun, 20 Apr 2025 | NOK 574.3b | NOK 146.4b | NOK 62.9b | 10.8x | 9.1x | 3.9x |
| Tue, 18 Mar 2025 | NOK 601.5b | NOK 146.5b | NOK 63.9b | 9.4x | 9.4x | 4.1x |
| Thu, 13 Feb 2025 | NOK 521.8b | NOK 145.7b | NOK 66.5b | 10x | 7.8x | 3.6x |
| Sat, 11 Jan 2025 | NOK 503.1b | NOK 143.0b | NOK 60.6b | 9.4x | 8.3x | 3.5x |
| Mon, 09 Dec 2024 | NOK 492.5b | NOK 143.0b | NOK 60.7b | 9.3x | 8.1x | 3.4x |
| Wed, 06 Nov 2024 | NOK 495.9b | NOK 142.1b | NOK 60.3b | 8.7x | 8.2x | 3.5x |
| Fri, 04 Oct 2024 | NOK 458.4b | NOK 137.0b | NOK 56.6b | 9.3x | 8.1x | 3.3x |
| Sun, 01 Sep 2024 | NOK 484.8b | NOK 140.1b | NOK 57.4b | 9.2x | 8.4x | 3.5x |
| Tue, 30 Jul 2024 | NOK 486.0b | NOK 138.2b | NOK 56.8b | 9.3x | 8.6x | 3.5x |
| Thu, 27 Jun 2024 | NOK 450.8b | NOK 136.1b | NOK 55.4b | 8.9x | 8.1x | 3.3x |
| Sat, 25 May 2024 | NOK 460.6b | NOK 135.5b | NOK 55.3b | 8.9x | 8.3x | 3.4x |
| Mon, 22 Apr 2024 | NOK 463.3b | NOK 134.2b | NOK 54.7b | 9.3x | 8.5x | 3.5x |
| Wed, 20 Mar 2024 | NOK 468.6b | NOK 134.2b | NOK 54.9b | 9.4x | 8.5x | 3.5x |
| Fri, 16 Feb 2024 | NOK 453.8b | NOK 133.9b | NOK 55.4b | 8.8x | 8.2x | 3.4x |
| Sun, 14 Jan 2024 | NOK 473.4b | NOK 130.3b | NOK 53.9b | 9.4x | 8.8x | 3.6x |
| Tue, 12 Dec 2023 | NOK 456.5b | NOK 130.2b | NOK 53.8b | 8.9x | 8.5x | 3.5x |
| Thu, 09 Nov 2023 | NOK 437.9b | NOK 129.8b | NOK 54.5b | 8.8x | 8x | 3.4x |
| Sat, 07 Oct 2023 | NOK 460.4b | NOK 124.2b | NOK 50.8b | 9.2x | 9.1x | 3.7x |
| Mon, 04 Sep 2023 | NOK 460.9b | NOK 123.8b | NOK 50.7b | 9x | 9.1x | 3.7x |
| Wed, 02 Aug 2023 | NOK 459.8b | NOK 121.5b | NOK 49.7b | 9.9x | 9.2x | 3.8x |
| Fri, 30 Jun 2023 | NOK 444.9b | NOK 118.6b | NOK 48.3b | 9.7x | 9.2x | 3.8x |
Price to Earnings Ratio
9.2x
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 10.8x which is higher than its 3-year average PE of 9.1x.
- The 3-year average PS ratio of 3.8x 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 8.3% per year over the last three years.
- Revenues for these companies have grown 9.0% 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 | -0.87% | |
| Financials | 2.83% | |
| Banks | 3.15% | |
| Diversified Banks | 3.69% | |
| Regional Banks | 1.37% | |
Industry PE
- Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 9.6x.
- Analysts are expecting annual earnings growth of 11.3%, which is higher than its past year's earnings growth of 3.2% 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 8.9x.
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 3.2% 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 | |
|---|---|---|---|---|---|
| DNB DNB Bank | NOK 295.00 | 1.4% +NOK 5.8b | 6.5% | PB1.4x | |
| SB1NO SpareBank 1 Sør-Norge | NOK 195.20 | 2.5% +NOK 1.8b | 8.6% | PB1.3x | |
| SBNOR Sparebanken Norge | NOK 185.06 | 1.0% +NOK 332.6m | 20.2% | PB0.6x | |
| ROGS Rogaland Sparebank | NOK 147.60 | 2.1% +NOK 71.3m | 3.9% | PB0.7x | |
| RING SpareBank 1 Ringerike Hadeland | NOK 436.95 | 0.9% +NOK 65.8m | 13.5% | PB1.5x |