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Norwegian (OSEAX) Banks Industry Analysis

UpdatedSep 28, 2025
DataAggregated Company Financials
Companies36
  • 7D0.6%
  • 3M-1.6%
  • 1Y28.1%
  • YTD18.8%

In the last week, Banks has been flat. As for the the longer term, the industry is up 28% over the past 12 months. Earnings are forecast to be flat in the coming years.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Thu, 12 Jan 2023NOK 421.6bNOK 106.7bNOK 40.0b10.7x10.5x4x
Sat, 10 Dec 2022NOK 408.1bNOK 106.6bNOK 40.0b10.4x10.2x3.8x
Mon, 07 Nov 2022NOK 400.0bNOK 106.7bNOK 40.3b9.7x9.9x3.7x
Wed, 05 Oct 2022NOK 392.0bNOK 104.1bNOK 38.8b10.3x10.1x3.8x
Price to Earnings Ratio

10.1x


Total Market Cap: NOK 392.0bTotal Earnings: NOK 38.8bTotal Revenue: NOK 104.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Banks Industry Price to Earnings3Y Average 9x202320242025
Current Industry PE
  • Investors are relatively neutral on the Norwegian Banks industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 9.0x.
  • The industry is trading close to its 3-year average PS ratio of 3.7x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 19% per year over the last three years.
  • Revenues for these companies have grown 13% 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 Market1.34%
Financials0.58%
Banks0.59%
Diversified Banks0.98%
Regional Banks-0.65%
Industry PE
  • Investors are most optimistic about the Regional Banks industry, which is trading close to 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 12.4% per year.
  • Investors are most pessimistic about the Diversified Banks industry, which is trading close to its 3-year average of 8.9x.
Forecasted Growth
  • Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 7.5% over the next 5 years.
  • However this is lower than its past earnings growth rate of 12% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings decline by 3.4% 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 273.001.1%
+NOK 3.9b		26.3%PB1.5x
MOBA Morrow BankNOK 15.107.9%
+NOK 254.4m		151.7%PB1.4x
HELG SpareBank 1 HelgelandNOK 183.983.8%
+NOK 180.0m		34.3%PB0.9x
MING SpareBank 1 SMNNOK 191.760.6%
+NOK 155.7m		25.6%PB1x
ROGS Rogaland SparebankNOK 143.003.5%
+NOK 110.8m		34.9%PB0.8x

Latest News

AURG
NOK 240.05
Aurskog Sparebank
7D
-0.8%
1Y
4.4%
SB1NO
NOK 176.00
SpareBank 1 Sør-Norge
7D
-2.0%
1Y
30.6%
SPOL
NOK 187.30
SpareBank 1 Østlandet
7D
-0.4%
1Y
30.3%

Here's Why SpareBank 1 Østlandet (OB:SPOL) Has Caught The Eye Of Investors

Sep 11
Here's Why SpareBank 1 Østlandet (OB:SPOL) Has Caught The Eye Of Investors
DNB
NOK 273.00
DNB Bank
7D
1.1%
1Y
26.3%

Norwegian And European Low Rates Will Erode Net Margins

Analysts remain cautious on DNB Bank due to ongoing macroeconomic uncertainties and moderated interest rate expectations, balancing slightly improved capital and fee income outlooks, resulting in an unchanged consensus price target at NOK269.57. Analyst Commentary Mixed adjustments reflect shifting sentiment after recent earnings, with some analysts citing modestly improved outlooks while others remain cautious on sector fundamentals.
MOBA
NOK 15.10
Morrow Bank
7D
7.9%
1Y
151.7%
MING
NOK 191.76
SpareBank 1 SMN
7D
0.6%
1Y
25.6%
PARB
NOK 90.00
Pareto Bank
7D
-1.1%
1Y
37.4%
SOAG
NOK 436.00
SpareBank 1 Østfold Akershus
7D
-0.7%
1Y
27.1%
RING
NOK 398.00
SpareBank 1 Ringerike Hadeland
7D
0.8%
1Y
32.6%
SBNOR
NOK 175.86
Sparebanken Norge
7D
0.5%
1Y
41.5%
SNOR
NOK 166.40
SpareBank 1 Nordmøre
7D
-3.3%
1Y
29.0%
ROGS
NOK 143.00
Rogaland Sparebank
7D
3.5%
1Y
34.9%
MORG
NOK 110.00
Sparebanken Møre
7D
2.0%
1Y
31.5%
HELG
NOK 183.98
SpareBank 1 Helgeland
7D
3.8%
1Y
34.3%
BIEN
NOK 138.00
Bien Sparebank
7D
-0.7%
1Y
48.4%
NONG
NOK 140.84
SpareBank 1 Nord-Norge
7D
-0.7%
1Y
31.3%