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Norwegian (OSEAX) Banks Industry Analysis

UpdatedAug 08, 2026
DataAggregated Company Financials
Companies35
  • 7D0.9%
  • 3M8.2%
  • 1Y14.6%
  • YTD6.0%

In the last week, the Banks industry is up 1.5%, with DNB Bank up 1.0%. In the last 12 months, the industry was up 14%. As for the next few years, earnings are expected to grow by 4.4% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 08 Aug 2026NOK 683.7bNOK 153.5bNOK 60.3b12.5x11.3x4.5x
Mon, 06 Jul 2026NOK 659.2bNOK 153.6bNOK 61.1b11.9x10.8x4.3x
Wed, 03 Jun 2026NOK 633.7bNOK 153.6bNOK 61.2b12x10.4x4.1x
Fri, 01 May 2026NOK 641.8bNOK 152.9bNOK 61.4b11.8x10.5x4.2x
Sun, 29 Mar 2026NOK 648.7bNOK 153.3bNOK 63.0b11.4x10.3x4.2x
Tue, 24 Feb 2026NOK 685.1bNOK 153.3bNOK 63.0b11.3x10.9x4.5x
Thu, 22 Jan 2026NOK 631.6bNOK 150.0bNOK 62.9b11.2x10x4.2x
Sat, 20 Dec 2025NOK 642.1bNOK 150.8bNOK 63.1b11.1x10.2x4.3x
Mon, 17 Nov 2025NOK 585.1bNOK 150.8bNOK 63.4b9.7x9.2x3.9x
Wed, 15 Oct 2025NOK 606.1bNOK 150.2bNOK 64.7b10.8x9.4x4x
Fri, 12 Sep 2025NOK 592.8bNOK 150.2bNOK 64.7b10.6x9.2x3.9x
Sun, 10 Aug 2025NOK 592.4bNOK 146.4bNOK 64.7b11x9.2x4x
Tue, 08 Jul 2025NOK 622.5bNOK 145.5bNOK 63.4b11.4x9.8x4.3x
Thu, 05 Jun 2025NOK 608.4bNOK 145.5bNOK 63.4b11.3x9.6x4.2x
Sat, 03 May 2025NOK 588.1bNOK 146.6bNOK 63.0b11x9.3x4x
Mon, 31 Mar 2025NOK 608.8bNOK 146.4bNOK 63.4b10.6x9.6x4.2x
Wed, 26 Feb 2025NOK 570.4bNOK 146.4bNOK 66.5b9.9x8.6x3.9x
Fri, 24 Jan 2025NOK 525.4bNOK 143.0bNOK 60.6b9.6x8.7x3.7x
Sun, 22 Dec 2024NOK 491.5bNOK 143.3bNOK 60.6b9.3x8.1x3.4x
Tue, 19 Nov 2024NOK 496.4bNOK 143.0bNOK 61.2b8.3x8.1x3.5x
Thu, 17 Oct 2024NOK 473.7bNOK 137.0bNOK 56.6b9.4x8.4x3.5x
Sat, 14 Sep 2024NOK 470.1bNOK 140.1bNOK 57.4b9.2x8.2x3.4x
Mon, 12 Aug 2024NOK 465.9bNOK 139.3bNOK 59.5b9.1x7.8x3.3x
Wed, 10 Jul 2024NOK 449.0bNOK 136.5bNOK 55.6b9x8.1x3.3x
Fri, 07 Jun 2024NOK 457.4bNOK 136.1bNOK 55.7b9x8.2x3.4x
Sun, 05 May 2024NOK 446.5bNOK 134.3bNOK 54.7b9.5x8.2x3.3x
Tue, 02 Apr 2024NOK 470.2bNOK 134.2bNOK 54.9b9.1x8.6x3.5x
Thu, 29 Feb 2024NOK 464.2bNOK 133.9bNOK 55.2b8.9x8.4x3.5x
Sat, 27 Jan 2024NOK 471.2bNOK 130.5bNOK 53.9b9.4x8.7x3.6x
Mon, 25 Dec 2023NOK 461.4bNOK 130.3bNOK 53.9b9.1x8.6x3.5x
Wed, 22 Nov 2023NOK 445.9bNOK 130.2bNOK 53.9b8.7x8.3x3.4x
Fri, 20 Oct 2023NOK 454.1bNOK 124.2bNOK 50.8b9.3x8.9x3.7x
Sun, 17 Sep 2023NOK 472.9bNOK 124.2bNOK 50.9b9.2x9.3x3.8x
Tue, 15 Aug 2023NOK 464.2bNOK 122.8bNOK 51.3b9.4x9.1x3.8x
Price to Earnings Ratio

9.1x


Total Market Cap: NOK 464.2bTotal Earnings: NOK 51.3bTotal Revenue: NOK 122.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Banks Industry Price to Earnings3Y Average 9.1x202420252026
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 11.4x 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 4.5x.
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 7.8% 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 Market0.25%
Financials0.99%
Banks0.89%
Diversified Banks0.93%
Regional Banks0.76%
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 1.6% 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 9.0x.
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 1.6% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 2.3% 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 308.201.0%
+NOK 4.6b		16.0%PB1.6x
MING SpareBank 1 SMNNOK 201.152.5%
+NOK 696.6m		5.2%PB1x
SBNOR Sparebanken NorgeNOK 199.141.3%
+NOK 443.5m		25.6%PB0.7x
SB1NO SpareBank 1 Sør-NorgeNOK 212.500.2%
+NOK 187.7m		20.9%PB1.4x
NONG SpareBank 1 Nord-NorgeNOK 159.781.0%
+NOK 154.6m		12.5%PB0.8x

Latest News

PARB
NOK 62.20
Pareto Bank
7D
1.1%
1Y
-34.2%
INSTA
NOK 4.88
Instabank
7D
-2.0%
1Y
74.3%
DNB
NOK 308.20
DNB Bank
7D
1.0%
1Y
16.0%
Analysis Article • Jul 17

Analyst Estimates: Here's What Brokers Think Of DNB Bank ASA (OB:DNB) After Its Second-Quarter Report

The quarterly results for DNB Bank ASA ( OB:DNB ) were released last week, making it a good time to revisit its...
SB1NO
NOK 212.50
SpareBank 1 Sør-Norge
7D
0.2%
1Y
20.9%
SPOL
NOK 191.90
SpareBank 1 Østlandet
7D
-1.4%
1Y
2.7%
Narrative Update • Jun 23

SPOL: Dividend Profile And Steady Assumptions Will Support A Balanced Outlook

Analysts have kept their price target for SpareBank 1 Østlandet steady at NOK 205, citing only marginal tweaks to inputs such as discount rate, revenue growth, profit margin and future P/E assumptions rather than any shift in their overall view of the stock. What's in the News No recent company specific news items for SpareBank 1 Østlandet were identified in the provided sources.
SBNOR
NOK 199.14
Sparebanken Norge
7D
1.3%
1Y
25.6%
Analysis Article • Jun 20

Sparebanken Norge (OB:SBNOR) Stock Could Be 67% Below Fair Value After Transformation Plan

Sparebanken Norge (OB:SBNOR) has kicked off a broad transformation programme, combining technology upgrades, greater use of artificial intelligence and workforce changes with plans to enter new market areas as competition and inflation pressures remain. See our latest analysis for Sparebanken Norge. At a share price of NOK185.06, Sparebanken Norge has seen its one month share price return decline 3.63% and its year to date share price return fall 5.49%. A 12 month total shareholder return of...
VVL
NOK 452.00
Voss Veksel- og Landmandsbank
7D
-1.7%
1Y
19.6%
ROMER
NOK 153.02
Romerike Sparebank
7D
-3.5%
1Y
10.9%
SB68
NOK 217.00
Sparebank 68° Nord
7D
8.0%
1Y
21.6%
GRONG
NOK 194.92
Grong Sparebank
7D
-0.04%
1Y
25.8%
KRAB
NOK 13.85
Kraft Bank
7D
-0.4%
1Y
23.7%
NONG
NOK 159.78
SpareBank 1 Nord-Norge
7D
1.0%
1Y
12.5%
Analysis Article • May 11

SpareBank 1 Nord-Norge (OB:NONG) Just Reported First-Quarter Earnings: Have Analysts Changed Their Mind On The Stock?

SpareBank 1 Nord-Norge ( OB:NONG ) shareholders are probably feeling a little disappointed, since its shares fell 4.8...
AASB
NOK 134.30
Aasen Sparebank
7D
-3.4%
1Y
8.6%
MORG
NOK 112.56
Sparebanken Møre
7D
1.0%
1Y
7.4%
FFSB
NOK 116.00
Flekkefjord Sparebank
7D
-1.3%
1Y
-7.2%
MING
NOK 201.15
SpareBank 1 SMN
7D
2.5%
1Y
5.2%