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Norwegian (OSEAX) Banks Industry Analysis

UpdatedDec 23, 2025
DataAggregated Company Financials
Companies36
  • 7D1.8%
  • 3M5.4%
  • 1Y26.4%
  • YTD24.2%

In the last week, the Banks industry is up 1.8%, with DNB Bank up 1.5%. This means that the industry has gained 26% over the past year. Looking forward, earnings are forecast to grow by 1.5% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 23 Dec 2025NOK 642.9bNOK 150.8bNOK 63.1b11.1x10.2x4.3x
Thu, 20 Nov 2025NOK 581.0bNOK 150.8bNOK 63.5b9.7x9.1x3.9x
Sat, 18 Oct 2025NOK 599.5bNOK 150.2bNOK 64.7b10.9x9.3x4x
Mon, 15 Sep 2025NOK 596.4bNOK 150.2bNOK 64.7b10.6x9.2x4x
Wed, 13 Aug 2025NOK 594.3bNOK 148.5bNOK 64.0b11x9.3x4x
Fri, 11 Jul 2025NOK 629.8bNOK 145.5bNOK 63.4b11.4x9.9x4.3x
Sun, 08 Jun 2025NOK 612.7bNOK 145.5bNOK 63.4b11.3x9.7x4.2x
Tue, 06 May 2025NOK 583.5bNOK 142.8bNOK 62.2b10.9x9.4x4.1x
Thu, 03 Apr 2025NOK 602.6bNOK 146.4bNOK 63.4b10.3x9.5x4.1x
Sat, 01 Mar 2025NOK 577.4bNOK 146.4bNOK 66.5b9.8x8.7x3.9x
Mon, 27 Jan 2025NOK 523.6bNOK 143.0bNOK 60.5b9.6x8.7x3.7x
Wed, 25 Dec 2024NOK 494.0bNOK 143.3bNOK 60.6b9.4x8.1x3.4x
Fri, 22 Nov 2024NOK 497.6bNOK 143.0bNOK 61.2b8.3x8.1x3.5x
Sun, 20 Oct 2024NOK 474.0bNOK 137.0bNOK 56.6b9.5x8.4x3.5x
Tue, 17 Sep 2024NOK 469.7bNOK 140.1bNOK 57.4b9.3x8.2x3.4x
Thu, 15 Aug 2024NOK 478.4bNOK 139.4bNOK 57.4b9.4x8.3x3.4x
Sat, 13 Jul 2024NOK 471.0bNOK 138.1bNOK 57.1b9.1x8.3x3.4x
Mon, 10 Jun 2024NOK 455.0bNOK 136.1bNOK 55.5b9.1x8.2x3.3x
Wed, 08 May 2024NOK 457.5bNOK 134.3bNOK 54.7b9.4x8.4x3.4x
Fri, 05 Apr 2024NOK 468.9bNOK 134.2bNOK 54.8b9.1x8.6x3.5x
Sun, 03 Mar 2024NOK 467.1bNOK 133.9bNOK 55.4b8.8x8.4x3.5x
Tue, 30 Jan 2024NOK 465.4bNOK 130.5bNOK 53.9b9.3x8.6x3.6x
Thu, 28 Dec 2023NOK 467.7bNOK 130.3bNOK 53.9b9.2x8.7x3.6x
Sat, 25 Nov 2023NOK 448.3bNOK 130.2bNOK 53.8b8.7x8.3x3.4x
Mon, 23 Oct 2023NOK 450.9bNOK 128.0bNOK 53.1b9.3x8.5x3.5x
Wed, 20 Sep 2023NOK 471.0bNOK 124.2bNOK 50.9b9.3x9.2x3.8x
Fri, 18 Aug 2023NOK 462.4bNOK 123.6bNOK 52.3b9x8.8x3.7x
Sun, 16 Jul 2023NOK 439.7bNOK 121.3bNOK 49.7b9.8x8.9x3.6x
Tue, 13 Jun 2023NOK 427.0bNOK 118.5bNOK 48.3b9.7x8.8x3.6x
Thu, 11 May 2023NOK 414.0bNOK 117.3bNOK 47.9b10.5x8.6x3.5x
Sat, 08 Apr 2023NOK 421.0bNOK 111.5bNOK 44.7b10.3x9.4x3.8x
Mon, 06 Mar 2023NOK 458.1bNOK 110.8bNOK 44.7b10.4x10.2x4.1x
Wed, 01 Feb 2023NOK 414.7bNOK 106.7bNOK 40.0b10.8x10.4x3.9x
Fri, 30 Dec 2022NOK 428.4bNOK 106.7bNOK 40.0b10.9x10.7x4x
Price to Earnings Ratio

10.7x


Total Market Cap: NOK 428.4bTotal Earnings: NOK 40.0bTotal Revenue: NOK 106.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Banks Industry Price to Earnings3Y Average 8.9x202320242025
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 10.2x 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 16% per year over the last three years.
  • Revenues for these companies have grown 12% 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 Market0.85%
Financials1.67%
Banks1.76%
Regional Banks2.04%
Diversified Banks1.67%
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 expect its future annual earnings growth (8.1%) to be largely in line with prior year's earnings growth.
  • 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 8.1% 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 282.402.9%
+NOK 11.6b		25.2%PB1.5x
SB1NO SpareBank 1 Sør-NorgeNOK 196.402.5%
+NOK 1.8b		36.8%PB1.4x
MING SpareBank 1 SMNNOK 204.453.9%
+NOK 1.1b		21.4%PB1x
SBNOR Sparebanken NorgeNOK 194.003.0%
+NOK 956.3m		39.6%PB0.6x
SPOL SpareBank 1 ØstlandetNOK 202.152.7%
+NOK 729.6m		30.6%PB1x

Latest News

SBNOR
NOK 194.00
Sparebanken Norge
7D
3.0%
1Y
39.6%
AASB
NOK 136.44
Aasen Sparebank
7D
-4.2%
1Y
9.7%
DNB
NOK 282.40
DNB Bank
7D
2.9%
1Y
25.2%

DNB: Future Returns Will Reflect Profitability Strength Amid Macro And Capital Risks

Analysts have modestly revised their price target for DNB Bank to NOK 283, reflecting slightly lower long term growth assumptions but improved profitability expectations that keep the stock’s valuation attractive relative to its forward earnings multiple. Analyst Commentary Recent Street research on DNB Bank reflects a mixed but generally constructive stance, with some analysts turning more positive on the bank’s earnings trajectory and capital return potential, while others remain cautious on valuation and macro headwinds.
HSPG
NOK 163.50
Høland og Setskog Sparebank
7D
-2.0%
1Y
24.3%
MING
NOK 204.45
SpareBank 1 SMN
7D
3.9%
1Y
21.4%
SB68
NOK 192.04
Sparebank 68° Nord
7D
-1.5%
1Y
13.3%
MOBA
NOK 14.85
Morrow Bank
7D
4.9%
1Y
61.4%
SB1NO
NOK 196.40
SpareBank 1 Sør-Norge
7D
2.5%
1Y
36.8%

SpareBank 1 Sør-Norge ASA Beat Analyst Estimates: See What The Consensus Is Forecasting For Next Year

Nov 03
SpareBank 1 Sør-Norge ASA Beat Analyst Estimates: See What The Consensus Is Forecasting For Next Year
SPOL
NOK 202.15
SpareBank 1 Østlandet
7D
2.7%
1Y
30.6%
MORG
NOK 112.00
Sparebanken Møre
7D
4.7%
1Y
19.9%
NONG
NOK 150.66
SpareBank 1 Nord-Norge
7D
2.3%
1Y
25.2%