Norwegian (OSEAX) Banks Industry Analysis

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
Mon, 20 Jul 2026	NOK 662.2b	NOK 153.5b	NOK 60.2b	12.2x	11x	4.3x
Wed, 17 Jun 2026	NOK 642.3b	NOK 153.7b	NOK 61.2b	11.8x	10.5x	4.2x
Fri, 15 May 2026	NOK 620.4b	NOK 153.5b	NOK 61.1b	11.7x	10.2x	4x
Sun, 12 Apr 2026	NOK 692.6b	NOK 153.3b	NOK 62.6b	11.8x	11.1x	4.5x
Tue, 10 Mar 2026	NOK 658.5b	NOK 153.2b	NOK 63.1b	11.1x	10.4x	4.3x
Thu, 05 Feb 2026	NOK 654.8b	NOK 150.0b	NOK 62.9b	11.3x	10.4x	4.4x
Sat, 03 Jan 2026	NOK 648.9b	NOK 150.8b	NOK 63.1b	11.4x	10.3x	4.3x
Mon, 01 Dec 2025	NOK 602.1b	NOK 150.8b	NOK 63.2b	10.6x	9.5x	4x
Wed, 29 Oct 2025	NOK 582.4b	NOK 149.4b	NOK 63.2b	10.8x	9.2x	3.9x
Fri, 26 Sep 2025	NOK 593.4b	NOK 150.2b	NOK 64.6b	10.5x	9.2x	4x
Sun, 24 Aug 2025	NOK 609.5b	NOK 150.2b	NOK 64.7b	11x	9.4x	4.1x
Tue, 22 Jul 2025	NOK 587.4b	NOK 146.4b	NOK 63.2b	11.2x	9.3x	4x
Thu, 19 Jun 2025	NOK 619.0b	NOK 145.5b	NOK 63.4b	11.5x	9.8x	4.3x
Sat, 17 May 2025	NOK 606.1b	NOK 145.6b	NOK 63.4b	10.9x	9.6x	4.2x
Mon, 14 Apr 2025	NOK 555.2b	NOK 146.4b	NOK 62.9b	10.7x	8.8x	3.8x
Wed, 12 Mar 2025	NOK 580.6b	NOK 146.5b	NOK 66.6b	9.6x	8.7x	4x
Fri, 07 Feb 2025	NOK 533.1b	NOK 145.4b	NOK 63.4b	10x	8.4x	3.7x
Sun, 05 Jan 2025	NOK 503.4b	NOK 143.0b	NOK 60.6b	9.3x	8.3x	3.5x
Tue, 03 Dec 2024	NOK 495.6b	NOK 143.0b	NOK 60.7b	9.2x	8.2x	3.5x
Thu, 31 Oct 2024	NOK 498.6b	NOK 139.7b	NOK 58.5b	9.8x	8.5x	3.6x
Sat, 28 Sep 2024	NOK 469.9b	NOK 140.1b	NOK 57.4b	9.3x	8.2x	3.4x
Mon, 26 Aug 2024	NOK 483.2b	NOK 140.1b	NOK 57.6b	9x	8.4x	3.4x
Wed, 24 Jul 2024	NOK 480.0b	NOK 138.2b	NOK 56.8b	9.2x	8.5x	3.5x
Fri, 21 Jun 2024	NOK 465.5b	NOK 136.1b	NOK 55.4b	8.9x	8.4x	3.4x
Sun, 19 May 2024	NOK 459.3b	NOK 135.0b	NOK 55.1b	9.2x	8.3x	3.4x
Tue, 16 Apr 2024	NOK 474.0b	NOK 134.2b	NOK 54.8b	9.2x	8.6x	3.5x
Thu, 14 Mar 2024	NOK 469.1b	NOK 134.1b	NOK 55.1b	9.1x	8.5x	3.5x
Sat, 10 Feb 2024	NOK 448.3b	NOK 132.1b	NOK 54.2b	9.4x	8.3x	3.4x
Mon, 08 Jan 2024	NOK 469.3b	NOK 130.3b	NOK 53.9b	9.3x	8.7x	3.6x
Wed, 06 Dec 2023	NOK 455.2b	NOK 130.2b	NOK 53.8b	8.9x	8.5x	3.5x
Fri, 03 Nov 2023	NOK 437.5b	NOK 128.1b	NOK 53.4b	9.6x	8.2x	3.4x
Sun, 01 Oct 2023	NOK 465.6b	NOK 124.2b	NOK 50.9b	9.2x	9.2x	3.7x
Tue, 29 Aug 2023	NOK 464.5b	NOK 123.7b	NOK 50.8b	9x	9.2x	3.8x
Thu, 27 Jul 2023	NOK 452.9b	NOK 121.5b	NOK 49.7b	9.8x	9.1x	3.7x

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 11.0x 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 6.6% per year over the last three years.
Revenues for these companies have grown 8.1% 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	0.13%
Financials	0.26%
Banks	-0.36%
Regional Banks	0.80%
Diversified Banks	-0.72%

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 3.6% 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 3.6% per year.

In contrast, the Diversified Banks industry is expected to see its earnings grow by 2.4% per year 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
SB1NO SpareBank 1 Sør-Norge	NOK 207.00	1.5% +NOK 1.1b	12.5%	PB1.4x
RING SpareBank 1 Ringerike Hadeland	NOK 427.00	2.8% +NOK 191.5m	13.3%	PB1.4x
INSTA Instabank	NOK 4.67	6.1% +NOK 124.5m	68.0%	PB1.5x
SBNOR Sparebanken Norge	NOK 194.52	0.4% +NOK 117.8m	21.8%	PB0.7x
HELG SpareBank 1 Helgeland	NOK 158.94	2.6% +NOK 106.8m	-10.3%	PB0.8x

Instabank Asa Decides To Continue As Norwegian Bank And Withdraws Banking Licence Application In Finland

Instabank ASA resolved to discontinue the process of relocating the Bank’s home state to Finland and to withdraw the banking licence application submitted to the Finnish Financial Supervisory Authority by the Bank’s wholly owned subsidiary Instafin Oy. Instabank will continue its operations as a Norwegian bank headquartered in Oslo. The decision follows the final SREP decision from the Norwegian Financial Supervisory Authority, announced on June 16, 2026, which reduced the Bank’s combined Pillar 2 Requirement and Pillar 2 Guidance by 2.0 percentage points. The decision released approximately NOK 128 million in total capital, of which approximately NOK 86 million is Common Equity Tier 1 capital, based on risk-weighted assets as of March 31, 2026. The process of relocating the Bank’s home state was initiated to secure more competitive regulatory framework conditions and a more capital-efficient platform for continued growth. When the process was initiated, the Bank’s total capital requirements in Finland were expected to be significantly lower than the requirements applicable in Norway. Following the Norwegian Financial Supervisory Authority’s decision, the remaining capital advantage of a relocation is considered limited and could no longer justify the regulatory and operational complexity, material costs and organisational consequences that a relocation would entail. The Board also notes that the latest signals from Norwegian authorities, including the Government’s Financial Markets Report for 2026, point towards more harmonised capital requirements for banks operating in Norway, which may further reduce any remaining regulatory differences over time. The Board has concluded that the Bank’s long-term value creation and strategic development are best served by continued operation as a Norwegian bank with its head office in Oslo. The released capital strengthens the Bank’s financial flexibility and supports Instabank’s growth strategy across its Nordic and European markets, without the execution risk and resource burden that a relocation would entail. As communicated in the Bank’s interim report for the First Quarter of 2026, Instabank considered both a continued Norwegian structure and a relocation to be positive outcomes for shareholders. With the reduced capital requirements now confirmed, the Board considers continued operation as a Norwegian bank to be the most value-creating path forward for shareholders, customers and employees. This information is subject to disclosure requirements under section 5-12 of the Norwegian Securities Trading Act.

Norwegian (OSEAX) Banks Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

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