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Norwegian (OSEAX) Banks Industry Analysis

UpdatedJul 18, 2026
DataAggregated Company Financials
Companies35
  • 7D-0.4%
  • 3M-3.5%
  • 1Y12.0%
  • YTD2.7%

In the last week, Banks has been flat. The past year has been better, since the industry has gained 12% in that time. Earnings are forecast to grow by 4.4% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 18 Jul 2026NOK 662.2bNOK 153.7bNOK 60.4b12.1x11x4.3x
Mon, 15 Jun 2026NOK 645.6bNOK 153.7bNOK 61.2b12x10.5x4.2x
Wed, 13 May 2026NOK 621.5bNOK 153.7bNOK 61.2b11.5x10.2x4x
Fri, 10 Apr 2026NOK 691.3bNOK 153.3bNOK 62.6b11.9x11x4.5x
Sun, 08 Mar 2026NOK 662.9bNOK 153.2bNOK 63.1b11.1x10.5x4.3x
Tue, 03 Feb 2026NOK 636.3bNOK 150.0bNOK 62.9b11.2x10.1x4.2x
Thu, 01 Jan 2026NOK 647.5bNOK 150.8bNOK 63.1b11.4x10.3x4.3x
Sat, 29 Nov 2025NOK 601.5bNOK 150.8bNOK 63.7b10.3x9.4x4x
Mon, 27 Oct 2025NOK 581.7bNOK 149.4bNOK 63.2b10.7x9.2x3.9x
Wed, 24 Sep 2025NOK 600.2bNOK 150.2bNOK 64.7b10.6x9.3x4x
Fri, 22 Aug 2025NOK 610.5bNOK 150.1bNOK 64.5b10.9x9.5x4.1x
Sun, 20 Jul 2025NOK 587.4bNOK 146.4bNOK 63.2b11.3x9.3x4x
Tue, 17 Jun 2025NOK 620.4bNOK 145.5bNOK 63.4b11.3x9.8x4.3x
Thu, 15 May 2025NOK 592.3bNOK 145.6bNOK 63.4b10.7x9.3x4.1x
Sat, 12 Apr 2025NOK 555.2bNOK 146.4bNOK 62.9b10.7x8.8x3.8x
Mon, 10 Mar 2025NOK 584.5bNOK 146.5bNOK 66.6b9.4x8.8x4x
Wed, 05 Feb 2025NOK 524.1bNOK 142.9bNOK 60.4b9.7x8.7x3.7x
Fri, 03 Jan 2025NOK 502.7bNOK 143.3bNOK 60.6b9.4x8.3x3.5x
Sun, 01 Dec 2024NOK 497.6bNOK 143.0bNOK 60.7b9.2x8.2x3.5x
Tue, 29 Oct 2024NOK 496.8bNOK 139.7bNOK 58.5b9.8x8.5x3.6x
Thu, 26 Sep 2024NOK 463.9bNOK 140.1bNOK 57.4b9.3x8.1x3.3x
Sat, 24 Aug 2024NOK 483.3bNOK 140.1bNOK 57.7b9x8.4x3.5x
Mon, 22 Jul 2024NOK 474.4bNOK 138.2bNOK 56.8b9.2x8.4x3.4x
Wed, 19 Jun 2024NOK 463.2bNOK 136.1bNOK 55.4b8.9x8.4x3.4x
Fri, 17 May 2024NOK 459.3bNOK 135.0bNOK 55.1b9.2x8.3x3.4x
Sun, 14 Apr 2024NOK 474.2bNOK 134.2bNOK 54.7b9.3x8.7x3.5x
Tue, 12 Mar 2024NOK 463.7bNOK 133.9bNOK 55.4b8.8x8.4x3.5x
Thu, 08 Feb 2024NOK 451.1bNOK 132.1bNOK 54.1b9.3x8.3x3.4x
Sat, 06 Jan 2024NOK 469.5bNOK 130.3bNOK 53.9b9.3x8.7x3.6x
Mon, 04 Dec 2023NOK 448.6bNOK 130.2bNOK 53.8b8.9x8.3x3.4x
Wed, 01 Nov 2023NOK 442.3bNOK 128.1bNOK 54.7b9.5x8.1x3.5x
Fri, 29 Sep 2023NOK 469.1bNOK 124.2bNOK 50.9b9.2x9.2x3.8x
Sun, 27 Aug 2023NOK 459.8bNOK 123.7bNOK 50.8b9x9.1x3.7x
Tue, 25 Jul 2023NOK 455.1bNOK 121.5bNOK 49.7b9.7x9.2x3.7x
Price to Earnings Ratio

9.2x


Total Market Cap: NOK 455.1bTotal Earnings: NOK 49.7bTotal Revenue: NOK 121.5bTotal 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 11.0x 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 6.7% per year over the last three years.
  • Revenues for these companies have grown 8.2% 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 Market1.49%
Financials0.32%
Banks-0.37%
Regional Banks1.11%
Diversified Banks-0.83%
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 2.3% 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
SB1NO SpareBank 1 Sør-NorgeNOK 207.002.0%
+NOK 1.5b		11.9%PB1.4x
SBNOR Sparebanken NorgeNOK 194.520.7%
+NOK 225.2m		21.6%PB0.7x
INSTA InstabankNOK 4.678.6%
+NOK 170.6m		68.6%PB1.5x
HELG SpareBank 1 HelgelandNOK 158.942.5%
+NOK 106.2m		-9.9%PB0.8x
ROGS Rogaland SparebankNOK 149.002.8%
+NOK 92.3m		0.7%PB0.8x

Latest News

DNB
NOK 296.40
DNB Bank
7D
-0.8%
1Y
14.7%
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...
SPOG
NOK 71.30
Sparebanken Øst
7D
-3.0%
1Y
-7.6%
Analysis Article • Jul 17

Sparebanken Øst Just Recorded A 5.0% Revenue Beat: Here's What Analysts Think

Sparebanken Øst ( OB:SPOG ) just released its latest quarterly results and things are looking bullish. Results were...
PARB
NOK 61.00
Pareto Bank
7D
-13.7%
1Y
-30.8%
SNOR
NOK 178.00
SpareBank 1 Nordmøre
7D
-1.7%
1Y
8.5%
SB1NO
NOK 207.00
SpareBank 1 Sør-Norge
7D
2.0%
1Y
11.9%
SPOL
NOK 193.44
SpareBank 1 Østlandet
7D
-0.8%
1Y
2.2%
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 194.52
Sparebanken Norge
7D
0.7%
1Y
21.6%
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...
INSTA
NOK 4.67
Instabank
7D
8.6%
1Y
68.6%
ROGS
NOK 149.00
Rogaland Sparebank
7D
2.8%
1Y
0.7%
VVL
NOK 460.00
Voss Veksel- og Landmandsbank
7D
-3.0%
1Y
18.6%
SKUE
NOK 331.00
Skue Sparebank
7D
0.9%
1Y
-0.3%
RING
NOK 427.00
SpareBank 1 Ringerike Hadeland
7D
0.7%
1Y
13.3%
MELG
NOK 182.50
Melhus Sparebank
7D
-2.4%
1Y
4.6%
NONG
NOK 156.30
SpareBank 1 Nord-Norge
7D
-0.8%
1Y
4.5%
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...
HELG
NOK 158.94
SpareBank 1 Helgeland
7D
2.5%
1Y
-9.9%
MING
NOK 195.02
SpareBank 1 SMN
7D
0.07%
1Y
-0.3%