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Norwegian (OSEAX) Banks Industry Analysis

UpdatedAug 18, 2026
DataAggregated Company Financials
Companies35
  • 7D3.9%
  • 3M9.4%
  • 1Y16.8%
  • YTD9.0%

In the last week, the Banks industry is up 3.9%, with DNB Bank up 3.7%. In the last 12 months, the industry was up 17%. Earnings are forecast to grow by 3.4% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 18 Aug 2026NOK 702.3bNOK 153.4bNOK 64.6b10.9x10.9x4.6x
Thu, 16 Jul 2026NOK 660.6bNOK 153.7bNOK 60.4b12.3x10.9x4.3x
Sat, 13 Jun 2026NOK 645.6bNOK 153.7bNOK 61.2b12x10.5x4.2x
Mon, 11 May 2026NOK 631.0bNOK 153.7bNOK 61.7b11.3x10.2x4.1x
Wed, 08 Apr 2026NOK 684.3bNOK 153.3bNOK 62.6b11.6x10.9x4.5x
Fri, 06 Mar 2026NOK 673.3bNOK 153.2bNOK 63.0b11.1x10.7x4.4x
Sun, 01 Feb 2026NOK 628.3bNOK 150.0bNOK 62.9b11.2x10x4.2x
Tue, 30 Dec 2025NOK 643.5bNOK 150.8bNOK 63.1b11.3x10.2x4.3x
Thu, 27 Nov 2025NOK 598.0bNOK 150.8bNOK 63.5b10x9.4x4x
Sat, 25 Oct 2025NOK 581.7bNOK 149.4bNOK 63.6b10.5x9.1x3.9x
Mon, 22 Sep 2025NOK 602.2bNOK 150.2bNOK 64.7b10.6x9.3x4x
Wed, 20 Aug 2025NOK 601.2bNOK 150.1bNOK 65.1b9.5x9.2x4x
Fri, 18 Jul 2025NOK 587.7bNOK 146.4bNOK 63.4b11.1x9.3x4x
Sun, 15 Jun 2025NOK 612.7bNOK 145.5bNOK 63.4b11.2x9.7x4.2x
Tue, 13 May 2025NOK 585.5bNOK 145.6bNOK 63.4b10.9x9.2x4x
Thu, 10 Apr 2025NOK 534.3bNOK 146.4bNOK 63.0b10.2x8.5x3.6x
Sat, 08 Mar 2025NOK 584.5bNOK 146.5bNOK 66.6b9.5x8.8x4x
Mon, 03 Feb 2025NOK 529.6bNOK 143.0bNOK 60.5b9.6x8.8x3.7x
Wed, 01 Jan 2025NOK 498.9bNOK 143.3bNOK 60.6b9.4x8.2x3.5x
Fri, 29 Nov 2024NOK 499.3bNOK 143.0bNOK 60.7b9.3x8.2x3.5x
Sun, 27 Oct 2024NOK 498.9bNOK 139.7bNOK 58.5b9.7x8.5x3.6x
Tue, 24 Sep 2024NOK 471.4bNOK 140.1bNOK 57.4b9.3x8.2x3.4x
Thu, 22 Aug 2024NOK 479.9bNOK 140.1bNOK 57.7b8.9x8.3x3.4x
Sat, 20 Jul 2024NOK 474.6bNOK 138.2bNOK 56.7b9.2x8.4x3.4x
Mon, 17 Jun 2024NOK 457.3bNOK 136.1bNOK 55.4b8.8x8.3x3.4x
Wed, 15 May 2024NOK 459.5bNOK 135.0bNOK 55.1b9.2x8.3x3.4x
Fri, 12 Apr 2024NOK 470.9bNOK 134.2bNOK 54.7b9.3x8.6x3.5x
Sun, 10 Mar 2024NOK 467.1bNOK 133.9bNOK 55.4b8.7x8.4x3.5x
Tue, 06 Feb 2024NOK 456.2bNOK 132.1bNOK 54.1b9.3x8.4x3.5x
Thu, 04 Jan 2024NOK 467.0bNOK 130.3bNOK 53.9b9.2x8.7x3.6x
Sat, 02 Dec 2023NOK 448.8bNOK 130.2bNOK 53.8b8.9x8.3x3.4x
Mon, 30 Oct 2023NOK 439.5bNOK 128.0bNOK 54.3b9.3x8.1x3.4x
Wed, 27 Sep 2023NOK 465.9bNOK 124.2bNOK 50.9b9.2x9.2x3.8x
Fri, 25 Aug 2023NOK 459.5bNOK 123.7bNOK 50.8b8.9x9.1x3.7x
Price to Earnings Ratio

9.1x


Total Market Cap: NOK 459.5bTotal Earnings: NOK 50.8bTotal Revenue: NOK 123.7bTotal 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 10.9x 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 4.6x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 8.4% per year over the last three years.
  • Revenues for these companies have grown 7.4% 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 Market2.44%
Financials3.17%
Banks3.87%
Regional Banks5.31%
Diversified Banks3.43%
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 10.1%, which is lower than the prior year's growth of 29.9% 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 10% over the next 5 years.
  • However this is lower than its past earnings growth rate of 30% per year.
  • 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 313.402.3%
+NOK 10.3b		16.6%PB1.6x
SB1NO SpareBank 1 Sør-NorgeNOK 219.005.5%
+NOK 3.5b		21.7%PB1.5x
MING SpareBank 1 SMNNOK 202.954.9%
+NOK 1.4b		5.5%PB1x
NONG SpareBank 1 Nord-NorgeNOK 168.368.1%
+NOK 1.3b		17.2%PB0.8x
SPOL SpareBank 1 ØstlandetNOK 191.502.6%
+NOK 652.2m		-0.5%PB1x

Latest News

NONG
NOK 168.36
SpareBank 1 Nord-Norge
7D
8.1%
1Y
17.2%
Analysis Article • 14h

Earnings Update: SpareBank 1 Nord-Norge (OB:NONG) Just Reported Its Second-Quarter Results And Analysts Are Updating Their Forecasts

It's been a good week for SpareBank 1 Nord-Norge ( OB:NONG ) shareholders, because the company has just released its...
SB1NO
NOK 219.00
SpareBank 1 Sør-Norge
7D
5.5%
1Y
21.7%
Narrative Update • Aug 17

SB1NO: Updated Discount Rate And Profitability Assumptions Will Support Balanced Future Returns

Analysts have raised their price target for SpareBank 1 Sør-Norge from NOK 207 to NOK 214.60, citing updated assumptions regarding the discount rate, profit margin and future P/E levels. What's in the News No recent publicly sourced news items for SpareBank 1 Sør-Norge were provided in the available feeds as of 14 August 2026.
TINDE
NOK 110.10
Tinde Sparebank
7D
-2.5%
1Y
-14.6%
SKUE
NOK 332.00
Skue Sparebank
7D
-0.6%
1Y
2.8%
MELG
NOK 183.04
Melhus Sparebank
7D
-3.2%
1Y
5.5%
TRSB
NOK 109.20
Trøndelag Sparebank
7D
-3.4%
1Y
-7.0%
SB68
NOK 204.95
Sparebank 68° Nord
7D
-5.6%
1Y
13.9%
Analysis Article • Aug 17

Sparebank 68° Nord Beat Analyst Estimates: See What The Consensus Is Forecasting For This Year

Sparebank 68° Nord ( OB:SB68 ) defied analyst predictions to release its quarterly results, which were ahead of market...
SPOL
NOK 191.50
SpareBank 1 Østlandet
7D
2.6%
1Y
-0.5%
Analysis Article • Aug 16

SpareBank 1 Østlandet Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

SpareBank 1 Østlandet ( OB:SPOL ) came out with its quarterly results last week, and we wanted to see how the business...
MING
NOK 202.95
SpareBank 1 SMN
7D
4.9%
1Y
5.5%
Analysis Article • Aug 16

SpareBank 1 SMN Beat Analyst Estimates: See What The Consensus Is Forecasting For This Year

SpareBank 1 SMN ( OB:MING ) just released its latest second-quarter results and things are looking bullish. SpareBank 1...
MORG
NOK 112.54
Sparebanken Møre
7D
2.9%
1Y
7.7%
Analysis Article • Aug 16

Sparebanken Møre Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next

Sparebanken Møre ( OB:MORG ) just released its latest quarterly results and things are looking bullish. It was overall...
SBNOR
NOK 196.00
Sparebanken Norge
7D
0.8%
1Y
16.9%
BIEN
NOK 144.00
Bien Sparebank
7D
-1.4%
1Y
-1.4%
PARB
NOK 60.20
Pareto Bank
7D
-3.1%
1Y
-34.9%
DNB
NOK 313.40
DNB Bank
7D
2.3%
1Y
16.6%
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 71.79
Sparebanken Øst
7D
-1.5%
1Y
-3.8%
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...
RING
NOK 446.60
SpareBank 1 Ringerike Hadeland
7D
2.2%
1Y
12.8%