Analysis Article • 20h
Have your own idea? Try our Stock Screener
Norwegian (OSEAX) Banks Industry Analysis
UpdatedAug 17, 2026
DataAggregated Company Financials
Companies35
- 7D1.4%
- 3M9.0%
- 1Y14.3%
- YTD7.5%
Over the last 7 days, the Banks industry has risen 1.4%, driven by gains from DNB Bank of 3.7%. This means that the industry has gained 14% over the past year. Looking forward, 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?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 18 Aug 2026 | NOK 692.6b | NOK 153.6b | NOK 64.2b | 11.6x | 10.8x | 4.5x |
| Thu, 16 Jul 2026 | NOK 660.6b | NOK 153.7b | NOK 60.4b | 12.3x | 10.9x | 4.3x |
| Sat, 13 Jun 2026 | NOK 645.6b | NOK 153.7b | NOK 61.2b | 12x | 10.5x | 4.2x |
| Mon, 11 May 2026 | NOK 631.0b | NOK 153.7b | NOK 61.7b | 11.3x | 10.2x | 4.1x |
| Wed, 08 Apr 2026 | NOK 684.3b | NOK 153.3b | NOK 62.6b | 11.6x | 10.9x | 4.5x |
| Fri, 06 Mar 2026 | NOK 673.3b | NOK 153.2b | NOK 63.0b | 11.1x | 10.7x | 4.4x |
| Sun, 01 Feb 2026 | NOK 628.3b | NOK 150.0b | NOK 62.9b | 11.2x | 10x | 4.2x |
| Tue, 30 Dec 2025 | NOK 643.5b | NOK 150.8b | NOK 63.1b | 11.3x | 10.2x | 4.3x |
| Thu, 27 Nov 2025 | NOK 598.0b | NOK 150.8b | NOK 63.5b | 10x | 9.4x | 4x |
| Sat, 25 Oct 2025 | NOK 581.7b | NOK 149.4b | NOK 63.6b | 10.5x | 9.1x | 3.9x |
| Mon, 22 Sep 2025 | NOK 602.2b | NOK 150.2b | NOK 64.7b | 10.6x | 9.3x | 4x |
| Wed, 20 Aug 2025 | NOK 601.2b | NOK 150.1b | NOK 65.1b | 9.5x | 9.2x | 4x |
| Fri, 18 Jul 2025 | NOK 587.7b | NOK 146.4b | NOK 63.4b | 11.1x | 9.3x | 4x |
| Sun, 15 Jun 2025 | NOK 612.7b | NOK 145.5b | NOK 63.4b | 11.2x | 9.7x | 4.2x |
| Tue, 13 May 2025 | NOK 585.5b | NOK 145.6b | NOK 63.4b | 10.9x | 9.2x | 4x |
| Thu, 10 Apr 2025 | NOK 534.3b | NOK 146.4b | NOK 63.0b | 10.2x | 8.5x | 3.6x |
| Sat, 08 Mar 2025 | NOK 584.5b | NOK 146.5b | NOK 66.6b | 9.5x | 8.8x | 4x |
| Mon, 03 Feb 2025 | NOK 529.6b | NOK 143.0b | NOK 60.5b | 9.6x | 8.8x | 3.7x |
| Wed, 01 Jan 2025 | NOK 498.9b | NOK 143.3b | NOK 60.6b | 9.4x | 8.2x | 3.5x |
| Fri, 29 Nov 2024 | NOK 499.3b | NOK 143.0b | NOK 60.7b | 9.3x | 8.2x | 3.5x |
| Sun, 27 Oct 2024 | NOK 498.9b | NOK 139.7b | NOK 58.5b | 9.7x | 8.5x | 3.6x |
| Tue, 24 Sep 2024 | NOK 471.4b | NOK 140.1b | NOK 57.4b | 9.3x | 8.2x | 3.4x |
| Thu, 22 Aug 2024 | NOK 479.9b | NOK 140.1b | NOK 57.7b | 8.9x | 8.3x | 3.4x |
| Sat, 20 Jul 2024 | NOK 474.6b | NOK 138.2b | NOK 56.7b | 9.2x | 8.4x | 3.4x |
| Mon, 17 Jun 2024 | NOK 457.3b | NOK 136.1b | NOK 55.4b | 8.8x | 8.3x | 3.4x |
| Wed, 15 May 2024 | NOK 459.5b | NOK 135.0b | NOK 55.1b | 9.2x | 8.3x | 3.4x |
| Fri, 12 Apr 2024 | NOK 470.9b | NOK 134.2b | NOK 54.7b | 9.3x | 8.6x | 3.5x |
| Sun, 10 Mar 2024 | NOK 467.1b | NOK 133.9b | NOK 55.4b | 8.7x | 8.4x | 3.5x |
| Tue, 06 Feb 2024 | NOK 456.2b | NOK 132.1b | NOK 54.1b | 9.3x | 8.4x | 3.5x |
| Thu, 04 Jan 2024 | NOK 467.0b | NOK 130.3b | NOK 53.9b | 9.2x | 8.7x | 3.6x |
| Sat, 02 Dec 2023 | NOK 448.8b | NOK 130.2b | NOK 53.8b | 8.9x | 8.3x | 3.4x |
| Mon, 30 Oct 2023 | NOK 439.5b | NOK 128.0b | NOK 54.3b | 9.3x | 8.1x | 3.4x |
| Wed, 27 Sep 2023 | NOK 465.9b | NOK 124.2b | NOK 50.9b | 9.2x | 9.2x | 3.8x |
| Fri, 25 Aug 2023 | NOK 459.5b | NOK 123.7b | NOK 50.8b | 8.9x | 9.1x | 3.7x |
Price to Earnings Ratio
9.1x
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 10.8x 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 8.2% per year over the last three years.
- Revenues for these companies have grown 7.5% 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 | 2.99% | |
| Financials | 1.18% | |
| Banks | 1.41% | |
| Regional Banks | 2.00% | |
| Diversified Banks | 1.23% | |
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 10.4%, which is higher than its past year's earnings growth of 4.2% 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.
- This is better than its past earnings growth rate of 4.2% 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?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| DNB DNB Bank | NOK 317.30 | 3.7% +NOK 16.3b | 19.0% | PB1.7x | |
| SB1NO SpareBank 1 Sør-Norge | NOK 221.50 | 6.2% +NOK 4.0b | 22.8% | PB1.5x | |
| MING SpareBank 1 SMN | NOK 208.00 | 5.7% +NOK 1.6b | 7.9% | PB1x | |
| NONG SpareBank 1 Nord-Norge | NOK 170.76 | 8.3% +NOK 1.3b | 18.7% | PB0.8x | |
| SPOL SpareBank 1 Østlandet | NOK 193.86 | 3.0% +NOK 769.1m | 2.8% | PB1x |