Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Norwegian (OSEAX) Banks Industry Analysis

UpdatedAug 19, 2026
DataAggregated Company Financials
Companies35
  • 7D2.8%
  • 3M7.7%
  • 1Y14.7%
  • YTD7.7%

The Banks industry is up 2.8% in the last week, with SpareBank 1 Sør-Norge up 4.3%. In the last 12 months, the industry was up 15%. Looking forward, earnings are forecast to grow by 4.0% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 20 Aug 2026NOK 693.7bNOK 153.4bNOK 62.3b11.1x11.1x4.5x
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
Price to Earnings Ratio

9.1x


Total Market Cap: NOK 459.8bTotal Earnings: NOK 50.8bTotal Revenue: NOK 123.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Banks Industry Price to Earnings3Y Average 9.2x202420252026
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 11.1x 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 7.1% 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 Market1.36%
Financials2.22%
Banks2.76%
Regional Banks4.74%
Diversified Banks2.16%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 9.0x.
    • Analysts are expecting annual earnings growth of 2.1%, which is higher than its past year's earnings decline of 0.9% per year.
  • Investors are most pessimistic about the Regional Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 9.6x.
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 grow by 2.1% 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 217.004.3%
+NOK 2.6b		20.2%PB1.5x
DNB DNB BankNOK 308.700.3%
+NOK 1.5b		13.7%PB1.6x
MING SpareBank 1 SMNNOK 202.204.4%
+NOK 1.2b		5.3%PB1x
NONG SpareBank 1 Nord-NorgeNOK 163.785.9%
+NOK 919.6m		14.8%PB0.8x
SPOL SpareBank 1 ØstlandetNOK 188.122.7%
+NOK 664.8m		-2.7%PB0.9x

Latest News

NONG
NOK 163.78
SpareBank 1 Nord-Norge
7D
5.9%
1Y
14.8%
Analysis Article • Aug 18

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 217.00
SpareBank 1 Sør-Norge
7D
4.3%
1Y
20.2%
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.
JAREN
NOK 329.00
Jæren Sparebank
7D
-1.9%
1Y
-10.1%
TRSB
NOK 106.02
Trøndelag Sparebank
7D
-5.3%
1Y
-9.7%
HELG
NOK 155.12
SpareBank 1 Helgeland
7D
-0.2%
1Y
-8.8%
SPOL
NOK 188.12
SpareBank 1 Østlandet
7D
2.7%
1Y
-2.7%
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 202.20
SpareBank 1 SMN
7D
4.4%
1Y
5.3%
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 112.02
Sparebanken Møre
7D
3.2%
1Y
7.0%
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...
AURG
NOK 254.00
Aurskog Sparebank
7D
-0.8%
1Y
6.7%
ROGS
NOK 147.80
Rogaland Sparebank
7D
-0.4%
1Y
2.4%
SBNOR
NOK 192.34
Sparebanken Norge
7D
1.0%
1Y
14.9%
BIEN
NOK 144.00
Bien Sparebank
7D
-1.4%
1Y
-1.4%
PARB
NOK 60.10
Pareto Bank
7D
-2.0%
1Y
-35.1%
DNB
NOK 308.70
DNB Bank
7D
0.3%
1Y
13.7%
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 71.78
Sparebanken Øst
7D
-1.9%
1Y
-3.9%
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 444.00
SpareBank 1 Ringerike Hadeland
7D
3.3%
1Y
13.1%