Norwegian banks: Wrapping up Q4'25

Progress towards 2028, yet short of targets

Q4: Income-driven +6% PTP-beat and better DPS

Norw. banks: Rates help, competition hurts

Fair valuation despite funding optionality

Norwegian banks: Q3'25 outcome vs. expectations

Earnings up, payouts lag

Underlying beat and synergies guidance uplift

Norwegian banks: Higher rates, uncertain rules

Among our favourites, but not enough upside

Norwegian banks: Q2'25 outcome vs. expectations

Buybacks enter the toolkit for capital efficiency

Soft share on NII miss despite adj. PBLL beat

Norwegian banks Q2e: It's time for a breather

Trading above fair P/NAV and hist. P/E

Norwegian banks: Q1'25 outcome vs. expectations

SpareBank 1 Sør-Norge (Hold, TP: NOK180.00) - Strong core revenues

Helped by strong core revenues and limited loan losses, the Q1 ROE was 13.5%, despite some underlying cost inflation and merger-related costs. Backed by solid earnings generation, the CET1 ratio rose ~30bp QOQ to 18.3%, with an ample buffer to the ~17.6% requirement, boding well for meaningful distributions over our forecast horizon. We have raised our 2026–2027e EPS by 2–3% on higher NII and fee income, and our target price to NOK180 (170), but continue to find the valuation fair and reiterate ...

Strong numbers, but pricing is fair

Strong adj. PBLL beat +8% vs. cons

Adj. PBLL +3% vs ABGSCe, and +8% vs. cons; Stronger lending growth and unchanged synergies guidance; Expect cons. adj. EPS up by 2-4% and stock to go 2-5% today

Norwegian banks Q1: priced for higher rates