Norwegian banks: Q2'25 outcome vs. expectations

Q2 beat from write-back, valuation stretched

Beat amid write backs, stock to come off

Norwegian banks Q2e: It's time for a breather

Most sensitive to declining rates

Norwegian banks: Q1'25 outcome vs. expectations

Priced for flat interest rates: down to SELL

Delivers in-line with expectations

Adj. PTP -1% vs. ABGSCe & cons, driven by mgmt loan loss overlay; Trimmed lending guiding and positive capital revisions; Cons. up for 25e (beat), minor for '26e-'27e, stock to hold up

Norwegian banks Q1: priced for higher rates

Priced according to higher-for-longer scenario

Heder Bank to offer mortgages at 4.99%

Outlook for continued high rates

Although we continue to expect some margin headwind, the outlook for postponed rate cuts – leaving interest rates at continued high levels – should bode well for sector earnings, further supported by a strong profitability focus and modest loan losses. With the sector trading at an average 2026e P/E of c11.0x, and solid dividend potential, we find the valuation undemanding. We reiterate our positive sector view but highlight a larger share of HOLD recommendations than 12 months ago.

Norwegian banks: Q4'24 outcome vs. expectations

BN Bank ASA - Company Profile and SWOT Analysis

Summary BN Bank ASA - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights BN Bank ASA (BN Bank) is a provider of banking products and financial related services to retail and corporate customers. It is owned by SpareBank 1 SMN, SpareBank 1 NORD-NORGE, SpareBank 1 SR-Bank, and Spa...

Raising dividend expectations

Adj. PTP 5% below ABGSCe & consensus due to non-NII; Higher CET raises DPS expectations; Strong fundamentals reflected in decent valuation: HOLD

SpareBank1 Nord-Norge (Hold, TP: NOK130.00) - Still-strong profitabili...

Helped by a NOK176m one-off gain, solid core revenues and modest loan losses, NONG reported a strong Q4 ROE of 18.9%. The board proposed a NOK8.75 2024 DPS, implying a ~54% payout ratio (>50% policy) and a 6.7% dividend yield. We have raised our 2026e EPS by ~2%, and our target price to NOK130 (123). That said, with the stock trading at a dividend-adjusted 2026e P/E of 10.0x, we still see a more attractive risk/reward elsewhere in the sector. Thus, we reiterate our HOLD.

Better DPS and good guiding weight positive

Adj. PTP -5% vs. ABGSCe & cons, driven by softer income and costs. Repeat its lower future costs growth andguide lending higher (2025). Cons. '25e-'26e EPS rev. trim 1-2%; stock could just hold up (DPS)

Norw. banks Q4e: Lower yields from RW floor

NII has peaked, but associate income stronger

On course for ample distributions

While we forecast some margin moderation from current highs, we believe still-high interest rates, robust asset quality and a firm profitability focus bode well for continued strong earnings. With the sector trading at an average dividend-adjusted 2025e P/E of ~9.3x and several banks having additional excess capital, we still find the valuation undemanding. Noting some HOLD recommendations, we keep our positive sector view.