Norwegian banks: Q3'25 outcome vs. expectations

Weaker margins vs. higher growth 

Strong retail lending growth, muted by cost

Norwegian banks: Higher rates, uncertain rules

Back to fair value

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