Norwegian banks: Wrapping up Q4'25

A top pick among our HOLDs

Q4: 8% PTP beat from better NII, costs and provisions

Norw. banks: Rates help, competition hurts

Higher rates, but competition caps NII

Norwegian banks: Q3'25 outcome vs. expectations

Margins slip, costs step up

Q3 beat, but negative revisions expected

Norwegian banks: Higher rates, uncertain rules

CET1 headroom hurt by risk weights

Norwegian banks: Q2'25 outcome vs. expectations

Fundamentals priced in, yet attractive vs. peers

A non-NII and a loan loss beat

Norwegian banks Q2e: It's time for a breather

Limited revisions, HOLD maintained

Norwegian banks: Q1'25 outcome vs. expectations

Fundamentals well reflected in pricing

Sparebank 1 SMN (Buy, TP: NOK202.00) - Solid core revenue growth

Q1 PTP was NOK1,269m, 6% lower YOY, as stronger ‘real NII’ and fees were offset by soft trading and higher opex. On a QOQ basis, two fewer interest days, and somewhat softer growth, led to a ‘real NII’ decline. With a CET1 ratio of 18.1%, we see continued capital headroom, supportive of solid distributions. We have trimmed our 2026–2027e EPS by ~1% on the NII trend, but reiterate our BUY and NOK202 target price.

Weaker NII and cost to impact revisions

Adj. PTP -3% vs. ABGSCe, -2% vs. cons; Higher cost to impact revisions; Cons. '25e-27e EPS chg. down 2-4%, stock down 2-4% today

Norwegian banks Q1: priced for higher rates