Norwegian banks: Q2'25 outcome vs. expectations

Fundamentals priced in, yet attractive vs. peers

Q2 beat from write-back, valuation stretched

Buybacks enter the toolkit for capital efficiency

Beat amid write backs, stock to come off

Soft share on NII miss despite adj. PBLL beat

A non-NII and a loan loss beat

Norwegian banks Q2e: It's time for a breather

Most sensitive to declining rates

Limited revisions, HOLD maintained

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

DNB Bank ASA: 1 director

A director at DNB Bank ASA bought 5,000 shares at 261.000NOK and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...

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

Fundamentals well reflected in pricing

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 ...

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.

Strong numbers, but pricing is fair

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