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Large Norwegian regional savings bank formed by merger, offering retail and corporate banking across Southern and Western Norway.
Large Norwegian regional savings bank formed by merger, offering retail and corporate banking across Southern and Western Norway.
In one line: A large Norwegian regional savings bank.
Moat: narrow (switching costs, distribution, scale). Deep regional deposit franchise and branch network built through savings bank mergers.
Headquarters: Stavanger, Norway · Founded: 2024 · Employees: 1,644
Size Sparebanken Norge (SBNOR.OL) is a Norway Financials company (Major Banks) with a market value of $3.78B, the 24th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 202.25 on 6 Nov 2026.
Performance Over six months the shares gained 7.6%, against +7.8% for the median peer and +2.7% for the Norway market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 61.5% over the last twelve months (peer median +8.5%); the operating margin is 63.1% (peer median 33.0%).
Valuation It trades at 0.71× book value against a peer median of 1.05× (2nd cheapest of 21).
Credit Sparebanken Norge has 20 bonds outstanding ($11.3B), rated Aa3 by the agencies and trading like AA at a weighted spread of 83 bp.
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 33.4B | NOK 30.4B | NOK 20.2B | NOK 15.4B | NOK 8.77B |
| Revenue growth | — | +51% | +31% | +76% | — |
| Net income | NOK 2.77B | NOK 2.52B | NOK 1.83B | NOK 1.40B | NOK 1.22B |
| Free cash flow | NOK 8.43B | NOK 7.05B | NOK 4.48B | NOK 3.69B | NOK 2.29B |
| Capital expenditure | NOK 108M | NOK 88.0M | NOK 72.0M | NOK 107M | NOK 123M |
| Total debt | NOK 309B | NOK 269B | NOK 159B | NOK 141B | NOK 127B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Sparebanken Norge SBNOR.OL | $3.78B | +8% | +62% | 7% | 0.71× | 6.1% |
| DNB Bank DNB.OL | $50.0B | +16% | -8% | 15% | 1.76× | 11.2% |
| SpareBank 1 SMN MING.OL | $3.38B | +16% | -6% | 9% | 1.08× | 7.0% |
| Sparebank 1 Ostlandet SPOL.OL | $3.01B | +9% | -2% | 9% | 1.09× | 7.1% |
| Nordea Bank Abp NDA-FI.HE | $62.3B | +6% | +3% | 15% | 1.77× | 14.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SBNOR.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.2% | -0.1% | 10th highest of 21 |
| 6-month return | +7.6% | +7.8% | 11th highest of 21 |
| Return on equity | 6.9% | 9.7% | 5th lowest of 21 |
| Price / book | 0.71× | 1.05× | 2nd cheapest of 21 |
| Trailing P/E | 12.1× | 14.6× | 7th cheapest of 20 |
| ROE the price implies | 6.1% | 10.2% | 4th least demanding of 19 |
| Bond spread | 83 bp | 123 bp | tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Sparebanken Norge SBNOR.OL | Norway | $3.78B | +8% | +62% | 7% | 0.71× | 6.1% | n/a |
| Kyushu Financial 7180.T | Japan | $3.79B | +7% | +15% | 5% | 0.73× | 6.6% | 4.9% |
| Daishi Hokuetsu Financial 7327.T | Japan | $3.73B | +9% | +18% | 9% | 0.94× | 6.3% | 8.6% |
| JB Financial 175330.KS | South Korea | $3.67B | 0% | +9% | 13% | 0.94× | 5.3% | n/a |
| TBC Bank TBCG.L | United Kingdom | $3.64B | +11% | +16% | 24% | 1.40× | 15.7% | 23.8% |
| Nicolet Bankshares NIC | United States | $3.60B | +18% | +46% | 10% | 1.62× | 11.5% | 10.2% |
| Dave DAVE | United States | $3.55B | +9% | +49% | 105% | 17.09× | 291.2% | 104.8% |
| Community Financial System CBU | United States | $3.39B | +1% | +7% | 12% | 1.67× | 12.5% | 11.8% |
| Flagstar Bank, National Association FLG | United States | $4.21B | -26% | -18% | 1% | 0.59× | 7.4% | 1.2% |
| Simmons First National SFNC | United States | $3.37B | +10% | +122% | 8% | 1.01× | 9.7% | 7.8% |
| First Financial Bankshares FFIN | United States | $4.36B | -6% | +8% | 16% | 2.38× | 17.0% | 15.9% |
| Texas Capital Bancshares TCBI | United States | $4.39B | +1% | +3% | 10% | 1.34× | 9.8% | 10.2% |
| Liechtensteinische Landesbank LLBN.SW | Switzerland | $4.40B | +24% | -2% | 8% | 1.48× | n/a | 7.7% |
| Park National PRK | United States | $3.20B | +2% | +21% | 13% | 1.87× | 13.1% | 13.1% |
| Bank of Queensland BOQ.AX | Australia | $3.19B | +14% | -6% | 4% | 0.80× | 8.9% | 4.3% |
| Banque Cantonale de Geneve BCGE.SW | Switzerland | $3.17B | +12% | -3% | 10% | 1.01× | n/a | 9.9% |
| Banco Macro SA Sponsored ADR BMA | United States | $4.53B | -21% | +4% | 7% | 0.87× | 11.3% | 7.5% |
| Fulton Financial FULT | United States | $4.54B | +11% | +3% | 12% | 1.29× | 10.5% | 11.6% |
| BankUnited BKU | United States | $3.14B | -7% | -5% | 9% | 1.09× | 11.9% | 9.2% |
| Shiga Bank 8366.T | Japan | $3.12B | +11% | +23% | 4% | 0.76× | 3.9% | 4.4% |
| 77 Bank 8341.T | Japan | $4.66B | +7% | +21% | 9% | 0.95× | 5.9% | 9.4% |
Sparebanken Norge has 20 bonds outstanding with $11.3B face value. The agencies rate it Aa3; its bonds trade like AA. Weighted yield 4.18%, a spread of 83 bp over government bonds.