Sparebanker Q2.xlsx

	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T	U	V	W
1	Bank	Ticker	Share price 12 September 2021 NOK	MCAP 12 Sept 2021 NOK	No of ECC	ECC Ownership	Net earnings 2020 MNOK	P/E 2020	1H Earnings	Estimated earnings 2021 (YTD*2)	P/E 2021E	Dividend per share 2020 (paid in 2021) NOK	2020 Yield	ESTIMATED Dividend per share 2021 (paid in 2022) NOK	2021E Yield	ROE (after tax, annualised) Q4 2020	ROE (after tax, annualised) 1H 2021	CET Q2 21	Equity Q2	P/B Q2 2021	Deposit	P/Deposits Q2 2021	Total assets
2	DNB	DNB	189	293,252	1,550,365,021	100%	19,840	15	12,317	24,634	12	17.4	9%	9.4	5%	8%	10%	19%	245,548	1.19	1,230,931	0.24	3,080,095
3	Sparebank 1 SR-Bank	SRBNK	115	29,330	255,712,775	100%	1,590	18	1,534	3,068	10	8.6	7%	5.7	5%	10%	12%	18%	26,419	1.11	136,209	0.22	299,939
4	Sparebanken Vest	SVEG	90	9,616	107,323,040	40%	2,033	12	1,161	2,322	10	4.0	4%	4.1	5%	12%	12%	18%	19,242	1.25	88,821	0.27	224,143
5	SpareBank 1 SMN	MING	124	16,048	129,836,443	64%	1,978	13	1,523	3,046	8	4.8	4%	6.8	6%	10%	14%	18%	22,382	1.12	110,133	0.23	200,427
6	SpareBank 1 Østlandet	SPOL	125	14,479	115,829,789	70%	1,608	13	955	1,910	11	4.8	4%	4.9	4%	11%	11%	18%	17,791	1.16	92,551	0.22	155,242
7	Sparebanken Sør	SOR	133	2,083	15,663,944	17%	1,096	11	583	1,166	11	14.0	11%	8.0	6%	10%	8%	16%	14,076	0.87	66,042	0.19	140,414
8	SpareBank 1 Nord-Norge	NONG	88	8,855	100,398,016	46%	1,742	11	1,034	2,068	9	3.9	4%	4.7	5%	15%	13%	18%	15,814	1.22	80,872	0.24	123,975
9	Sparebanken Møre	MORG	386	3,816	9,886,954	50%	567	13	302	604	13	13.5	3%	16.0	4%	9%	8%	17%	7,412	1.03	41,484	0.18	82,830
10	SpareBank 1 Sørøst-Norge	SOON	51	6,006	118,689,862	60%	841	12	375	750	13	1.9	4%	2.4	4%	9%	8%	18%	9,637	1.03	46,872	0.22	73,767
11	Sparebanken Øst	SPOG	51	1,066	20,731,183	30%	453	8	206	412	9	4.5	9%	4.0	8%	7%	9%	17%	4,563	0.78	17,318	0.21	48,917
12	SpareBank 1 Helgeland	HELG	119	2,484	20,871,427	76%	340	10	133	266	12	3.1	3%	4.8	4%	17%	7%	21%	3,868	0.84	20,612	0.16	34,807
13	SpareBank 1 Ringerike Hadeland	RING	298	4,664	15,650,405	97%	367	13	236	472	10	11.4	4%	28.0	9%	10%	11%	18%	4,129	1.16	17,930	0.27	27,872
14	SpareBank 1 Østfold Akershus	SOAG	310	3,840	12,388,560	94%	369	11	233	466	9	3.5	1%	24.0	8%	11%	12%	18%	3,916	1.04	18,480	0.22	27,064
15	SpareBank 1 Nordmøre	SNOR	125	1,133	9,061,837	40%	217	13	89	178	16	6.5	5%	6.0	5%	7%	5%	17%	3,274	0.85	16,285	0.18	25,472
16	Sandnes Sparebank	SADG	97	2,242	23,014,902	63%	214	17	150	299	12	6.0	6%	4.9	5%	8%	10%	17%	3,096	1.15	12,824	0.28	30,475
17	Totens Sparebank	TOTG	180	1,102	6,124,534	51%	180	12	101	201	11	6.8	4%	9.0	5%	10%	10%	17%	2,059	1.05	10,069	0.21	20,034
18	Jæren Sparebank	JAREN	181	893	4,932,523	52%	112	15	59	119	14	7.5	4%	9.0	5%	6%	6%	18%	2,009	0.85	10,195	0.17	15,776
19	Skue Sparebank	SKUE	188	393	2,092,256	29%	98	14	64	128	11	6.0	3%	11.0	6%	9%	7%	18%	1,728	0.78	10,034	0.14	15,085
20	Aurskog Sparebank	AURG	216	694	3,214,800	37%	111	17	66	133	14	6.0	3%	13.0	6%	9%	9%	16%	1,446	1.30	8,025	0.23	13,088
21	Lillestrøm Sparebank	LSTSB	163	163	1,000,000	12%	70	19	62	124	11	7.4	5%	9.0	6%	7%	11%	16%	1,156	1.18	6,762	0.20	10,945
22	Melhus Sparebank	MELG	142	394	2,776,230	39%	88	11	54	109	9	7.0	5%	10.0	7%	10%	9%	17%	1,144	0.88	6,737	0.15	10,578
23	Sogn Sparebank	SOGN	127	80	632,500	13%	33	19	26	52	12	6.5	5%	4.0	3%	2%	6%	21%	940	0.66	5,942	0.10	7,803
24	Grong Sparebank	GRONG	141	419	2,972,475	45%	87	11	37	75	12	6.0	4%	8.0	6%	12%	9%	16%	860	1.08	5,433	0.17	7,607
25	Høland og Setskog Sparebank	HSPG	128	88	687,900	16%	53	10	31	61	9	0.0	0%	8.0	6%	13%	8%	17%	739	0.74	4,833	0.11	7,585
26	Romsdal Sparebank	ROMSB	121	238	1,964,700	33%	30	24	30	60	12	5.0	4%	6.0	5%	5%	8%	17%	780	0.92	4,580	0.16	6,474
27	Voss Veksel-og Landmandsbank	VVL	186	410	2,203,716	100%	33	12	21	42	10	10.3	6%	7.6	4%	7%	7%	18%	597	0.69	3,909	0.10	5,653
28	Sunndal Sparebank	SUNSB	119	161	1,357,142	30%	35	15	31	61	9	6.0	5%	10.0	8%	7%	11%	17%	548	0.98	3,121	0.17	4,480
29	Aasen Sparebank	AASB	131	133	1,013,913	24%	37	15	24	48	12	6.0	5%	10.0	8%	8%	9%	17%	547	1.01	3,182	0.17	4,659
30	Nidaros Sparebank	NISB	108	122	1,128,571	27%	28	16	20	41	11	5.4	5%	6.0	6%	6%	8%	19%	532	0.85	2,844	0.16	4,305
31	Tysnes Sparebank	TYSB	113	171	1,517,078	49%	28	13	12	25	14	0.0	0%	10.0	9%	8%	6%	16%	379	0.92	2,173	0.16	3,333
32	Average							14			11		5%		6%	9%	9%	18%		0.99		0.19
33
34	Higher risk lenders
35	Bank Norwegian AS	BANO	104.6	19,534	186,751,856	100%	1,887	10	765	1,529	13	6.0	6%	4.0	4%	19%	14%	24%	11,145	1.75	39,143	0.50	58,351
36	Komplett Bank ASA	KOMP	7.99	1,370	171,463,856	100%	263	5	113	225	6	0.4	5%	0.4	5%	13%	10%	22%	2,288	0.60	9,115	0.15	11,627
37	Pareto Bank ASA	PARB	54.2	3,177	58,619,688	100%	428	7	251	501	6	1.5	3%	2.0	4%	15%	13%	17%	3,782	0.84	9,959	0.32	19,920
38	Average							13			11		4%		6%	10%	9%	18%		0.97		0.20
39	Light green, listed on Euronext Growth.
40	Light yellow, not really savingsbanks since they are 100% owned by the equity holders.
41	Unsecured loan providers
42	** Estimates by Norne + in red my estimates
43	*** Including some YTD profit
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