Updated July 28, 2023
Overview of Banks in Norway
Banking sectors in Norway are classified or dominated by domestic and commercial banks, Regional Savings Banks, some foreign-controlled banks from Europe, and several small savings banks. At the end of 2018, Norway’s banking sectors consist of 122 banks and 12 branches and subsidiaries of foreign banks. Consolidated banking Assets at the end of 2017 were NOK 3,861.22 Billion, and Banks’ returns on equity were, on average, 11.3% in 2017. The Financial sector contributes approximately 6% of Norway’s GDP and strongly supports the European Financial sector. Norway has a high standard of living globally, and it achieved it by many natural resources compared to its population.
Norges Bank is the Central Bank of Norway, which promotes economic stability. The Central bank also executes monetary policy and promotes an efficient payment system and financial markets. The Financial Supervisory Authority Of Norway is an independent government agency in Norway that contributes to financial stability and well-functioning markets. The economy of Norway is mixed with free market activity and large state ownership in certain key sectors. Foreign Bank branches contribute 19% to retail and 38% domestic corporate market. The number of banking branches decreased significantly because more and more people use banking services online.
Top Banks In Norway
We will look at the top 10 banks of Norway in detail –
1. DNB Bank
DNB Bank is the largest bank in Norway in terms of Assets and one of the largest in the Nordic region in market capitalization. Bank offers a full range of financial services, including loans, savings, advisory services, insurance, and pension products for retail and corporate customers. It is Norway’s largest internet bank, with over 1.3 Million users, and a leading investment bank. Bank reported a profit of NOK 24,282 Million, and returns on equity was 11.7% during 2018, and it employs around 9,225 people. DNB offers banking services in In-store post and post offices across the country. In 2017, total assets with the bank were NOK 2,053.79 Billion.
2. Bank Norwegian AS
Bank Norwegian AS was founded in 2007, and it sells standard financial products which are easy to buy and sell. A Bank reported a comprehensive income of NOK 1,800.5 Million in 2018 compared with NOK 1,607.7 Million in 2017. Return on Equity was 30.5%, and return on assets was 3.8%. At the end of the fourth quarter of 2018, the bank had a customer base 1,507,600, and total assets exceeded NOK 50 Million. Bank of services like Instalment loans, credit cards, and deposit accounts to retail customers. It is one of the largest banks in Norway and owned subsidiary of Norwegian Finans Holding ASA.
Handelsbanken is one of the leading banks in Norway, founded in 1986, and the bank offers services like savings, loans, mortgages, credit and debit cards, assets management, insurance services, online banking; etc. Bank operates through a network of 49 branches throughout Norway with a skilled advisor and ready to give customers personal follow up and advice. Bank employs over 800 people in the bank.
4. Storebrand Bank ASA
Storebrand is one of the leading players in the Nordic market for long-term savings and insurance founded in 2006 with its headquarters in Lysaker, Norway. Bank manages more than NOK 700 billion, which makes them Norway’s largest asset manager. The 2018 group reported a Profit of NOK 3,158 Million, and the return on Equity was 13.7% which was 11.3% in 2017. The Group divides into three segments: Savings, Insurance, Guaranteed Pension, and others. Storebrand is a leading service provider of pension and insurance products in Norway and Sweden.
5. Sparebank 1 SMN
Sparebank 1 SMN is part of Sparebank 1 Alliance, an independent regional bank with a local footing. The Group and its subsidiary employ around 1,400 people, and its headquarters is in Trondheim. It is in 48 locations nationwide, with 223,000 retail and 15,100 corporate customers. Bank reported a profit of NOK 2,450 Million before Tax, and the return on Equity was 12.2% in 2018. Bank also provides advisory services to retail customers, farm sector customers, clubs, associations, investment and operating financing, fixed income, currency hedging, etc.
6. BN Bank ASA
BN Bank ASA is a Norway retail and corporate bank headquartered in Trondheim. Bank provides all its services through the Internet and telephone in Norway. Bank offers savings, high-interest and fixed deposit accounts, long-term mortgages, housing, and car loans. Additionally, the bank also provides payment intermediation products. In 2018 banks recorded a profit of NOK 278 Million, which was NOK 298 Million in 2017. BN Bank ASA is one the six largest commercial banks in Norway, and in 2017, assets with the bank were NOK 2,606,048 Million, and it doesn’t offer advanced investment products.
7. Santander Consumer Bank AS
Santander Consumer Bank AS is a part of Banco Santander, one of the world’s largest financial groups. The head office of the bank is in Lysaker, and in the Nordic region, Bank has total assets of NOK 82 billion. Bank employs around, or more than 650 people in the Nordic region, and 350 of them work in Norway. Bank offers services like car and leisure finance, credit cards, consumer loans, and saving products. Bank reported a net income of NOK 3,139 Million in 2018, which was NOK 3,055 Million years ago. Santander Consumer Bank AS is the second-largest commercial Bank in Norway.
Skandiabanken was established in 2000, and it’s headquartered in Bergen. It is one of the leading internet banks in Norway. Bank offers services like Deposit products, savings accounts, home loans, car loans, credit cards, overdraft facilities, personal loans, custody account loans, mortgage loans, etc. Net income reported during the fourth quarter of 2018 was NOK 162.717 Million compared to NOK 167.960 Million last year during the same period full year, 2018 net income was reported as NOK 697.3 39 Million as compared to NOK 634.367 Million a year ago. Skandiabanken is highly reputed for customer satisfaction.
9. Sparebanken Møre
It is one of the leading financial houses in the country with 28 offices in 24 municipalities and a group with total assets of NOK 71 billion and situated in Romsdal Main business areas of the bank are Banking and Finance, Leasing, and Real Estate. Bank reported an operating profit of NOK 824 Million in 2018, profit after tax was NOK 605 Million, and the bank’s earnings per share equity was NOK 29.80. Sparebanken bank also offers services like deposits, other forms of investment, assets management, financing, financial advisory, currency and interest rate hedging, etc.
10. YA Bank AS
YA bank was founded in 2006 and is situated in Oslo, Norway. It offers simple, transparent retail banking products and is Norway’s 12 largest commercial Bank. Bank offers services like deposits, provide loans, home mortgages and borrowings, credit cards, and refinancing services. The bank is owned by Swedish Resurs Bank AB, which acquired the YA bank in 2015. Total assets with the bank were NOK 6.037 Million as of March 2017, and operating income during 2017 was NOK 268 96 Million.
This has been a guide to Banks in Norway. Here we have discussed the 10 top banks in Norway with their financial structure. You may also look at the following articles: