Barclays says competition a risk for Nordic banks, with Sweden worst off

Dnb Bank ASA

09/04/2026 11:31

** Barclays advises selectivity on Nordic banks, saying there is a trade-off between a potential interest rate upside and structurally tough competitive conditions, especially in Sweden

** Swedish loan growth could be constrained by elevated leverage, it says, and expects high savings-deposit margins to be increasingly exposed to market competition

** "We believe Sweden sits at the epicentre of a structurally tough competitive landscape in the Nordics," Barclays says

** It cuts Handelsbanken SHBa.ST to "underweight" on weak earnings estimates and lowers SEB SEBa.ST to "equal-weight" on share erosion

** It raises Norway's DNB DNB.OL to "overweight" on NII upside and Sweden's Swedbank SWEDa.ST to "equal-weight" on its rate sensitivity

** Barclays keeps "overweight" on Denmark's Danske Bank DANSKE.CO and "underweight" on Helsinki-listed Nordea NDAFI.HE, whose biggest market is Sweden

COMPANY
RATING
OLD RATING
PT
OLD PT
DNB
overweight
equal-weight
NOK 339
NOK 298
Swedbank
equal-weight
underweight
SEK 303
SEK 289
Handelsbanken
underweight
equal-weight
SEK 110
SEK 132
SEB
equal-weight
overweight
SEK 171
SEK 200
Danske Bank
overweight
(unchanged)
DKK 376
DKK 360
Nordea
underweight
(unchanged)
SEK 12.90
SEK 13.50

(Reporting by Marta Frackowiak)

((marta.frackowiak@thomsonreuters.com))