3Q

2022

SpareBank 1 Østlandet

NEWSLETTER

Institutional investors and analysts

Highlights

  • Return on equity in the quarter of 9.4 %. Strong underlying development in core banking operations.
  • Solid growth in in net interest income (including commission income from transferred loans), of 12.3 % y/y (5.1 % q/q), from repricing and good lending growth (9.6 % y/y and 1.8 % q/q).
  • Restructured accounting services operations, establishing SpareBank 1 ForretningsPartner Østlandet.
  • Good underlying trend in net commission income (excl. transferred loans): Growth of 10.2 % y/y, with particularly positive contributions from payment services and insurance and mutual fund commissions. Quarterly fall due particularly to real estate brokerage and demerger effects from accounting services.
  • Net financials contributed NOK 10 mill. A low profit contribution reflects weak results in the
    SpareBank 1 Group as well as negative value changes for different financial items.
  • Operating expenses: Up 4.9 % y/y. Quarterly fall in operating expenses (4.6 % q/q), due partly to demerger effects.
  • Loan losses of NOK 19 mill., due to higher model- generated provisions for credit losses.

Investor relations

Geir-Egil Bolstad

CFO

+47 918 82 071 geir-egil.bolstad@sb1ostlandet.no

Please contact us for conference calls or other enquiries.

Financial performance per 30 Sept 2022

  • ROE 9.7 % (vs. long term target ≥ 11 %)
  • Dividend of NOK 6.00/ECC for 2021 paid in April (in line with 50% dividend policy)
  • CET-1of 18.2 % (vs. target of regulatory requirement + 100 bps., equiv. to 15.8% in 3Q-22)
  • Cost growth in parent bank +6.7 % (vs. target of within 4 %)

Presentation and resources

Published accounts and presentation 3Q-2022

Oslo Stock Exchange - Company Announcement

Investor homepage and webcast 3Q 2022 (English)

Bjørn-Erik Orskaug

Investor relations

+47 922 39 185 bjorn-erik.orskaug@sb1ostlandet.no

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Disclaimer

Sparebank 1 Østlandet published this content on 28 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2022 08:09:10 UTC.