SpareBank 1 Østlandet's consolidated profit after tax for the fourth quarter of
2023 was NOK 574 (622) million. The quarterly results show good growth in net
interest income, while reductions in contributions from financial assets and
liabilities pull in the other direction. 
 
"The Bank's results for 2023 reflect the troubled year that has just ended, in
which some customers in vulnerable industries had a tougher year," says Group
CEO Richard Heiberg. "We have worked hard to find long-term solutions with
customers, which means that impairment charges in the fourth quarter were
significantly lower than in the preceding quarters," he says. 

Consolidated profit
SpareBank 1 Østlandet's consolidated profit after tax for 2023 was NOK 2 222 (1
948) million. The Bank saw good growth in lending and deposits throughout the
year and this contributed to the increase in the Bank's net interest income in
2023. It was largely interest income that contributed to higher profits for the
Group, while increased loan losses, higher operating expenses and reduced
commission income from the covered bond companies pulled in the opposite
direction.

Customers still need loans for their various projects, and the Group's overall
lending growth for the past 12 months was 5.3 per cent. Saving by customers
remained good despite somewhat tighter finances for both households and
businesses, and deposit growth was 7.8 per cent over the past 12 months. 

Dividend and customer dividends
SpareBank 1 Østlandet's Board of Directors is proposing to distribute 60 per
cent of the Group's profit to owners and customers.  The decision on profit
sharing will be made by the Bank's Supervisory Board on 21 March 2024. 

The Board of Directors is proposing a dividend of NOK 903 million for the
owners, meaning a cash dividend of NOK 7.80 per equity capital certificate. The
Bank's largest owner, Sparebankstiftelsen Hedmark, which is the largest
contributor to good causes in the former county of Hedmark, will receive the
largest dividend from the Bank, of NOK 471 million.

Furthermore, the Board of Directors is proposing to the Supervisory Board that
customer dividends of NOK 381 (306) million be paid out, the highest amount
since customer dividends were launched in 2017. In the years since then, the
Bank has paid out more than NOK 1.8 billion in customer dividends. 

"I am pleased and proud of our innovative bank customer dividends. It is
especially satisfying for me in my last year at the Bank to announce what we are
distributing to customers," says Group CEO Richard Heiberg. This will be the
last set of annual results that he presents. He will retire on 01 April 2024
after almost 30 years as a board member, Chair of the Board and Group CEO. On
that day he will hand over the helm to the Bank's new Group CEO, Klara Lise
Aasen. 

Stronger presence in Oppland and Øvre Romerike
On 15 January 2024, the boards of SpareBank 1 Østlandet and Totens Sparebank
decided to merge the two banks so they could focus more strongly together on the
best interests of customers, employees, owners, and local communities in the
Inland region. Final decisions will be made in the banks' General Meeting and
Supervisory Board on 22 February 2024. Approvals from supervisory authorities
must also be given before the legal merger can be completed. SpareBank 1
Østlandet also refers to the merger plan's regulation of dividends, which
implies that dividends in Sparebank 1 Østlandet shall guide the distribution of
the profit that can be approved by Totens Sparebank. 

Establishing a branch office in Drammen 
SpareBank 1 Østlandet has decided to establish a branch office in Drammen. The
branch will have a central location and the plan is to open it in the autumn of
2024. Drammen is an attractive and growing region and opening a branch here will
strengthen the bank's presence in the region southwest of Oslo.


Key figures for Q4 and the full year 2023

Q4 2023 (Consolidated figures. Figures in brackets concern the corresponding
period in 2022)
o	Profit after tax: NOK 574 (622) million
o	Return on equity: 11.3 (12.9) per cent
o	Earnings per equity capital certificate: NOK 3.32 (3.61)
o	Net interest income: NOK 1 005 (789) million
o	Net commissions and other operating income: NOK 319 (370) million
o	Net income from financial assets and liabilities was NOK 77 (172) million.
o	Total operating expenses: NOK 594 (517) million
o	Net loan loss provisions were NOK 39 (63) million.
o	Lending growth in the last quarter, including mortgages transferred to the
covered bond companies: 0.9 (1.1) per cent
o	Deposit growth in the last quarter: 2.6 (-0.1) per cent
o	Common Equity Tier 1 capital ratio: 17.0 (17.7) per cent
o	The Bank's green loans (incl. loans transferred to the covered bond companies)
amounted to NOK 39 (33) billion at the end of the fourth quarter

Provisional annual results for 2023 (Consolidated figures. Figures in brackets
concern the corresponding period in 2022)
o	Profit after tax: NOK 2 222 (1 948) million
o	Return on equity: 11.3 (10.5) per cent
o	Earnings per equity capital certificate: NOK 12.99 (11.37)
o	Net interest income: NOK 3 655 (2 693) million.
o	Net commissions and other operating income: NOK 1 455 (1 588) million
o	Net income from financial assets and liabilities: NOK 233 (162) million
o	Total operating expenses: NOK 2 191 (2 037) million
o	Net loan loss provisions were NOK 307 (27) million.
o	Lending growth in the past 12 months, including mortgages transferred to the
covered bond companies: 5.3 (8.7) per cent
o	Deposit growth in the past 12 months: 7.8 (7.2) per cent
o	The Board of Directors is proposing to the Supervisory Board of the Bank a
cash dividend of NOK 7.80 (6.80) per equity capital certificate, totalling NOK
903 (788) million. Customer dividends of NOK 381 (306) million and a provision
of NOK 6 (31) million for gifts are also proposed. 


Contact information:
Richard Heiberg, Group CEO, Tel.: +47 902 06 018 
Geir-Egil Bolstad, CFO, Tel.: +47 918 82 071 
Bjørn-Erik Orskaug, Head of Investor Relations, Tel.: +47 922 39 185
Siv Stenseth, EVP Communication and Social Affairs, Tel.: +47 958 46 991

This information must be disclosed pursuant to section 5-12 of the Securities
Trading Act.

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