SpareBank 1 Østlandet's consolidated profit after tax for 2022 wasNOK 1 948 (2 022) million. The Board of Directors is proposing a cash dividend totallingNOK 788 (695) million, orNOK 6.80 (6.00) per equity capital certificate, as well as customer dividends totallingNOK 306 (295) million. TheSpareBank 1 Østlandet Group ended 2022 with a solid quarterly profit after tax ofNOK 622 (505) million, with a return on equity of 12.9 (11.1) per cent. "The Bank's core operations developed strongly. High activity among customers helped to ensure solid growth throughout the year," says CEORichard Heiberg . Low losses - customers appear to be adapting their personal finances The Bank experienced low actual losses, both in the quarter and in the year as a whole. "Despite a year of generally high levels of uncertainty, several rate hikes and high inflation, it appears that customers have been able to adapt their personal finances to more volatile times. This also confirmed by the Bank's survey of expectations where seven out of ten retail customers responded that they have specific plans for reducing their expenditure. Few companies are reporting fears of bankruptcy, although the survey shows they have low expectations in generelt," says Heiberg. Exciting initiatives 2022 was a year of several initiatives that strengthenSpareBank 1 Østlandet as a relationship bank. The agreement to be one of two preferred providers of LOfavør products for members of theNorwegian Confederation of Trade Unions (LO) was extended by a further two years.SpareBank 1 Østfold Akershus became a co-owner of SpareBank 1 Finans Østlandet, andSpareBank 1 Ringerike Hadeland increased its ownership stake. The Group is also gearing up for further growth inOslo , with 10 new employees and a new branch in Økern Portal - an area of high population growth and with a diverse business sector. Positive feedback from many quarters In 2022, the Bank received several good national and international scores in various areas of its sustainability work. Our capable employees score high on work engagement and motivation, which helps generate a good corporate atmosphere and good customer experiences. Our best feedback ultimately comes from customers, with very good customer satisfaction survey results in both the retail and corporate markets. Outlook The macroeconomic backdrop has become more demanding for both households and companies in the past year. Uncertainty has increased and we have still not seen the full effect of the interest rate changes. Therefore, the Bank has increased its model-based provisions for loan losses. "SpareBank 1 Østlandet is financially strong and has good access to capital. It is therefore equipped to meet any challenges. The savings bank model, with its emphasis on good advice, proximity to the market and good local knowledge, stands up well in rough weather. The Bank therefore believes it will achieve increased profitability in the coming period," says Heiberg. Fourth quarter of 2022 (Consolidated figures. Figures in brackets concern the corresponding period in 2021) o Profit after tax:NOK 622 (505) million o Return on equity: 12.9 (11.1) per cent o Earnings per equity capital certificate:NOK 3.61 (2.98) o Net interest income:NOK 789 (563) million o Net commissions and other operating income:NOK 370 (424) million o Net income from financial assets and liabilities:NOK 172 (113) million o Total operating expenses:NOK 517 (531) million o Impairment losses on loans and guarantees:NOK 63 (28) million o Lending growth in the last quarter, including mortgages transferred to the covered bond companies: 1.1 (2.0) per cent o Deposit growth in the last quarter: -0.1 (1.0) per cent o Common Equity Tier 1 capital ratio: 17.7 (18.0) per cent o Eligible green assets under the Bank's green bond framework:NOK 29.1 (27.7) billion Preliminary annual financial statements for 2022 (Consolidated figures. Figures in brackets concern the corresponding period in 2021) o Profit after tax:NOK 1 948 (2 022) million o Return on equity: 10.5 (11.6) per cent o Earnings per equity capital certificate:NOK 11.37 (11.96) o Net interest income:NOK 2 693 (2 161) million o Net commissions and other operating income:NOK 1 588 (1 663) million o Net income from financial assets and liabilities:NOK 162 (599) million o Total operating expenses:NOK 2 037 (1 980) million o Impairment losses on loans and guarantees:NOK 27 (5) million o Lending growth, including mortgages transferred to covered bond companies in the past 12 months: 8.7 (7.7) per cent o Deposit growth in the past 12 months: 7.2 (7.7) per cent o The Board of Directors is proposing to the Supervisory Board of the Bank a cash dividend ofNOK 6.80 (6.00) per equity capital certificate, totallingNOK 788 (695) million. Customer dividends ofNOK 306 (295) million and a provision ofNOK 31 (6) million for donations are also proposed. Contact information:Richard Heiberg , Group CEO, Tel.: +47 902 06 018Geir-Egil Bolstad , CFO, Tel.: +47 918 82 071 Bjørn-Erik Orskaug, Head of Investor Relations, Tel.: +47 922 39 185Siv 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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