4Q
2022
SpareBank 1 Østlandet
NEWSLETTER
Institutional investors and analysts
Highlights
- Very strong return on equity in the 4th quarter: 12.9 %. Strong development in core banking operations, but net financials were also positive.
- Solid growth in net interest income (including com- mission income from transferred loans): Up 24.4 % y/y (10.5 % q/q), from repricing and volume growth. Lending growth of 8.7 % y/y (1.1 % q/q).
- Net commission income (excl. transferred loans): Growth of 2.5 % y/y (0.2 % q/q). The reorganization of accounting operations in 3Q had a negative income impact, along with lower income from real estate brokerage. Good growth in other commission income.
- Net financials: Positive contribution of NOK 172 mill., due largely to ownership contributions of NOK 113 mill. and positive net contribution from other financial items of NOK 46 mill.
- Operating expenses: Down 2.6 % y/y, due particularly to lower cost base in SpareBank 1 ForretningsPartner Østlandet AS and lower commission-based pay of real estate brokers. Cost growth in parent bank of 6.1 % y/y in 2022.
- Loan losses: Impairment charges of NOK 63 mill., of which NOK 38 mill. were model-based provisions.
- Capital adequacy: CET-1ratio of 17.7 % (18.2 % in 3Q-
22). Lower ratio due to dividends, negative basis swap effects, and higher risk-weighted assets. - Dividends: Board proposes to Supervisory Board a cash dividend of NOK 6.80 per ECC, equivalent to 60 % of the majority's share of the consolidated profit. Customer dividend and provisions for donations of NOK 306 mill. and 31 mill., respectively.
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 in 2022
- ROE 10.5 % (vs. long term target ≥ 11 %)
- Proposed dividend of NOK 6.80/ECC for 2022*
- CET-1of 17.7 % (vs. target of regulatory requirement + 100 bps., equiv. to 16.3% in 4Q-22)
- Cost growth in parent bank +6.1 % (vs. target of within 4 %)
*2022 dividend decision will be made by the Supervisory Board on 30 March 2023
Presentation and resources
Published accounts and presentation 4Q-2022
Oslo Stock Exchange - Company Announcement
Investor homepage and webcast 4Q 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 10 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 February 2023 06:59:02 UTC.