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.
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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.