SpareBank 1 Østlandet's profit after tax for the first quarter of 2024 was NOK
860 (652) million, corresponding to a return on equity of 17.4 (13.9) percent. 

«A return on equity above 17 percent is very solid and comes from strong
underlying operating results and low loan loss provisions. The key for these
strong figures lie in thorough banking craftsmanship in a competitive industry.
We intend to meet our competition with good advice and positive customer
experiences also going forward. I am proud of the efforts made by all our
employees every day» says Klara-Lise Aasen, CEO of SpareBank 1 Østlandet.

The quarter was characterized by strong growth in interest income. Net interest
income, including commissions from covered bond companies, amounted to NOK 1,079
million, an increase of 16.3 percent compared to the same quarter last year. 

At the end of the first quarter, total loan growth over the past 12 months was
4.8 percent. Growth in the retail portfolio was 3.4 percent, while it was 8.4
percent in the corporate market portfolio. There is strong competition both in
the retail and corporate markets and moderate demand. At the same time, there
are signs that activity may improve going forward, including in the market for
residential construction. 

Commission income, excluding commissions from the covered bond companies, was
similar to the same quarter last year. There was good growth in real estate
brokerage, while commissions from insurance were lower than at the same time
last year due to higher claims payments. The acquisition of the accounting and
advisory firm Siffer by SpareBank 1 ForretningsPartner Østlandet AS, effective 1
January 2024, resulted in increased revenue from accounting services by NOK 14
million. 

The group's operating expenses in the first quarter amounted to NOK 599 million,
an increase of 13.1 percent compared to the same quarter in 2023. 
«Costs are on the high side and are influenced by factors such as the
acquisition of Siffer, strategic initiatives such as strengthening the customer
service centre, and merger costs» says Aasen. 

Loan loss provisios in the first quarter were NOK 33 million kroner, equivalent
to 0.10 percent of gross loans. The bank has a solid loan portfolio that is well
adapted to challenging macroeconomic conditions. However, it seems likely that
more customers will face financial challenges in the coming period. 
«Going forward, it will be important to continue supporting our customers
through what appears to be an extended period of high interest rates. While most
of our customers are well-prepared for challenges, there will be individual
customers who need assistance, and as a local bank, we can provide valuable
advice in such situations» continues Aasen. «In times like these, competent
advice and a bank with strong local knowledge is particularly valuable. The bank
will continue to offer good solutions to its customers, also during tougher
times.»

The General Assembly of Totens Sparebank and the Supervisory Board of SpareBank
1 Østlandet approved the merger on February 22. The legal merger is planned to
take place during the fourth quarter of 2024, subject to necessary regulatory
approvals. The planned merger with Totens Sparebank will strengthen the bank's
presence and growth potential in the region around Lake Mjøsa.

In April, the bank distributed dividends to shareholders and customers.
Customers received a total of NOK 381 million. SpareBank 1 Østlandet was the
first bank to introduce customer dividends, which has become an important part
of the overall customer experience. As the bank's largest owner,
Sparebankstiftelsen Hedmark received NOK 471 million in dividends in April.
These funds benefit the local community through significant charitable
distributions, an essential aspect of the Norwegian savings bank model. 

Q1 2024 (Consolidated figures. Figures in brackets concern the corresponding
period in 2023)
o	Profit after tax: NOK 860 (652) million
o	Return on equity: 17.4 (13.9) per cent
o	Earnings per equity capital certificate: NOK 5.03 (3.80)
o	Net interest income: NOK 1,004 (857) million
o	Net commissions and other operating income: NOK 370 (366) million
o	Net income from financial assets and liabilities: NOK 230 (102) million
o	Total operating expenses: NOK 599 (529) million
o	Net loan loss provisions were NOK 33 (49) million.
o	Lending growth in the last quarter, including mortgages transferred to the
covered bond companies: 0.4 (0.8) per cent
o	Deposit growth in the last quarter: 1.6 (1.6) per cent
o	CET1 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 41 (34) billion at the end of the first quarter


Contact information:
Klara-Lise Aasen, Group CEO, Tel.: +47 476 35 583
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.