SpareBank 1 Østlandet's results for the second quarter saw falls in the value of
its financial assets, but also all-time high surveys for customer satisfaction,
strong lending growth and solid net interest income. "Good feedback from our
customers is important when it comes to our ambition of becoming Norway's best
relationship bank," says CEO Richard Heiberg. 

The CEO is satisfied with the Bank's second quarter profit after tax of NOK 350
(516) million. The decrease compared with the same period last year was mainly
due to a negative return on net financial assets and liabilities. The return on
equity for the quarter was NOK 7.7 per cent (12.2 per cent for the same period
last year).  

"Core banking operations have for their part provided very good results, with
strong growth in income from customer-driven activities and reversals of loan
losses," says Heiberg. 

Strong lending growth and record high customer satisfaction:
The 11.1 per cent increase in net interest income compared with the same period
last year relates to the growth in lending and deposit volumes. The Group's
lending has grown by 9.6 (5.9) per cent in the past 12 months. The growth in
deposits was also good in the same period at 8.1 (8.3) per cent. The Bank saw
very good lending growth of 7.6 (6.6) per cent in the retail market, and in the
corporate market the growth in lending was particularly strong at 15.3 (3.9) per
cent. 

This means that the Bank's market share in the corporate market has increased
quarter-on-quarter for almost 3 years, at the same time as the Bank now has its
highest ever measured corporate customer satisfaction.
 
"It is pleasing to see that the long-term work on strengthening customer
relationships is producing results. Satisfied customers provide good
opportunities for growth," says Heiberg. 

The growth in lending corresponds well with the Bank's latest expectations
survey. The survey shows that despite the turmoil and volatile business
conditions, the corporate sector appears optimistic. 

The Bank considers the overall opportunities for growth to be good: 
The Bank expects continued good demand for credit in the corporate market going
forward, while growth in household demand for mortgages is expected to slow
somewhat in line with slowing house price inflation.
 
"A well-established market position, high customer satisfaction, a solid capital
situation and capable financial advisers underpin our growth opportunities,"
says Heiberg.

Intensified work on emissions in the mortgage portfolio and good feedback on
ESG:
Work on reducing emissions from the Bank's mortgage portfolio has been
intensified. SpareBank 1 Østlandet was one of the first banks in Norway to offer
a green energy efficiency loan. Corporate customers are also now being offered a
new green loan to increase the energy efficiency of commercial buildings. 

The Bank's commitment to sustainable solutions is reflected in its good ESG
ratings, most recently from Sustainalytics where SpareBank 1 Østlandet was the
only Norwegian bank to be placed in the lowest risk category 'negligible risk',
for environmental, social and corporate governance matters.

In May, SpareBank 1 Østlandet launched a dedicated NOK 10 million sustainability
fund, which will be added to other funds for worthy sustainability purposes
every year. The fund will also award an annual sustainability prize to companies
that develop good solutions for the green transition.

Second quarter of 2022 (Consolidated figures. Figures in brackets concern the
corresponding period in 2021)
Profit after tax: NOK 350 (516) million
Return on equity: 7.7 (12.1) per cent
Earnings per equity capital certificate: NOK 2.02 (3.05)
Net interest income inclusive of commissions from the covered bond companies:
NOK 728 (655) million
Net commissions and other operating income, (excl. from the covered bond
companies): NOK 332 (302) million
Net result from financial assets and liabilities: NOK -120 (181) million
Total operating expenses: NOK 520 (492) million
Impairment losses on loans and guarantees: net reversal of NOK 59 million (loss
of NOK 11 million)
Lending growth in the last quarter, including mortgages transferred to the
covered bond companies: 3.1 (2.9) per cent
Growth in deposits in the last quarter: 6.5 (5.8) per cent
Lending growth, including mortgages transferred to covered bond companies in the
past 12 months: 9.6 (5.9) per cent
Deposit growth in the past 12 months: 8.1 (8.3) per cent
Common Equity Tier 1 capital ratio: 18.0 (17.8) per cent


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.