SpareBank 1 Østlandet continues to deliver good results despite the turbulent
times. Profit after tax for the first quarter of 2022 was NOK 536 million, an
increase of NOK 97 million compared with the first quarter of 2021. The return
on equity was 12.2 per cent, compared with 10.6 per cent in the same quarter of
2021.

"Good results were due to, among other things, solid lending growth, a positive
development in net interest income, and increased commission income," says
Richard Heiberg, Group CEO of SpareBank 1 Østlandet.

Uncertain times, but high levels of activity for both retail and corporate
customers:
The Bank's consolidated profit for the first quarter was characterised by high
levels of activity among both retail and corporate customers, even though
macroeconomic developments are both full of contrast and challenges. The war in
Ukraine has contributed to uncertainty about future economic outcomes. 
SpareBank 1 Østlandet is closely monitoring the consequences this could have for
households and companies in Eastern Norway.

"So far we have not registered any direct effects of the war," says Heiberg.
"The Bank's losses are very low. We are also registering high levels of activity
and expected production growth among companies in Eastern Norway, especially in
the capital region," adds Heiberg.

The high level of activity is reflected in the Group's solid lending growth,
which totalled 9.4 per cent for the past 12 months. Corporate lending growth was
14.6 per cent over the past 12 months, while lending to retail customers grew
7.6 per cent over the same period. 

"It is reasonable to assume that higher borrowing costs and high inflation will
contribute to dampening both activity and price growth in the housing market
going forward," says Heiberg. 

Details about net zero emission targets published:
In the first quarter, SpareBank 1 Østlandet announced details related to its net
zero greenhouse gas emissions ambition for 2050. SpareBank 1 Østlandet also
published information on the carbon intensity of emissions from both its own
operations and from the loan portfolio, as well as information on the purchase
of climate quotas to offset emissions.

The retail market division has now intensified its work on reducing emissions
from the mortgage portfolio to net zero by 2050. The loan balance related to
homes defined as green amounted to NOK 12 billion at the end of the first
quarter of 2022.

In the first quarter, the corporate market division launched a new green loan
product for increasing energy efficiency in commercial properties. The loans can
be used for rehabilitating commercial buildings to secure a minimum 30 per cent
improvement in energy efficiency.

New agreement with the Norwegian Confederation of Trade Unions (LO) and 5 years
of customer dividends:
In the first quarter of 2022, SpareBank 1 Østlandet, as one of two preferred
banks, extended its cooperation agreement with the Norwegian Confederation of
Trade Unions (LO) on LOfavør loan products. The new agreement will last until
autumn 2024.

For the fifth year in a row, SpareBank 1 Østlandet paid out customer dividends,
distributing NOK 295 (231) million to customers in April. In total, the Bank has
now paid more than NOK 1.1 billion in customer dividends. 

Pillar 2 requirement assessment by the Financial Supervisory Authority of
Norway:
On 28 April, SpareBank 1 Østlandet received the final decision on its Pillar 2
requirement from the Financial Supervisory Authority of Norway. The Financial
Supervisory Authority of Norway initially decided that the requirement should be
2.0 per cent. However, this was revised to 1.8 per cent, which is the same as
the current requirement.

A solid bank with good credit work:
The Bank has a solid loan portfolio because of its good credit work and a
geographic market area with relatively low economic fluctuations. Historically,
this has resulted in low losses and solid results. Our solid loan portfolio,
combined with a strong capital situation and the experience gained during the
difficult last few years, mean that the Bank is well equipped to realise its new
strategy and deal with any challenges that may arise due to heightened
international uncertainty.

First quarter of 2022 (Consolidated figures. Figures in brackets concern the
corresponding period in 2021)
o	Profit after tax: NOK 536 (439) million
o	Return on equity: 12.2 (10.6) per cent
o	Earnings per equity capital certificate: NOK 3.16 (2.59)
o	Net interest income: NOK 594 (535) million
o	Net commissions and other operating income: NOK 388 (379) million
o	Net income from financial assets and liabilities: NOK 100 (108) million
o	Total operating expenses: NOK 504 (485) million
o	Impairment losses on loans and guarantees: NOK 4 million (net receipts on
losses of NOK 18 million)
o	Lending growth in the last quarter, including mortgages transferred to the
covered bond companies: 2.4 (0.8) per cent
o	Growth in deposits in the last quarter: 1.9 (2.2) per cent
o	Lending growth, including mortgages transferred to covered bond companies in
the past 12 months: 9.4 (5.7) per cent
o	Deposit growth in the past 12 months: 7.4 (9.5) per cent
o	Common Equity Tier 1 capital ratio: 18.0 (17.8) per cent

For more information, please see the attached quarterly report and quarterly
presentation.

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.