SpareBank 1 Sørøst-Norge

Earnings Release • Jan 31, 2024

SpareBank 1 Gruppen – Q4 2023 Results

SpareBank 1 Gruppen – Q4 2023 Results

SpareBank 1 Gruppen's consolidated net profit after tax for the 4th quarter and the year 2023 were NOK 60 (518) million and NOK 246 (1,428) million, respectively. The majority's share of the consolidated net profit after tax for the 4th quarter and the year 2023 were NOK -260 (467) million and NOK -174 (1,020) million, respectively.

SpareBank 1 Sørøst-Norge holds an indirect ownership stake of 6.28 (5.85) percent in SpareBank 1 Gruppen AS. SpareBank 1 Sørøst-Norge's share of SpareBank 1 Gruppen's net profit after tax for the 4th quarter was NOK -16 (27) million. SpareBank 1 Sørøst-Norge 's share of net profit for the year 2023 was NOK -11 (60) million.

Fremtind, owned 65% by SpareBank 1 Gruppen AS, reported a pre-tax profit of NOK 794 (205) million in the 4th quarter and NOK 1,160 (1,570) million for the year 2023.

SpareBank 1 Gruppen AS has conducted a valuation of the jointly controlled company, Kredinor AS. The updated valuation results in an impairment of the ownership stake and has a negative impact on SpareBank 1 Gruppen's parent and consolidated net profit of NOK 769 million in the 4th quarter of 2023 and for the year 2023.

Figures in parentheses indicate the amounts for the corresponding period in 2022, restated for IFRS 17.

Oslo, 31 January, 2024

This information is subject to disclosure requirements pursuant to the Securities Trading Act §5-12.