A321 First Officer reported a loud bang occurred during the climb-out and the number one engine began to have abnormal indications. The flight crew then performed an air turnback.

Narrative

Departing ZZZ Runway XXL on the ZZZZZ Departure; we heard a loud bang on climb-out. Shortly after we saw abnormal indications on the number one engine associated with ECAM messages. We [requested priority handling] on the Departure frequency using ICAO standard phraseology. We told them that we were maintaining a heading corresponding with runway track and climbing to the assigned altitude. The controller told us to fly the SID. After assessing that it was safe to do so; we complied and rejoined the SID. The controller again asked if we were [requesting priority handling]; and we reconfirmed that we were an [priority] aircraft and wished to return to ZZZ. The Captain gave me the flight controls and the radios while he completed the appropriate ECAM actions and checklists. I prepared the aircraft for arrival on Runway XXR. On downwind to Runway XXR; the Captain took control of the aircraft; and I resumed pilot monitoring duties. We flew the ILS to Runway XXR and stopped on the runway to allow ARFF (Airport Rescue & Firefighting) personnel to inspect the aircraft for any indications that the aircraft was unsafe to taxi to the terminal. ARFF personnel did not indicate that the aircraft was in an unsafe condition to taxi. We obtained clearance from the Tower to proceed to the gate. We parked at the gate without further incident. We believe that the number one engine experienced a compressor stall of unknown origin. Determine the cause of the compressor stall and correct the issue. Also; ATC gave us more pushback on the initial heading after the compressor stall occurred than we expected. Had the incident happened at a lower altitude than it did; we may have been put in a situation where we would have had to insist on flying a straight-out departure instead of following the SID. This would have been a distracting and unnecessary confrontation with ATC. An engine [problem] at low altitude must be given lateral freedom so the pilots can ensure directional control is maintained in the initial stages of the recovery.