After the enormous decline of the previous year, the demand for housing financing is increasing again. But customers are still waiting, reveals the general manager of Sparkasse Oberösterreich, which posted record pre-tax profits last year. This situation accelerates the share buyback program.
Although the balance sheet total fell slightly, profit before tax rose to 155.7 million euros – the Sparkasse Oberösterreich achieved a record result last year. “2023 was a very successful year,” says Managing Director Stefanie Christina Huber. New production in private housing financing fell by 60% due to higher costs and more difficult access to financing.
Will the high wage agreements and the relaxation of regulations for new home loans have a positive effect? “The turnaround will take some time. The major funding for the housing package has not yet been worked out. If there is clarity about this, it will bring about a turnaround,” says Huber. Demand and interest are already increasing again.
Purchase of Erste Bank shares completed earlier
Adjustments to the branch network are underway: we currently have 140 locations, of which 36 are self-service branches. Further mergers are in preparation. Where they happen is left open. It is almost certain that the share management company Allgemeine Sparkasse will complete the buyback of shares from Erste Bank in June and will then own 85.7% of Sparkasse Oberösterreich.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
