Head of Sparkasse Oberösterreich

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Sparkasse Oberösterreich's total assets - here CEO Stefanie Christina Huber - rose to EUR 15.4 billion in the first half of 2024.(Bild: Krone KREATIV/Markus Wenzel (2))

Upper Austrians are saving more and more. "That's a good thing," says Sparkasse Oberösterreich CEO Stefanie Christina Huber about the trend, which is currently experiencing a boom again. The Linz-based bank presented its figures for the first half of 2024 on Thursday.

Demand and the granting of housing loans has picked up again, earnings after tax fell to EUR 49.8 million compared to the first half of 2023, but net commission income rose - Sparkasse Oberösterreich was pleased with its solid business performance in the first half of 2024.

What was striking in the first few months of the year: saving is more popular than it has been for a long time. Savings deposits at the bank, which operates out of Linz, climbed by around EUR 500 million between the end of December and the end of June. "Upper Austrians are saving, and that's a good thing," says Stefanie Christina Huber. The General Director spoke to the "Krone" about...

• The demand for residential construction financing: "Compared to the previous year, there has been an increase in loan applications and loan agreements in the residential construction sector. An increase in financing for investments in energy-efficient housing or the expansion of renewable energies is clearly evident."
• The impact of inflation on the financial lives of Upper Austrians: "There has been no increase in loan defaults or overdrafts. The number of personal insolvencies has also remained stable so far this year compared to the previous year. There have been hardly any defaults on home loans despite the rise in interest rates and increased charges."
• The growing cost pressure on companies: "Domestic companies are resilient, as they have proven in recent years. They are looking to the future with confidence, but are facing challenging times. The mood varies depending on the sector. Overall, the willingness to invest is restrained and investments are being postponed."

• The development of the branch network: "We regularly evaluate our locations and are constantly driving forward the optimization of our branch network in line with customer needs. We had 141 branch locations at the beginning of the year and 140 at the end of June. In the first half of the year, we opened three remodeled branches: in Laakirchen, Schärding and Enns. The first energy self-sufficient branch is currently being built in Gallneukirchen."
• The comeback of savings: "Savings deposits rose by eight percent to EUR 6.7 billion compared to December 2023. Upper Austrians are still saving and that's a good thing. However, the savings book or savings card should be part of a broadly diversified investment strategy. It is wise not to put all your eggs in one basket when it comes to saving for the future in order to spread the risks."