Consumption continues to slow down

Oberbank CEO: “Calculation did not work out”

"The trend towards saving and making provisions has increased further," says Oberbank CEO Franz Gasselsberger.(Bild: Krone KREATIV/Markus Wenzel (2))

Since the beginning of the year, private savings deposits at Oberbank have risen by a further EUR 113 million. "Private pension provision is experiencing its umpteenth spring," says Franz Gasselsberger. The bank manager notes that the wage increases following the high collective bargaining agreements often go into savings accounts or are spent on vacations.

"I am very, very satisfied with the result," said Oberbank CEO Franz Gasselsberger when he presented the figures for the first half of 2024 on Thursday. The head of the bank, which operates out of Linz, was pleased with the best half-year result in operational terms, although it did not look so good in the end due to the investment in voestalpine. A surplus of EUR 201.4 million after taxes meant a decline of just over EUR 28 million compared to the first six months of 2023.

"Companies are not migrating on a large scale"
Demand for corporate loans increased in the first six months. "Above-average growth is coming from our international markets," says the bank manager. There was particularly good growth in Germany, the Czech Republic and Hungary. "This is where we score points as a five-country bank - many German companies are also active in the countries where we are present," says the Oberbank CEO, who also notes: "Companies have not stopped investing." Postscript: "Companies are not migrating on a large scale either." However, Gasselsberger also says: "Many of the capacity expansions are no longer taking place in Austria."

More residential construction financing
How are Austrians currently organizing their financial lives? The granting of housing loans has already picked up, but at the same time people are still saving a lot. When it comes to spending money, this is mainly spent on vacations. "The fact that the high wage settlements are boosting consumption, which would be the biggest support - this calculation has not worked out. Too little money is flowing into domestic retail, but too much into online retail. That is unpleasant."