Image: VOLKER Weihbold
The bottom line was a net profit of EUR 128.8 million, after EUR 50.2 million in the first quarter of 2022, as the bank announced on Friday.
The Oberbank’s business is developing “excellently” despite the difficult environment, according to the shareholder report for the first quarter of 2023. The period was primarily characterized by the development of inflation, which did not take the expected course, and the increases in key interest rates by the European Union Central Bank (ECB).
Demand for credit in the commercial sector rose by 5.7 percent to EUR 15.7 billion. In private customer business, deposits increased by 5.3 percent year-on-year to EUR 6.9 billion. Primary funds increased by 9.0 percent to EUR 18.7 billion. In private financing, the portfolio fell by 1.8 percent to EUR 4.0 billion.
“Well prepared in difficult times”
Interest income increased by 44.6 percent to EUR 131 million. Commission income fell by 9.1 percent to EUR 52.6 million. The reason for this is, among other things, a weaker securities business in the corporate and private customer area.
The Oberbank sees itself “well equipped to fulfill its function as a house bank even in difficult times and to support its customers as a reliable partner,” according to the shareholder report. Management did not want to give a forecast for the year as a whole due to the volatile environment.
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