Financial accounts statistics – commentary

for 3Q 2025

The overall situation

The total value of the financial assets in the Czech economy rose by 2.0% in 2025 Q3, indicating a slight pick-up in growth. The year-on-year increase (7.1%) was almost the same as in the previous quarter. The financial assets were positively affected by transactions, which totalled CZK 842.1 billion. The value of financial assets increased by a further CZK 238.9 billion due to revaluation. Other changes (CZK 54.3 billion) acted in the same direction, albeit to a much lesser extent. All economic sectors except non-financial corporations contributed to the increase in financial assets to varying degrees. The largest increase in volume was recorded by financial corporations, followed by the rest of the world, households and, some way behind, by general government. The value of financial assets of non-financial corporations remained unchanged from the previous quarter. Financial corporations also dominated on the liabilities side. The rest of the world recorded a substantial quarter-on-quarter increase in liabilities. Non-financial corporations and households followed with smaller increases in volume. The value of general government liabilities decreased quarter on quarter.

Changes in the shares of the individual financial instruments in total financial assets and liabilities fluctuated around ±0.2 pp. Shares and other equity, deposits, and investment fund shares and units recorded an increase in their shares. By contrast, the shares of loans and other accounts receivable/payable decreased. Turning to the sector structure, the changes on both sides of the balance sheet were slightly higher compared to the previous quarter. On the financial assets side, the share of financial corporations increased at the expense of non-financial corporations. On the liabilities side, the decline in the share of non-financial corporations was offset by an increase in the shares of the rest of the world and financial corporations.

Chart 1 – Breakdown of financial instruments in the economy
(in %)

Chart 2 – Breakdown of financial assets and liabilities by sector
(in CZK billions)

Households again strengthened their net creditor position. However, the increase in net financial assets was considerably lower than in the previous quarter. General government recorded an improvement in its net financial position for the third consecutive quarter. A drop in negative net financial assets was also recorded by financial corporations. By contrast, non-financial corporations again saw a deterioration in their net financial position. The net creditor position of the rest of the world weakened.

Non-financial corporations

A modest rise in liabilities (0.9%), accompanied by unchanged financial assets, led to a deterioration in the sector’s net financial position. The increase in negative net financial assets (of 2.0%) was driven mainly by a negative balance of revaluation and, to a much lesser extent, a negative balance of transactions.

Financial assets were favourably affected by an increase in the value of unlisted shares due to non-transaction changes in the form of revaluations and other changes. Other accounts receivable, specifically trade credits and advances, recorded a transaction increase in value. By contrast, the value of deposits decreased significantly. The decline in transferable deposits was due to a substantial reduction in deposits vis-à-vis general government. The value of other deposits was affected by a decline in deposits held at commercial banks. A marked decrease in inter-company loans led to a fall in long-term loans. Movements in the values of the other financial instruments were substantially smaller. As regards liabilities, the key factor was an increase in the value of shares and other equity due to market revaluation and a rise in own funds at book value. The increase in liabilities was partly offset by a decrease in loans driven by a drop in intra-sector loans.

Turning to the balance sheet structure, declines in the shares of deposits and long-term loans (-0.4 pp and -0.6 pp respectively) in favour of shares and other equity were recorded on the financial assets side. On the liabilities side, a drop in the share of loans (-0.6 pp) led to a rise in shares and other equity.

Chart 3 – Breakdown of financial assets and liabilities of non-financial corporations
(in CZK billions)

Financial corporations

The faster growth of financial assets compared to liabilities (3.0% and 2.5% respectively) led to an improvement in the sector’s net financial position. Negative net financial assets declined by 4.7% owing to a positive balance of financial transactions, partly offset by a negative balance of revaluation and other changes.

The increase in financial assets was driven mainly by growth in transferable and other deposits. Non-transaction changes in the form of revaluation and other changes fostered growth in unlisted shares. By contrast, investment fund shares and units recorded a significant transaction increase. The slowdown in the growth rate of loans mainly reflected lower growth in short-term loans. On the liabilities side, growth was recorded by other deposits and, owing to revaluation, also by unlisted shares. The value of investment fund shares and units also rose. A significant transaction increase in value was recorded by long-term debt securities.

As regards sub-sectors, the net financial position of deposit-taking corporations except the central bank improved quarter on quarter due to faster growth in financial assets than in liabilities. Financial assets were affected by a relatively significant transaction increase in the value of deposits. The financial position of the central bank sub-sector also improved slightly. In this case, the decline in negative net financial assets also reflected faster growth in financial assets than liabilities. By contrast, the net financial position of the remaining sub-sectors deteriorated owing to liabilities growing faster than financial assets.

Chart 4 – Shares of sub-sectors in financial assets and liabilities of the financial sector
(in %)

Chart 5 – Breakdown of financial assets in selected sub-sectors of the financial corporations sector
(in %)

General government

A quarter-on-quarter rise in the value of financial assets accompanied by a slight decrease in liabilities (2.0% and -0.4% respectively) led to an improvement in the sector’s net financial position. Negative net financial assets decreased by 7.2%, owing mainly to a positive balance of market revaluation and, to a lesser extent, a positive balance of transactions. The current balance sheet of the sector was favourably affected mainly by the central government sub-sector.

The financial assets side was influenced by an increase in deposits, driven by growth in transferable deposits allocated within the sector. The total value of deposits held at commercial banks was virtually unchanged. Positive revaluation led to an increase in the value of shares and other equity. The contribution of transactions remained marginal. Following a marked increase in other accounts receivable in the previous quarter, their value decreased slightly. The liabilities side was affected by a transaction decline in the value of other accounts payable. The value of debt securities decreased due to negative revaluation. The volume of transactions was also significantly lower than in the previous quarter.

Chart 6 – Breakdown of financial assets and liabilities of general government
(in CZK billions)

Households

Net financial assets rose in value by 1.1% quarter on quarter amid growth in both financial assets and liabilities (of 1.3% and 2.2% respectively). Net financial assets were favourably affected by the balance of financial transactions and revaluation and, to a lesser extent, by positive net other changes. 

On the financial assets side, growth was particularly apparent in the value of shares and other equity, driven by non-transaction changes in the form of revaluations and other changes. The transaction increase in the value of investment fund shares and units continued. However, the volume of transactions fell by almost one-half compared with the previous quarter. The volume of transactions invested in domestic funds declined markedly. By contrast, the volume of transactions in foreign funds rose slightly. The growth rate of transferable deposits decreased compared with Q2. The value of other deposits was virtually flat at the previous quarter’s level. The liabilities side was affected by an increase in loans (2.4%), which represent their key item (93.3%). Deposit-taking corporations except the central bank continue to be the main providers of loans, with a share of just under 97%. The structure of loans was also unchanged, with long-term loans accounting for the dominant share.

Chart 7 – Breakdown of financial assets and liabilities of households
(in CZK billions)

Rest of the world

Higher quarter-on-quarter growth in liabilities than in financial assets (4.0% and 2.7% respectively) led to a decrease in the value of net financial assets. Their quarter-on-quarter decline of 15.3% was due to a large negative balance of financial transactions, partly offset by positive revaluation.

The financial assets side was affected mainly by significant growth in the value of other deposits due to an increase in deposits by non-residents with commercial banks and the central bank. The value of shares and other equity increased, due solely to revaluation. The significant transaction growth in long-term debt securities reflected an increase mainly in corporate issues and, to a lesser extent, domestic bank bonds held by non-residents. The rise in financial assets was slightly offset by a drop in the value of transferable deposits and other accounts receivable. The growth rate of liabilities was substantially higher than in the previous quarter. The value of transferable deposits held abroad by commercial banks and the central bank increased in particular. The value of unlisted shares rose due to other changes. A significant transaction increase in value was recorded by investment fund shares and units. The value of short-term loans and short-term debt securities also increased.

Turning to the balance sheet structure, the share of other deposits increased in particular (by 1.1 pp) on the financial assets side at the expense of other accounts receivable and transferable deposits. On the liabilities side, growth in the share of transferable deposits (1.1 pp) was accompanied by a decline in long-term debt securities.

Chart 8 – Breakdown of financial assets and liabilities of the rest of the World
(in CZK billions)