Financial accounts statistics – commentary

for 2Q 2025

The overall situation

The total value of the financial assets in the Czech economy rose by 1.5% in 2025 Q2, indicating a slight slowdown in growth. The year-on-year growth increased from 6.3% to 6.8%. The financial assets were positively affected by transactions, which totalled CZK 710.2 billion. The value of financial assets increased by a further CZK 109.9 billion due to revaluation. Other changes (CZK 36.4 billion) acted in the same direction, albeit to a much lesser extent. All economic sectors contributed to various extents to the increase in financial assets. The largest increase in volume was recorded by financial corporations, where deposit-taking corporations except the central bank and collective investment funds dominated. They were followed by households, general government and the rest of the world. Following a decrease in the previous quarter, non-financial corporations recorded a slight increase in financial assets. The liabilities side was also dominated by financial corporations, mostly deposit-taking corporations except the central bank. Non-financial corporations and general government recorded a substantial quarter-on-quarter increase in liabilities. Despite a slight acceleration in the growth of liabilities, the contribution of households remains marginal. The value of the liabilities of the rest of the world was flat at the previous quarter’s level.  

The shares of the individual financial instruments in total financial assets and liabilities recorded less pronounced changes than in the previous quarter and fluctuated around ±0.2 pp. A modest increase was observed in the share of debt securities and investment fund shares and units. By contrast, the share of deposits decreased. The changes on both sides of the balance sheet were also virtually insignificant in terms of sector structure. On the financial assets side, the share of general government rose slightly, while the decline in the share of the rest of the world is worth mentioning on the liabilities side. 

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

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

Households and the rest of the world again strengthened their net creditor position. In both cases, however, the increase in net financial assets was lower compared to the previous quarter. General government also recorded an improvement in its net financial position for the second consecutive quarter. By contrast, non-financial corporations again recorded a marked deterioration in their net financial position. The negative net financial assets of financial corporations continued to rise for the third consecutive quarter.

Non-financial corporations

Financial assets and liabilities increased in value by 0.8% and 1.7% respectively quarter on quarter. The sector’s net financial position worsened slightly. The growth in negative net financial assets (3.0%) was due almost equally to negative transactions and revaluation.

The growth in financial assets was driven mainly by a transaction increase in debt securities, which reflected extraordinary growth in short-term bonds of commercial banks held by non-financial corporations. The increase in the value of other equity was due to revaluation. Growth in short-term loans was driven by an increase in inter-company loans amid the drop in loans provided to non-residents. Following a significant decline in the previous quarter, the value of transferable deposits also increased. The growth in financial assets was dampened by a drop in long-term loans due to a further decrease in inter-company loans for the third consecutive quarter. The liabilities side was affected mainly by a substantial increase in the value of shares and other equity due to their positive revaluation. As on the financial assets side, short-term loans were affected by an increase in loans provided within the sector. Other accounts payable and long-term debt securities also recorded a relatively pronounced increase in value.  

Turning to the structure of the balance sheet, other accounts receivable/payable and long-term loans decreased on both its sides. On the financial assets side, the share of short-term debt securities and other equity increased. The share of short-term loans, listed shares and debt securities increased on the liabilities side.

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

Financial corporations

The faster growth of liabilities compared to financial assets (1.8% and 1.3% respectively) led to a deterioration in the sector’s net financial position. Negative net financial assets increased by 9.0% due to negative financial transactions, which partly weakened the positive revaluation.

On the financial assets side, the value of shares and other equity rose significantly. The increase in the value of listed shares was driven by transactions, while the growth in unlisted shares and other equity was solely due to revaluation. The growth rate of loans stayed at the previous quarter’s level. The substantial increase in short-term loans was a new phenomenon. The increase in the value of investment fund shares and units and other deposits was driven by transactions. By contrast, transferable deposits and short-term debt securities declined in value. The liabilities side was affected by a significant transaction increase in short-term debt securities, transferable deposits and investment fund shares and units. By contrast, the value of other deposits and shares and other equity dropped. 

Only collective investment funds improved their net financial positions quarter on quarter, driven by the faster growth in financial assets than in liabilities. Financial assets were affected by substantial non-transaction growth in the value of shares and other equity. A decrease in the value of financial assets amid flat liabilities contributed to a deterioration in the net financial position of the central bank and captive financial corporations. The faster growth of liabilities compared to financial assets led to a further worsening of the net financial position of deposit-taking corporations except the central bank, other financial intermediaries and pension funds. A larger drop in the value of financial assets than in liabilities negatively affected the net financial position of financial auxiliaries and insurance corporations.

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

The growth rates of financial assets and liabilities increased substantially compared to the previous quarter. The significantly faster growth of financial assets compared to liabilities (5.3% and 2.4% respectively) led to an improvement in the net financial position. The negative net financial assets decreased by 4.5% owing mainly to a positive balance on financial transactions and, to a lesser extent, revaluation. All three sub-sectors recorded an improvement in their net financial position to varying degrees.

Almost 50% of the growth in financial assets was driven by deposits. This mainly related to deposits held at commercial banks. After three consecutive quarters of decline, there was an increase in other accounts receivable. The rise in the value of listed shares was driven by exclusively positive revaluation. The liabilities side was affected mainly by transaction growth in long-term debt securities. Turning to the structure of government bond holders, the highest increase was recorded for commercial banks.

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

Households

The growth rate of financial assets remained unchanged from the previous quarter (1.7%). On the liabilities side, the growth rate accelerated slightly from 1.4% to 1.9%. The sector’s net financial position improved again. However, the growth in net financial assets (1.6%) was the lowest in the past eight months. Net financial assets were affected mainly by positive net financial transactions.

Within financial assets, transferable deposits held both with commercial banks and abroad recorded growth. The transaction increase in the value of investment fund shares and units continued. Current investment was channelled into both domestic and foreign funds. The value of shares and pension fund claims increased further, though to a lesser extent. The growth in financial assets was slightly dampened by a continuing decline in other deposits for the fifth consecutive quarter. On the liabilities side, loans were the largest item (93.2%). The majority of loans received consisted of loans provided by deposit-taking corporations except the central bank (96.6%). Their growth rate increased from 1.4% to 2.1% quarter on quarter. The breakdown of loans was also unchanged, with long-term loans accounting for the largest share (97.8%).

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

Rest of the world

The growth in financial assets (1.3%) amid flat liabilities led to an improvement in the sector’s net financial position (of 20.2%). The increase in net financial assets was driven by a surplus on financial transactions, which slightly offset the negative balance on non-transaction changes.

The financial assets side was affected by a pronounced increase in the value of short-term debt securities, reflecting a transaction increase in domestic bank bonds held by non-residents. To a lesser extent, the value of long-term debt securities also rose, mainly due to the purchase of issues by domestic non-financial corporations. The value of long-term loans also rose, due solely to revaluation of other equity. By contrast, transactions, which were almost double those recorded a quarter earlier, affected the value of investment fund shares and units. The growth in transferable deposits was driven by an increase in deposits by non-residents with commercial banks. Conversely, other deposits and short-term loans recorded a significant decline. The change in liabilities was positively affected by an increase in the value of shares and other equity due to both transactions and non-transaction changes. The growth in other deposits reflected an increase in deposits held abroad by the central bank. Liabilities were significantly dampened by a transaction decline in foreign debt securities and transferable deposits held by the central bank. Short-term loans and trade credits provided to foreign non-financial corporations also recorded a decrease in value.

Turning to the structure of the financial balance sheet, the share of short-term debt securities increased on the financial assets side (by 1.3 pp) at the expense of other deposits and short-term loans. On the liabilities side, an increase in shares and other equity (of 1.4 pp) was accompanied by a drop in debt securities and transferable deposits.

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