STATISTICAL BULLETIN MONETARY AND FINANCIAL STATISTICS JUNE 211
STATISTICAL BULLETIN MONETARY AND FINANCIAL STATISTICS JUNE 211
Published by: Národná banka Slovenska Address: Národná banka Slovenska Imricha Karvaša 1 813 25 Bratislava Slovakia Telephone: +421 2 5787 2141 +421 2 5787 2146 Fax: +421 2 5787 1128 Monetary and Financial Statistics Section 2 5787 269 2 5787 2791 mbs@nbs.sk http://www.nbs.sk http://www.nbs.sk/en/statistics/money-and-banking-statistics All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. Unedited. ISSN 1338-6565 (online)
CONTENTS FOREWORD 4 1 STRUCTURE OF THE FINANCIAL MARKET IN THE SLOVAK REPUBLIC 6 1.1 Overview of participants 7 1.2 Developments in the number of employees in the banking secrtor 8 1.3 Foreign capital participation in credit institutions 8 2 STATISTICS OF CREDIT INSTITUTIONS 9 2.1 Balance-sheet statistics: assets 1 2.2 Balance-sheet statistics: liabilities 11 2.3 Selected items by sector / residency of counterparty 12 2.4 Years-on-year changes in assets 13 2.5 Year-on-year changes in liabilities 14 2.6 Current period profit/loss 15 2.7 Selected revenues and expenditures compared with current profit/loss 17 2.8 Loans to non-financial corporations and households by maturity 17 2.9 Sectoral classification of loans 19 2.1 Selected types of loans provided to non-financial corporations and households 2 2.11 Non-performing loans loans to nonfinancial corporations and households 21 2.12 New loans provided to non-financial corporations and households interest rates and amounts 23 2.13 Loans provided to non-financial corporations and households interest rates and outstanding amounts 25 2.14 Deposits received from non-financial corporations 26 2.15 Deposits received from households 26 2.16 Deposit rates and outstanding amounts of deposits 27 3 COLLECTIVE INVESTMENT MUTUAL FUNDS 29 3.1 Asset structure of mutual funds 31 3.1.1 Money market funds 32 3.1.2 Bond funds 33 3.1.3 Equity funds 35 3.1.4 Mixed funds 36 3.1.5 Real estate funds 37 3.1.6 Other funds 38 4 LEASING COMPANIES, FACTORING COMPANIES AND CONSUMER CREDIT COMPANIES 4 5 SECURITIES 44 5.1 Debt securities 45 5.2 Quoted shares 5 GLOSSARY AND ABBREVIATIONS 52 LIST OF CHARTS AND TABLES 6 JUNE 211 3
FOREWORD
FOREWORD The Statistical Bulletin Monetary and Financial Statistics is a quarterly publication issued by the Statistics Department of Národná banka Slovenska. The first issue of the bulletin was published in October 211 and its reference period was the second quarter of 211 the most recent period for which all the relevant data and indicators were available. The bulletin was the result of a long-standing intention to produce a regular statistical publication using data, which are the source for the euro area statistics of the European Central Bank, for the statistics of the International Monetary Fund and Eurostat, and for monetary and financial stability analyses at the national level. Our main goal was to improve the presentation of monthly data published on the website of Národná banka Slovenska and to provide users with more comprehensive data on monetary and financial statistics. The data comprises the available aggregated data compiled according to the ECB s methodology and detailed national data, and they are presented here in the form of charts and commentaries. It is not the purpose of this publication to provide macroeconomic commentaries or more indepth analyses of historical developments, but rather to present data, for methodology, collection, compilation and reporting of which we are responsible, without duplicating other publications of Národná banka Slovenska. The monthly data published in the bulletin comprise mainly stocks, flows, interestrates, andgrowth rates for selected asset categories, economic sectors, and branches of economic activity (industry classification), and a breakdown of data by currency and residency. The bulletin also include securities statistics and financial market statistics. The raw data are submitted to by domestic financial institutions, i.e. banks and branches of foreign banks, collective investment undertakings, securities and derivatives dealers, leasing companies, factoring companies and consumer credit companies. The bulletin is available in PDF format, at www. nbs.sk We hope that by processing the data in this way, and with the help of feedback from our readers and users, we succeed in providing an overview that is quick and easy to use. Any remarks or suggestions regarding the quality of the publication and how it may be improved can be sent to mbs@nbs.sk Editors of the Monetary and Financial Statistics Section JUNE 211 5
C H A P T E R 1 STRUCTURE OF THE FINANCIAL MARKET IN THE SLOVAK REPUBLIC 1
C H A P T E R 1 1 STRUCTURE OF THE FINANCIAL MARKET IN THE SLOVAK REPUBLIC 1.1 OVERVIEW OF PARTICIPANTS The number of branches of foreign banks increased in 211 due to the establishment of two new branches AXA-Bank Europe and BKS Bank AG and to the establishment of a further two branches as a result of Komerční banka a.s. and Fio sporiteľné družstvo each changing their legal form to that of a branch of a foreign bank. These changes were also reflected in the increased number of employees of foreign banks. In banks that are not branches of foreign banks, the number of registered employees has an overall decreasing tendency. The number of employees as at June 211 showed only a small year-onyear increase of.25%. The number of mutual funds remains relatively stable depending on the type of fund. The number of financial market participants involved in financial leasing activities and consumer credit financing has a slightly downward tendency. Table 1 Structure of the financial sector VI. 21 XII. 21 VI. 211 Central bank (S.121) 1 1 1 Monetary financial institutions (S.122) 4 41 44 Banks 12 12 11 Branches of foreign banks 1 11 15 Credit cooperatives 1 2 2 Building societies 3 3 3 Money market funds 13 13 13 Other financial intermediaries (S.123) 23 226 222 Investment funds 64 65 66 Equity funds 12 12 11 Bond funds 1 11 12 Mixed funds 29 28 27 Real estate funds 4 4 5 Other funds 9 1 11 Leasing companies (financial leasing) 76 72 7 Consumer credit companies 65 64 62 Factoring companies 7 7 7 Security dealers ) 18 18 17 Financial auxiliaries (S.124) 19 19 19 Asset management companies 8 8 8 Pension savings companies 6 6 6 Supplementary pension asset management companies 5 5 5 Insurance corporations and pension funds (S.125) 54 54 54 Insurance corporations 2 2 2 Pension funds 34 34 34 1) Securities and derivatives dealers that hold a licence under Act No 566/21 Coll., except for banks, branches of foreign banks, asset management companies, and branches of foreign asset management companies. ŠTATISTICKÝ BULLETIN JÚN 211 7
C H A P T E R 1 1.2 DEVELOPMENTS IN THE NUMBER OF EMPLOYEES IN THE BANKING SECRTOR Table 2 Number of employees in the banking sector 29 21 211 31. 3. 3. 6. 3. 9. 31. 12. 31. 3. 3. 6. 3. 9. 31. 12. 31. 3. 3. 6. Banking sector in total 21,393 2,78 2,81 19,836 19,534 19,38 19,429 19,313 19,411 19,41 Central bank 1,64 1,86 1,88 1,86 1,89 1,65 1,83 1,79 1,82 1,7 Banks and branches of foreign banks in total 2,314 19,694 18,993 18,75 18,545 18,295 18,346 18,234 18,329 18,34 of which: banks 19,796 19,196 18,53 18,266 18,62 17,81 17,745 17,587 17,559 17,561 branches of foreign banks 518 498 49 484 483 485 6 647 78 779 1.3 FOREIGN CAPITAL PARTICIPATION IN CREDIT INSTITUTIONS As regards the shareholder structure of credit institutions in Slovakia in the first half of 211, the vast majority of shareholders came from Austria, the Czech Republic and Luxembourg. Compared with the first half of 21, the share of Czech companies in the equity of domestic credit instituions increased by 5.9 percentage points, due to Komerční banka a.s. changing its legal form to become a branch of a foreign bank. The share of investors from Austria and Luxembourg fell by, respectively, 4.9 percentage points and 2.1 percentage points owing to a redistribution of the subscribed equity capital of Poštová banka a.s.; this also resulted in the share of Cypriot investors rising by 2.6 percentage points. Chart 1 Foreign capital in the banks in the Slovak Republic as at 3 June 21 Chart 2 Foreign capital in the banks in the Slovak Republic as at 3 June 211 Netherlands Germany Poland Other States Ireland Hungary Cyprus Cyprus Netherlands Germany Poland Other States Ireland Hungary Belgium Austria Belgium Austria Czech Republic Luxemburg Luxemburg Czech Republic Austria 34.61% Luxemburg 23.6% Czech Republic 15.67% Belgium 9.18% Cyprus 5.73% Hungary 3.74% Ireland 3.3% Poland 1.73% Germany 1.58% Netherlands 1.9% Other States.58% Austria 29.73% Czech Republic 21.57% Luxemburg 2.97% Belgium 8.62% Cyprus 8.27% Hungary 3.4% Ireland 2.76% Poland 1.83% Germany 1.44% Netherlands.99% Other States.41% ŠTATISTICKÝ BULLETIN JÚN 211 8
C H A P T E R 2 STATISTICS OF CREDIT INSTITUTIONS 2
C H A P T E R 2 2 STATISTICS OF CREDIT INSTITUTIONS 2.1 BALANCE-SHEET STATISTICS: ASSETS Banks and branches of foreign banks in Slovakia (hereinafter credit institutions ) reported credit claims as the largest item of their total assets, which reflected the nature of their core business. Total credit claims as at 3 June 211 were 8.44% higher year-on-year, and their share of total assets rose by 4.32 percentage points over the 12 months, largely due to an increase in long-term claims with a maturity of more than 5 years. It was a different situation with securities other than shares and mutual fund shares/units, as their share in total assets decreased year-on-year by 3.63 percentage points. In absolute terms, the stock of these securities held by credit institutions fell by 1.81billion, with the largest decline observed in short-term securities with up to 1 year s maturity. Table 3 Statistical balance sheet of credit institutions in the SR structure of assets (EUR thousands) Period (stocks as at) 3. 6. 21 3. 9. 21 31. 12. 21 31. 3. 211 3. 6. 211 TOTAL ASSETS 56,437,985 55,51,463 56,375,467 56,738,253 57,426,734 Cash 63,216 596,212 629,626 594,86 577,58 Loans 37,5,245 36,934,588 38,499,827 39,132,647 4,178,348 Securities other than shares and mutual fund shares/units 15,615,35 14,81,674 14,91,817 14,76,84 13,86,756 Shares and other equity (incl. MMF shares/units) 537,3 523,24 488,788 493,426 524,423 Other assets (incl. fixed assets) 2,65,189 2,645,965 2,665,49 2,442,1 2,339,699 Chart 3 Structure of assets of credit institutions as at 3 June 21 Chart 4 Structure of assets of credit institutions as at 3 June 211 Shares and other equity (incl. MMF shares/units) Securities other than shares and mutual fund shares/units Other assets (incl. fixed assets) Cash Shares and other equity (incl. MMF shares/units) Securities other than shares and mutual fund shares/units Other assets (incl. fixed assets) Cash Loans Loans Loans 65.65% Securities other than shares and mutual funds shares/units 27.67% Shares and other equity (incl. MMF shares/units).95% Other assets (incl. fixed assets) 4.62% Cash 1.12% 1) Loan claims including deposits of banks with other entities and non-tradable securities. 2) Assets excluding depreciation and including provisions. Loans 69.69% Securities other than shares and mutual fund shares/units 24.4% Shares and other equity (incl. MMF shares/units).91% Other assets (incl. fixed assets) 4.7% Cash 1.1% 1) Loan claims including deposits of banks with other entities and non-tradable securities. 2) Assets excluding depreciation and including provisions. JUNE 211 1
C H A P T E R 2 Table 4 Statistical balance sheet of credit institutions in the SR structure of liabilities (EUR thousands) Period (stock as at) 3. 6. 21 3. 9. 21 31. 12. 21 31. 3. 211 3. 6. 211 TOTAL LIABILITIES 56,437,985 55,51,463 56,375,467 56,738,253 57,426,734 Deposits and loans received 44,289,95 43,264,515 44,383,82 44,25,79 44,823,948 Debt securities issued 3,433,227 3,46,597 3,456,362 3,576,69 3,528,325 Capital and provisions 6,654,968 6,863,86 6,999,158 7,37,595 7,244,81 Other liabilities 2,59,84 1,967,265 1,536,145 1,918,97 1,829,651 As for shares and other equity, their share in total assets remained almost the same as in the previous year, decreasing by only.4 percentage point. The share of cash and other assets remained largely unchanged year-on-year, with cash declining by only.11 percentage point and other assets by.5 percentage point. 2.2 BALANCE-SHEET STATISTICS: LIABILITIES The structure of liabilities in the balance sheet of credit institutions remained largely unchanged year-on-year. Chart 5 Structure of liabilities of credit institutions as at 3 June 21 Deposits and loans received constituted the largest share of total liabilities. Although this share declined by.42 percentage point yearon-year, the outstanding amount of deposits and loans received increased by approximately.5 billion (1.21%), reflecting mainly developments in deposits with an agreed maturity of over 1 year. Capital and provisions recorded the largest annual increase in the share of total liabilities (.82 percentage point), and in relative terms this item rose by 8.86% year-on-year. The share of debt securities issued remained largely unchanged year-on-year (rising by.6 percentage point), while the stock of these securities increased more significantly, by 2.77%. The proportion of other liabilities fell by.46 percentage point year-on-year, or 11.18% in relative terms. Chart 6 Structure of liabilities of credit institutions as at 3 June 211 Capital and provisions Other liabilities Capital and provisions Other liabilities Debt securities issued Debt securities issued Deposits and loans received Deposits and loans received Deposits and loans received 78.48% Debt securities issued 6.8% Capital and provisions 11.79% Other liabilities 3.65% Deposits and loans received 78.5% Debt securities issued 6.14% Capital and provisions 12.62% Other liabilities 3.19% 1) Deposits and loans received including non-tradable securities issued. 1) Deposits and loans received including non-tradable securities issued. JUNE 211 11
C H A P T E R 2 2.3 SELECTED ITEMS BY SECTOR / RESIDENCY OF COUNTERPARTY The largest proportion of credit institutions total credit claims ( 4.2 billion) comprised claims on domestic entities (87.11%). They reached 35. billion as at the end of the second quarter of 211. Claims on other euro area countries and the rest of the world were about the same (at 6.54% and 6.35%, respectively) and their outstanding amounts were each approximately 2.6 billion. In the portfolio of credit institutions, securities other than shares and mutual fund shares/units consisted mainly of securities issued by domestic issuers (84.4%, representing 11.7 billion). The proportion of such securities issued in other euro area countries stood at 8.65%, and in the rest of the world at 6.95%. Chart 7 Selected assets/liabilities: breakdown by residency of counterparties as at 3 June 211 1 8 6 As for shares and other equity held in the portfolio of credit institutions (.5 billion), domestic securities were by far the largest component (83.26%), followed by equity securities from other euro area countries (9.5%) and from the rest of the world (7.24%). Deposits and loans received by credit institutions in Slovakia amounted to 44.8 billion, of which those from domestic counterparties accounted for 87.72%. The rest was almost evenly divided between deposits and loans from counterparties in other euro area countries (6.17%) and deposits and loans from counterparties in the rest of the world (6.11%). Claims on sectors other than monetary financial institutions and general government constituted the largest proportion (94.27%) of domestic credit claims of credit institutions, which amounted to 35. billion. Credit claims on households and non-profit institutions serving households stood at 16.4 billion and those on non-financial corporations at 15.5 billion. Claims on domestic monetary financial institutions represented only 2.61% of total domestic credit claims, and claims on domestic general government accounted for 3.11%. The portfolio of credit institutions included 11.7 billion worth of domestic securities other than shares and mutual fund shares/units at the end of the period under review, of which government securities made up 95.34%, securities issued by banks 3.37% and securities issued by other sectors 1.29%. 4 2 Loans Securities other than shares and mutual fund shares/units Shares and other equity Loans and deposits received Euro area domestic Euro area other participating Member States Rest of the world 1) Loan claims including deposits of banks with other entities and non-tradable securities. 2) Shares and other equity including shares/units of money market funds. 3) Deposits and loans received including non-tradable securities issued. The value of domestic shares and other equity (including money market mutual funds) in the portfolio of credit institutions was.4 billion at the end of June 211. Other sectors accounted for 94.28% of that amount, and equity securities issued by domestic MFIs for 5.72%. Deposits and loans received by credit institutions from domestic counterparties amounted to 39.3 billion at the end of June 211. Deposits of other sectors, mainly households, accounted for 9.84% of that amount, deposits from general government for 5.56%, and deposits and loans from domestic MFIs for 3.61%. JUNE 211 12
C H A P T E R 2 Chart 8 Selected assets/liabilities: breakdown by domestic counterparty sector as at 3 June 211 1 9 8 7 6 5 4 3 2 1 Loans Securities other than shares and mutual fund shares/units Shares and other equity Domestic MFIs (S.121 + S.122) Domestic General government Domestic other sectors Deposits and loans received Note: Other sectors = oother financial intermediaries and financial auxiliaries + Insurance corporations and pension funds + non-financial corporations + households and non-profit institutions serving households. 2.4 YEARS-ON-YEAR CHANGES IN ASSETS Total assets of credit institutions recorded a yearon-year increase as at the end of each quarter of 21 and at the end of the first half of 211. The largest annual increase in total assets was recorded at the end of the second quarter of 21; they rose by 4.15% ( 2.3 billion) compared with the same period of 29 mainly due to an increase of 27.89% ( 3.4 billion) in securities other than shares and mutual fund shares/units. The growth in these securities was driven mainly by a rise in securities with a maturity of over 2 years. The largest annual rise in credit claims was reported at the end of the second quarter of 211; they increased by 8.44% ( 3.1 billion) with most of the growth accounted for by long-term claims with a maturity of over 5 years. As for shares and other equity (including money market fund shares/units), their largest year-onyear change was observed at the end of the second quarter of 21, with an increase of 13.85% (.7 billion). Cash holdings of credit institutions recorded their largest year-on-year change zas at the end of the first quarter of 21, with a decline of 9.26% (.6 billion). The year-on-year change in the item of other assets was most pronounced at the end of the Table 5 Statistical balance sheet of credit institutions in the SR year-on-year changes in assets (EUR thousands) III. 1 VI. 1 IX. 1 XII. 1 III. 11 VI. 11 Total assets 993,6 2,249,518 648,88 1,99,653 2,12,845 988,749 Cash -64,111-17,678-4,489-45,732-34,283-52,78 Loans -2,267,16-1,331,189-1,266,594 1,44,813 2,741,39 3,128,13 Loans up to 1 year -3,736,44-2,466,595-2,522,749-814,537 565,766 178,91 Loans 1 to 5 years 237,459-225,557-266,993-111,146-66,383 274,95 Loans over 5 years 1,231,965 1,36,963 1,523,148 1,97,496 2,241,656 2,675,62 Securities other than shares and share certificates 3,344,631 3,45,46 1,863,588 847,14-49,53-1,88,279 Securities other than shares and share certificates up to 1 year 339,954 33,149-248,822-2,31-951,483-1,145,37 Securities other than shares and share certificates from 1 to 2 years 255,563 267,486 23,872 24,74 33,911-5,346 Securities other than shares and share certificates over 2 years 2,749,114 2,834,411 1,98,538 68,674 427,42-657,896 Shares and other equity 46,596 65,372 14,88-43,376-38,455-12,877 Other assets -67,94 127,967 77,495 16,844-164,926-265,49 JUNE 211 13
C H A P T E R 2 Chart 9 Year-on-year changes in assets of credit institutions (percentage changes) 4 3 2 1-1 -2 Mar. 21 June 21 Sept. 21 Dec. 21 Mar. 211 June 211 Total assets Loans Shares and other equity Other assets Cash Securities other than shares and mutual fund shares/units Note: The item other assets is a residual item on the asset side of the balance sheet. Besides fixed assets and financial derivatives with a positive fair value, it also covers, for example, accrued receipts including accrued income interests, profit share to be received, prepaid expenses, prepaid (insurance) premium, outstanding insurance claims, amounts receivable not related to the main bank and branch of foreign bank business, other cash value and cash in transit, transit items, suspense items, claims related to the clearing of stock exchange derivatives margins, claims related to collection, granted advances and other items of assets not included elsewhere. second quarter of 211; they decreased by 1.19% (.3 billion) mainly due to a decline of 42.13% in derivatives with a positive fair value. 2.5 YEAR-ON-YEAR CHANGES IN LIABILITIES Total liabilities of credit institutions recorded a year-on-year increase as at the end of each quarter of 21 and at the end of the first half of 211. The largest annual increase in total liabilities was recorded at end of the second quarter of 21; they rose by 4.15% ( 2.3 billion) compared with the same period of 29, mainly due to an increase of 3.9% ( 1.7 billion) in deposits and loans received. While deposits and loans with a maturity of over 1 year increased, short-term deposits fell by 3.2%. The largest annual change in debt securities during the period under review was recorded at the end of the third quarter of 21; they decreased year-on-year by 4.92% (.2 billion) mainly due to a decline in securities with a maturity of over 1 year and up to 2 years. On the other hand, securities with a maturity of over 2 years increased (by 12.59%). As for the item capital and provisions, its largest year-on-year changes were reported as at the end of the first quarter of 21 and at the end of the second quarter of 211. In both cases, the increase was approximately.6 billion, representing a rise of 9.4% and 8.86%, respectively. The year-on-year change in other liabilities was most pronounced at the end of the first quarter Table 6 Statistical balance sheet of credit institutions in the SR year-on year changes in liabilities (EUR thousands) III.1 VI.1 IX.1 XII.1 III.11 VI.11 Total liabilities 993,6 2,249,518 648,88 1,99,653 2,12,845 988,749 Deposits and loans received 818,719 1,664,55 61,51 1,42,749 1,644,757 533,998 Deposits and loans received up to 1 year -2,59,165-1,16,479-1,141,126 497,87 899,292-73,421 Deposits and loans received over 1 year 3,327,884 2,824,534 1,742,627 922,942 745,465 67,419 Debt securities issued 5,453 33,532-176,167-73,23 15,338 95,98 Debt securities up to 1 year -13,171-13,72-44,544 Debt securities from 1 to 2 years -8,734-213,323-481,479-524,936-385,277-176,894 Debt securities over 2 years 162,358 349,927 349,856 451,913 535,615 271,992 Capital and provisions 556,442 459,171 346,588 466,998 325,472 589,842 Other liabilities -432,68 92,76-123,114 94,929-17,722-23,189 JUNE 211 14
C H A P T E R 2 Chart 1 Year-on-year changes in liabilities of credit institutions (percentage changes) 1 5-5 -1-15 -2 Mar. 21 June 21 Sept. 21 Dec. 21 Mar. 211 June 211 Total liabilities Debt securities issued Other liabilities Deposits and loans received Capital and provisions Note: The item other liabilities is a residual item on the liabilities side of the balance sheet. It covers, for example, financial derivatives with a negative fair value, accrued expenses including accrued interest payable on received deposits and credits and on securities, profit share to be paid, deferred income, liabilities of credit institutions not related to their main business, provisions representing liabilities against third parties, liabilities related to the clearing of stock exchange derivatives margins, transit items that represent funds (usually belonging to customers) that are in the process of being transmitted between credit institutions (items include credit transfers that have been debited from customers accounts and other items for which the corresponding payment has not yet been made by the reporting agent), suspense items (balances held in the credit institution balance sheet which are not booked in the name of customers but which nevertheless relate to customers funds, e.g. funds that are awaiting investment, transfer or settlement), funds that are awaiting settlement, subsidies, net equity of households in pension funds, liabilities related to the trading in securities, liabilities related to collection, received payments and other items of liabilities not included elsewhere. of 21; they decreased by 17.59% (.6 billion), mainly because derivatives with a negative fair value declined by 17.8% (.1 billion) and accrued interest on deposits and loans received fell by 25.7% (.4 billion). In each of the years 26 and 27, the total profits reported by credit institutions reached almost 6 million. In 28 profits fell slightly, and in 29 they slumped by almost 5% yearon-year due to higher provisioning. Banks provisioning for impaired and non-performing claims amount to as much as 1% of the outstanding claims. Net provisions represent the difference between provisioning expenses and income from the cancellation of provisions. The Chart shows that provisioning fell sharply in the period from 25 to 27. Written-down and transferred claims on customers are another balance-sheet item that has a relatively pronounced effect on banks profitability. They are monitored as income from written-down claims on customers and expenses related to claim write-downs, and as income from transferred claims on customers and expenses related to claim transfers. The difference between these two items is always negative and reduces the profit/loss for the current period. Claims are usually written down when provisioning expenses reach 1% of the outstanding claim. Total income from written-down claims amounted to 46,89, during the period from 25 to 21. Total expenses related to claim write-downs reached 512,7, in the same period. The Chart 11 Profit/loss of the current period (EUR thousands) 6 5 4 Other liabilities also reported a relatively substantial year-on-year decline at the end of the second quarter of 211; they fell by 11.18% (.2 billion), largely because derivatives with a negative fair value decreased year-on-year by 42.57% (.3 billion). 3 2 1 2.6 CURRENT PERIOD PROFIT/LOSS Q1 Q2 Q3 Q4 Profit/loss data for the current period are reported for each quarter on a cumulative basis. 28 29 21 211 JUNE 211 15
Mar. 25 Sep. 25 Mar. 26 Sep. 26 Mar. 27 Sep. 27 Mar. 28 Sep. 28 Mar. 29 Sep. 29 Mar. 21 Sep. 21 Mar. 211 Mar. 25 Sep. 25 Mar. 26 Sep. 26 Mar. 27 Sep. 27 Mar. 28 Sep. 28 Mar. 29 Sep. 29 Mar. 21 Sep. 21 Mar. 211 Mar. 25 Sep. 25 Mar. 26 Sep. 26 Mar. 27 Sep. 27 Mar. 28 Sep. 28 Mar. 29 Sep. 29 Mar. 21 Sep. 21 Mar. 211 C H A P T E R 2 Chart 12 Profit/loss of the current period (EUR thousands) 7 Chart 14 Written-off receivables from customers (EUR thousands) 5 6 5 4-5 3-1 2-15 1 25 26 27 28 29 21 211 Q1 Q2 Q3 Q4-2 Income from written-off receivables from customers Expenses related to the writing-off of receivables from customers ratio of income to expenses thus stood at 9.15%. Revenues from written-down claims are understood to be claims that are repaid by the customer after they have been written down. Between 26 and 27, expenses related to the write-down of claims on customers were much higher than in the following years. A claim is transferred when a bank sells a non-performing and/or written-down claim to a third party. Between 25 and 21, income from transferred claims reached 482,922,, and so the average income represented 26.29% of total expenses. The highest claim transfer expenses were recorded in 25 and 21. Chart 13 Net creation of provisions (EUR thousands) 2 Chart 15 Assigned receivables from customers (EUR thousands) 4 1-4 -1-8 -2-12 -3-16 -4 Income from assigned receivables from customers Expenses related to the assignment of receivables from customers JUNE 211 16
Mar. 29 June 29 Sep. 29 Dec. 29 Mar. 21 June 21 Sep. 21 Dec. 21 Mar. 211 June 211 C H A P T E R 2 2.7 SELECTED REVENUES AND EXPENDITURES COMPARED WITH CURRENT PROFIT/LOSS Selected revenues compared to the current period profit/loss are also reported for each quarter on a cumulative basis. Over the long term, banks highest revenues come from other interest income. They have had a rising trend since the beginning of 21. The second highest revenue stream is fees and commissions. The lowest revenues are those from fixed-term transactions and options and from securities transactions. Selected expenses compared with the current period profit/loss are reported as the amount for a three-month period. The highest expenditure item of banks is general operating expenses, which remained largely unchanged during the period under review. Other significant expenditure items are other interest expenses for retail deposits, which have had a declining tendency since the beginning of 29, and the net creation of reserves and provisions. The latter represents the sum of various sub-items (provisions, write-downs of claims on banks and customers, and reserves); its value, however, is always negative, since expenses always exceed revenues. Chart 16 Selected revenues and expenditures compared with current period profit/loss (EUR thousands) 6 5 4 3 2 1-1 -2-3 -4 General operating expenses Fee and commission expenses Net creation of reserves and provisions Expenses related to transactions in securities Dividends received Fee and commission income Other interest expenses Interest expenses on securities Profit/loss on fixed forward transactions and options Income from transactions in securities Interest income from securities Current period profit/loss Other interest income Chart 17 Selected revenues and expenditures compared with current period profit/loss (EUR thousands) 6 5 4 3 2 1-1 -2-3 -4 Mar. 21 June 21 Sep. 21 Dec. 21 Mar. 211 June 211 General operating expenses Fee and commission expenses Net creation of reserves and provisions Expenses related to transactions in securities Dividends received Fee and commission income Other interest expenses Interest expenses on securities Profit/loss on fixed forward transactions and options Income from transactions in securities Interest income from securities Current period profit/loss Other interest income 2.8 LOANS TO NON-FINANCIAL CORPORATIONS AND HOUSEHOLDS BY MATURITY In 29, conditions for lending to non-financial corporations were adverse for loans of all maturities. Although the stock of long-term loans increased in year-on-year terms, its rate of growth slowed. The outstanding amount of short-term loans even decreased year-on-year with the pace of decline accelerating over the course of the year. The highest annual rate of decline (18.5%) was recorded at the end of 29. The year-on-year decline in the stock of shortterm loans continued in the first half of 21, albeit at a slower pace. As for longer terms loans, the annual rate of change in the stock of loans with a maturity of over 1 year and up to 5 years remained unchanged during the half-year under review, while the annual rate of growth in loans with a maturity of over 5 years maintained a steady, moderate decline. The second half of 21 was notable with regard to the changes in various loan categories. On one hand, the outstanding amount of longterm loans with a maturity of over 1 year and up to 5 years started to fall, and, on the other hand, short-term loans and long-term loans with JUNE 211 17
Jan. 29 Mar. 29 May 29 July 29 Sep. 29 Nov. 29 Jan. 21 Mar. 21 May 21 July 21 Sep. 21 Nov. 21 Jan. 211 Mar. 211 May 211 Jan. 29 Mar. 29 May 29 July 29 Sep. 29 Nov. 29 Jan. 21 Mar. 21 May 21 July 21 Sep. 21 Nov. 21 Jan. 211 Mar. 211 May 211 C H A P T E R 2 Chart 18 Loans to non-financial corporations by maturity as at 3 June 211 Chart 2 Loans to households by maturity as at 3 June 211 Short-term Long-term over 5 years Long- term from 1 to 5 years Short-term Long- term from 1 to 5 years Long-term over 5 years Short-term 36.1% Long- term from 1 to 5 years 23.7% Long-term over 5 years 4.2% Short-term 7.% Long- term from 1 to 5 years 7.3% Long-term over 5 years 85.7% Chart 19 Loans to non-financial corporations by maturity (year-on-year percentage changes) 3 2 1-1 -2 Chart 21 Loans to households by maturity (year-on-year percentage changes) 25 2 15 1 5-5 -1-3 -15 Short-term Long- term from 1 to 5 years Long-term over 5 years Short-term Long- term from 1 to 5 years Long-term over 5 years Note: Source data are in nominal value. a maturity of over 5 years reported year-on-year growth. All types of lending to non-financial corporations recorded positive developments during the first half of 211. The stock of short-term loans and long-term loans with a maturity of over 5 years increased at an accelerating pace. As for longterm loans with a maturity of over 1 year and up to 5 years, their outstanding amount declined more slowly in the first quarter and returned to growth in the second quarter. Lending to non-financial corporations was predominantly in the form of short-term loans and long-term loans with a maturity of over 5 years. JUNE 211 18
June 29 Aug. 29 Oct. 29 Dec. 29 Feb. 21 Apr. 21 June 21 Aug. 21 Oct. 21 Dec. 21 Feb. 211 Apr. 211 June 211 June 29 July 29 Aug. 29 Sep. 29 Oct. 29 Nov. 29 Dec. 29 Jan. 21 Feb. 21 Mar. 21 Apr. 21 May 21 June 21 July 21 Aug. 21 Sep. 21 Oct. 21 Nov. 21 Dec. 21 Jan. 211 Feb. 211 Mar. 211 Apr. 211 May 211 June 211 C H A P T E R 2 As for lending to households, the stock of loans with a maturity of over 5 years recorded year-onyear growth throughout the period 29-211. The growth rate decelerated throughout 29 and then remained unchanged at around 13%. Housing loans constituted the bulk of the longterm loans that have a maturity of more than 5 years. Long-term loans with a maturity of over 1 year and up to 5 years have had a downward trend over the last two years, and recorded their highest year-on-year decline (of more than 1%) in 21. As at 3 June 211, the outstanding amount of these loans was lower year-on-year by 99 million (7.6%). The only loans to households, whose outstanding amount showed an alternating year-on-year trend, were short-term loans; their amount rose moderately year-on-year until August 21, before declining by approximately 2% in each subsequent month, and then returning to growth in March 211. The most significant growth sector for lending during the period from June 29 to June 211 was electricity, gas, steam and air-conditioning supply; the sector s share of total loans to nonfinancial corporations almost tripled during that time, from 3.1% to 9.1%. Chart 23 Short-term loans (up to 1 year) five sectors with the highest share (%) 75 7 65 6 55 5 45 4 35 3 2.9 SECTORAL CLASSIFICATION OF LOANS The vast majority of loans to non-financial corporations are provided to companies in the following sectors: wholesale and retail trade, manufacturing and real estate activities. Financial and insurance activities Manufacturing Wholesale and retail trade; repair of motor vehicles, motorcycles Agriculture, forestry and fishing Construction Chart 22 Loans to non-financial corporations by statistical classification of economic activities as at 3 June 211 Chart 24 Long-term loans with the maturity of over 1 and up to 5 years five sectors with the highest share (%) 8 Other 2.7% Accommodation and food service activities 2.8% Administrative and support service activities 4.2% Professional, scientific and technical activities4.1% Real estate activities 17.2% Information and communication 1.7% Transport and storage 8.5% Agriculture, forestry and fishing 2.8% Mining and quarrying.4% Manufacturing 18.1% Electricity, gas, steam and air conditioning supply 9.1% Water supply; sewerage, waste management and remediation activities 1.6% Construction 6.2% 7 6 5 4 3 2 Wholesale and retail trade; repair of motor vehicles, motorcycles 2.8% Mining and quarrying Administrative and support service activities Construction Real estate activities Professional, scientific and technical activities JUNE 211 19
Jan. 29 Mar. 29 May 29 July 29 Sep. 21 Nov. 21 Jan. 21 Mar. 21 May 21 July 21 Sep. 21 Nov. 21 Jan. 211 Mar. 211 May 211 Jan. 29 Mar. 29 May 29 July 29 Sep. 21 Nov. 21 Jan. 21 Mar. 21 May 21 July 21 Sep. 21 Nov. 21 Jan. 211 Mar. 211 May 211 June 29 Aug. 29 Oct. 29 Dec. 29 Feb. 21 Apr. 21 June 21 Aug. 21 Oct. 21 Dec. 21 Feb. 211 Apr. 211 June 211 C H A P T E R 2 Chart 25 Long-term loans with the maturity of over 5 years five sectors with the highest share (%) 1 9 8 7 6 Chart 26 Loans to domestic non-financial corporations (year-on-year percentage changes) 4 3 2 1-1 -2-3 5-4 -5 Public administration and defence; compulsory social security Activities of households as employers; undifferentiated goods and services; producing activities of households for own use Accommodation and food service activities Water supply; sewerage, waste management and remediation activities Education Total Investment loans Bank overdrafts Real estate loans Operating loans Charts 23 to 25 show the breakdown of loans by maturity. The five sectors subsequently selected from the statistical classification of economic activities were those with the highest share of each type of loan within the sector during the last two years. 2.1 SELECTED TYPES OF LOANS PROVIDED TO NON-FINANCIAL CORPORATIONS AND HOUSEHOLDS Loans to households increased year-on-year throughout the period under review, although their rise slowed substantially in 29 and levelled off at around 1% in 21. The year of 211 was better for the loans granted to households; their amount grew faster in comparison with the previous year. Chart 27 Loans to domestic households (year-on-year percentage changes) 3 The trends in current account overdrafts, investment loans and housing loans were very similar during the period under review. In 29, the outstanding amounts of all three types of loan increased at a slower pace. In 21, the stock of housing loans decreased slightly year-on-year, while the stock of investment loans remained unchanged and overdrafts recorded a moderate year-on-year decline in the first half of the year and then a slight rise in the second half. As for operating loans, their outstanding amount was decreasing year-onyear throughout 29-21. In 211, all types of loans to non-financial corporations have recorded an annual increase in their outstanding amount. 25 2 15 1 5-5 Total Loans for house purchase Bank overdrafts Consumer loans Credit cards JUNE 211 2
June 29 Sep. 29 Dec. 29 Mar. 21 June 21 Sep. 21 Dec. 21 Mar. 211 June 211 June 29 Sep. 29 Dec. 29 Mar. 21 June 21 Sep. 21 Dec. 21 Mar. 211 June 211 June 29 Sep. 29 Dec. 29 Mar. 21 June 21 Sep. 21 Dec. 21 Mar. 211 June 211 C H A P T E R 2 A comparison of selected types of loans in the current year, 211, shows that the fastest-growing are housing loans, which account for the highest share (8%) of total loans to households. By contrast, the outstanding amount of credit card loans recorded year-on-year declines throughout the first half of 211. Chart 29 Share of defaulted loans in bank overdrafts and revolving credits to nonfinancial corporations (%) (%) 1 1. 8 8. 2.11 NON-PERFORMING LOANS LOANS TO NON-FINANCIAL CORPORATIONS AND HOUSEHOLDS 6 4 6. 4. The ratio of non-performing loans to non-financial corporations in the Slovak Republic increased until the end of 21. A slight improvement was recorded in the first half of 211. The lowest delinquency rate in credit portfolio was on overdrafts and revolving loans, while the highest delinquency rate was on credit card loans, and it gradually worsened during the first half of 211. 2 Performing loans Defaulted loans Share of defaulted loans (right-hand scale) 2.. A comparison of loans to households reveals that the quality of the credit portfolio began to improve from the end of 21. The lowest delinquency rate in the portfolio was on housing loans and the highest delinquency rate was on credit card loans and authorised overdrafts. Chart 28 Share of defaulted loans in total loans to non-financial corporations (%) (%) 1 1. Chart 3 Share of defaulted loans in credit cards to non-financial corporations (%) (%) 1 25. 8 8. 8 2. 6 6. 6 15. 4 4. 4 1. 2 2. 2 5... Performing loans Defaulted loans Share of defaulted loans (right-hand scale) Performing loans Defaulted loans Share of defaulted loans (right-hand scale) JUNE 211 21
June 29 Sep. 29 Dec. 29 Mar. 21 June 21 Sep. 21 Dec. 21 Mar. 211 June 211 June 29 Sep. 29 Dec. 29 Mar. 21 June 21 Sep. 21 Dec. 21 Mar. 211 June 211 June 29 Sep. 29 Dec. 29 Mar. 21 June 21 Sep. 21 Dec. 21 Mar. 211 June 211 June 29 Sep. 29 Dec. 29 Mar. 21 June 21 Sep. 21 Dec. 21 Mar. 211 June 211 C H A P T E R 2 Chart 31 Share of defaulted loans in total loans to households (%) (%) 1 7. Chart 33 Share of defaulted loans in consumer loans to households (%) (%) 1 15. 8 5. 8 1. 6 6 3. 4 4 5. 2 1. 2 -.1. Performing loans Defaulted loans Share of defaulted loans (right-hand scale) Performing loans Defaulted loans Share of defaulted loans (right-hand scale) Chart 32 Share of defaulted loans in bank overdrafts and revolving credits to households (%) (%) 1 15. Chart 34 Share of defaulted loans in house purchase loans to households (%) (%) 1 4. 8 6 1. 8 6 3. 2. 4 5. 4 2 2 1... Performing loans Defaulted loans Share of defaulted loans (right-hand scale) Performing loans Defaulted loans Share of defaulted loans (right-hand scale) JUNE 211 22
June 29 Sep. 29 Dec. 29 Mar. 21 June 21 Sep. 21 Dec. 21 Mar. 211 June 211 C H A P T E R 2 Chart 35 Share of defaulted loans in household credit cards (%) (%) 1 18. Chart 36 Interest rates and volumes on loans to non-financial corporations (new business) (EUR thousand) 1,2, (% p.a.) 5. 8 16. 14. 1,, 4.5 4. 6 4 12. 1. 8. 6. 8, 6, 4, 3.5 3. 2.5 2. 1.5 2 4. 2. 2, 1..5. Mar. June Sep. Dec. Mar. June Sep. Dec. Mar. June 29 21 211 Performing loans Defaulted loans Share of defaulted loans (right-hand scale) Up to EUR 1 million volumes Over EUR 1 million volumes Up to EUR 1 million interest rate Over EUR 1 million interest rate 2.12 NEW LOANS PROVIDED TO NON- FINANCIAL CORPORATIONS AND HOUSEHOLDS INTEREST RATES AND AMOUNTS Harmonised interest rate statistics are compiled from data obtained from credit institutions on deposits received from, and loans provided to, non-financial corporations and households, which are both Slovak and euro area residents. The household sector encompasses individuals, sole proprietors and non-profit institutions serving households. The term new loans or new deposits means all new deposits received or new loans granted during the respective reference month. The term outstanding amounts of loans or deposits means balances at the end of the respective reference period. Interest rates applied by credit institutions on loans or deposits are calculated as a weighted arithmetic average of agreed rates on an annual basis. In the case of housing loans to households and consumer loans also the total annual percentage rate of charges is reported, meaning the total credit-related costs for consumers. Total costs thus comprise the element of interest rate and the element of other credit-related costs. Collecting the annual percentage rate of charges for statistical purposes allows developments in creditrelated charges to be monitored over time. Secured loans are a new category of loans that have been required for the compilation of euro area interest-rate statistics since 21. For the purposes of MFI interest-rate statistics, these are the loans secured by collateral or a personal guarantee with a value equal or higher than the total amount of the new loan. A partially secured loan is treated as an unsecured loan. The item loans up to 1 million is a substitute category for loans to small and medium-sized enterprises, and the item loans of more than 1 million stands for loans to large corporations. Interest rates reflect the financial power of entities in negotiating conditions under which they are granted loans. In general, loans up to 1 million are provided with higher interest rates than those of more than 1 million. As for loans to households, the greatest demand is for housing loans. Here there is a clear cyclical trend of loans being granted and gradually repaid, as well as a prevailing preference for housing loans other than mortgage loans, intermediate loans and home savings loans. The total annual percentage rate of charges related to housing loans is slightly higher than the JUNE 211 23
Jan. 21 Feb. 21 Mar. 21 Apr. 21 May 21 June 21 July 21 Aug. 21 Sep. 21 Oct. 21 Nov. 21 Dec. 21 Jan. 211 Feb. 211 Mar. 211 Apr. 211 May 211 June 211 Jan. 21 Feb. 21 Mar. 21 Apr. 21 May 21 June 21 July 21 Aug. 21 Sep. 21 Oct. 21 Nov. 21 Dec. 21 Jan. 211 Feb. 211 Mar. 211 Apr. 211 May 211 June 211 C H A P T E R 2 Chart 37 Interest rates and volumes of loans to households for house purchase (new business) (EUR thousand) 3, 25, 2, 15, 1, 5, (% p.a.) 7 Mar. June Sep. Dec. Mar. June Sep. Dec. Mar. June 29 21 211 Mortgages volumes Building loans volumes Intermediate loans volumes Other loans for house purchase item volumes Mortgages interest rates Building loans interest rates Intermediate loans interest rates Other loans for house purchase interest rates Chart 38 Interest rates, APRC and volumes of consumer loans and loans for house purchases granted to households (new business) (EUR thousand) 5, 4, 6 5 4 3 2 1 (% p.a.) 2 15 are lower, and so the difference between the total annual percentage rate of charges and the interest charges on these loans is more pronounced. Secured loans account for a far lower share of consumer loans than of housing loans. Interest rates on consumer loans provided in 211 have to a large extent been influenced by a lower proportion of secured loans and a higher default rate. Chart 39 Interest rates and volumes of secured and total loans for house purchase to households (new business) (EUR million) 45 4 35 3 25 2 15 1 5 House purchase total House purchase secured House purchase total (interest rates) House purchase secured (interest rates) (%) 6. 5.5 5. 4.5 4. 3, 2, 1, Mar. June Sep. Dec. Mar. June Sep. Dec. Mar. June 29 21 211 Consumer loans volumes House purchase loans volumes Consumer loans interest rates Consumer loans APRC House purchase loans interest rates House purchase loans APRC 1 5 Chart 4 Share of secured loans for house purchase on total loans for house purchase to households (new business; EUR millions) 45 4 35 3 25 2 15 1 interest charges on these loans. This is due to substantially longer maturities and higher amounts of housing loans, and the fact that the costs of other credit-related charges are spread out over longer periods of time and over higher loan amounts in comparison with consumer loans. Consumer loans have shorter maturities and their amounts 5 House purchase total House purchase secured JUNE 211 24
Jan. 21 Feb. 21 Mar. 21 Apr. 21 May 21 June 21 July 21 Aug. 21 Sep. 21 Oct. 21 Nov. 21 Dec. 21 Jan. 211 Feb. 211 Mar. 211 Apr. 211 May 211 June 211 Jan. 29 Feb. 29 Mar. 29 Apr. 29 May 29 June 29 July 29 Aug. 29 Sep. 29 Oct. 29 Nov. 29 Dec. 29 Jan. 21 Feb. 21 Mar. 21 Apr. 21 May 21 June 21 July 21 Aug. 21 Sep. 21 Oct. 21 Nov. 21 Dec. 21 Jan. 211 Feb. 211 Mar. 211 Apr. 211 May 211 June 211 Jan. 21 Feb. 21 Mar. 21 Apr. 21 May 21 June 21 July 21 Aug. 21 Sep. 21 Oct. 21 Nov. 21 Dec. 21 Jan. 211 Feb. 211 Mar. 211 Apr. 211 May 211 June 211 Jan. 29 Feb. 29 Mar. 29 Apr. 29 May 29 June 29 July 29 Aug. 29 Sep. 29 Oct. 29 Nov. 29 Dec. 29 Jan. 21 Feb. 21 Mar. 21 Apr. 21 May 21 June 21 July 21 Aug. 21 Sep. 21 Oct. 21 Nov. 21 Dec. 21 Jan. 211 Feb. 211 Mar. 211 Apr. 211 May 211 June 211 C H A P T E R 2 Chart 41 Interest rates and volumes of secured and total consumer loans to households (new business) (EUR million) 25 2 15 1 5 (% p.a.) 17 15 13 11 9 7 Chart 43 Interest rates and volumes of loans to non-financial corporations by maturity (EUR thousands) 7,, 6,, 5,, 4,, 3,, 2,, 1,, (% p.a.) 5. 4.5 4. 3.5 3. 2.5 2. 1.5 1..5 Consumer loans total Consumer loans secured Consumer loans total (interest rate) Consumer loans secured (interest rate) With agreed maturity up to 1 year volumes With agreed maturity of 1 to 5 years volumes With agreed maturity over 5 years volumes With agreed maturity up to 1 year interest rates With agreed maturity of 1 to 5 years interest rates With agreed maturity over 5 years interest rates Chart 42 Share of secured consumer loans on total consumer loans to households (new business; EUR millions) 25 Chart 44 Interest rates and volumes of loans for house purchase to households by maturity (EUR thousands) 12,, (% p.a.) 7. 2 15 1,, 8,, 6,, 6.5 6. 1 5 4,, 2,, 5.5 5. Consumer loans total Consumer loans secured With agreed maturity up to 1 year volumes With agreed maturity of 1 to 5 years volumes With agreed maturity over 5 years volumes With agreed maturity up to 1 year interest rates With agreed maturity of 1 to 5 years interest rates With agreed maturity over 5 years interest rates 2.13 LOANS PROVIDED TO NON-FINANCIAL CORPORATIONS AND HOUSEHOLDS INTEREST RATES AND OUTSTANDING AMOUNTS Interest rates on loans with a maturity of over 1 year and up to 5 years have historically been higher than those on loans with other maturities, and these loans also have the lowest outstanding amount. In the first half of 29, loans with a maturity of up to 1 year reported the highest outstanding amount, but since the second half of that year, their position in this regard has been taken by loans with a maturity of more than 5 years. Among loans to households, the outstanding amount of loans with a maturity of more than 5 years is by far the largest. The increasing JUNE 211 25