Macroprudential Commentary - December 2025

The financial cycle continues to recover:

• In the third quarter of 2025, its upswing was driven mainly by the credit market. In the period ahead, a gradual easing of the cycle’s recovery is expected.
• Mortgage lending growth remained steady amid a slight reduction in interest rates. The number of mortgage originations stabilised, while the average loan size rose slightly. Housing price growth was slower compared with the beginning of the year. Consumer credit growth remained steady.
• Lending to non-financial corporations is increasing, although its growth slowed in the autumn. Lending to the commercial real estate sector continues to stagnate. The non-performing loan ratio for the corporate portfolio remains low.
• Banks’ aggregate net profit for the first nine months increased year-on-year by almost one tenth. Half of this growth reflected a rise in gross pre-tax profit, while the remainder was due to the bank levy reduction. Banks remain sufficiently well capitalised, and their liquidity positions have also improved.

No change in the countercyclical buffer (CCyB) rate. Národná banka Slovenska also does not foresee a need to adjust the CCyB rate in the next quarter.