Macroprudential Commentary - June 2026

Summary:

• The financial cycle has now been cooling for two successive quarters, reflecting both a slowdown in corporate lending and decelerating economic growth. In the period ahead, it is expected to level off, with a possible transition into a mild downswing.
• Mortgage lending growth remains stable, although it has likely already peaked and is expected to gradually ease. Consumer credit growth is steadily slowing. Non-performing loan ratios for household loans (excluding consumer credit) remain low.
• Lending to non-financial corporations (NFCs) has maintained only modest growth. The most pronounced decline in borrowing has been among industrial firms. Although the non-performing loan ratio for the NFC portfolio edged up at the turn of the year, it remains close to its historical low.
• The banking sector’s aggregate profit is growing year-on-year. Banks continue to benefit from rising net interest income, mainly driven by cheaper customer deposits; however, this potential is already being exhausted. Rising operating costs have weighed on profits. Banks in Slovakia remain well-capitalised and liquid.

NBS has not changed the countercyclical buffer (CCyB) rate, nor does it envisage adjusting the rate in the next quarter.