21/10/2025 15:14
Issuance activity: Tomorrow, MinFin is scheduled to
auction CZK4.0bn of 2034 bonds, CZK3.0bn of 2036 bonds and CZK1.0bn of 2037
bonds. The formation of a new government following the general election
earlier this month is still underway. Its representatives’ statements on the
2026 budget are unstable, ranging from increasing the deficit from the
CZK286.0bn approved by the outgoing government by an additional CZK80.0bn to
keeping the deficit as approved. In any case, the provisional budget regime, in
which a maximum of one-twelfth the previous year’s budget can be spent per
month, is likely to be implemented in the first few months of 2026, as was the
case after the 2021 election. This could limit pressure to increase the
issuance pace in the coming months due to the state budget deficit widening in
2026.
23/10/2025 10:29
According to its 3Q25 presentation, Moneta achieved a 17.9% yoy increase in net profit to CZK1.8bn. This figure is +8.1% higher than the market consensus. RoTE reached 25.6%. These results surpassed market expectations primarily due to increased net interest income, higher NF&C, stable operating costs, and a lower-than-expected CoR. The increase in net interest income is due to a significant decline in financing costs. Moneta has once again delivered strong results and is on track to meet its increased full-year targets.