24/07/2024 13:45
Slow
economic recovery After
last year’s stagnation, we expect GDP growth of just 0.7% this year and an
acceleration to 1.9% next year. This is a worse outlook than our previous
forecast, but we still expect stronger household consumption to contribute to
the economic recovery, supported by continued real wage growth. We see
industrial activity remaining weak this year. Inflation
to fall below target by 2025 We estimate that inflation will average 2.3% this year and decline to
1.7% next year. We expect it to be pushed below the 2% target mainly by lower
growth in core and regulated prices, reflecting an excessively tight monetary
policy, still-weak demand and falling energy prices. CNB to
cut interest rates further While central bankers have pointed to a slowdown in the pace of rate
cuts, recent data support further significant monetary easing. We expect the
key repo rate to end the year at 3.75% and to reach its terminal level of 3.5%
in February next year.
25/07/2024 11:37
Moneta reported 2Q24 net profit growth of +12.3% y/y to CZK1.4bn on revenues of CZK3.1bn. This is in line with the consensus. On the revenue side, strong sales of third-party investment products surprised. Tight cost control led to lower administrative expenses. Regulatory fees were also lower. As expected, Moneta reiterated its full-year targets.