At the end of January 2022, the total deposits in Croatia amounted to HRK 365.9bn, an increase of 11% YoY.

The Croatian National Bank (HNB) has published the consolidated statement of financial position for the monetary financial institutions. In, we can see that in January, the total deposits in Croatia amounted to HRK 365.9bn, an increase of 11% YoY, and 0.02% MoM. This means that in January 2022, the Croatian deposits are continuing their positive trend of reaching new all-time highs, continuing the positive trend.

If we look at the deposits by its components, on a YoY basis, this increase was driven by the increase in demand deposits, which grew by 19.2% YoY, and amounted to HRK 152.35bn in January. At the same time, saving deposits also increased, growing by 5.8% YoY and amounting to HRK 213.51bn in the same period. On an MoM basis, demand deposits decreased slightly (-0.4%), which breaks the positive trend it experienced since October 2020. Meanwhile, saving deposits increased slightly MoM, growing by 0.3%.

Breaking the saving deposits into domestic saving deposits and foreign currency saving deposits, we can see that in January, domestic saving deposits amounted to HRK 30.7bn, a decrease of -2.1% YoY and a slight increase of 0.1% MoM. This would mean that the domestic saving deposits accounted for 14.37% of all saving deposits, a 3 bp decrease MoM, while foreign currency saving deposits, which account for the remaining 85.63%, increased by the aforementioned 3 bps.

Simultaneously, Foreign currency saving deposits increased by 7.3% YoY, 0.3% MoM, and amounted to HRK 182.8bn. This continues the growth of share of the FX deposits in Croatia, as the expected introduction of the Euro on 1 Jan 2023 draws closer.

Looking over to the household deposits by themselves, they had a growth of 9.5% YoY, amounting to HRK 247.9bn in January 2022. This means that 67.76% of all deposits were household deposits, an increase of 49 bps MoM and a decrease of 93 bps YoY.

Deposits breakdown (HRK bn)