NBU Publishes Second Quarter 2025 Financial Results: Key Metrics and Macro Indicators
The National Bank of Ukraine has publicly shared its financial summary for the second quarter of 2025, revealing figures that surprised many financial analysts and experts.
According to an official report published on the central bank’s website on August 27, the consolidated financial result of the NBU as of June 30, 2025, amounted to 51.2 billion hryvnias.
This figure is more than twice lower than the result for the same period in the previous year, primarily due to significant fluctuations in the bank’s financial operations.
Over the first half of 2025, the bank’s assets increased by 3%, reaching 2.79 trillion hryvnias, with a large portion of assets denominated in foreign currencies.
Notably, the reserves in Special Drawing Rights (SDRs) expanded by 54%, to 71.8 billion hryvnias, while foreign currency deposits and cash increased by 10%, to 534 billion hryvnias.
Additionally, the management of international reserves allowed the bank to grow its reserves to $45.1 billion, an increase of 3%, thanks to active management and strategic reserves preservation.
The report also states that the bank’s liabilities as of mid-2025 reached 2.171 trillion hryvnias, reflecting a 1.8% increase since the beginning of the year.
Liabilities linked to IMF loans decreased by 34%, totaling 34.8 billion hryvnias, indicating efforts to reduce dependency on external borrowing.
Internally, government and institutional funds on the NBU accounts declined, while the costs of supporting banking stability rose.
Regarding profitability, the data indicate a sharp decline: in Q2 2025, the profit reached 36.4 billion hryvnias, down 43.6% from the same period last year, mainly due to lower income from financial instruments and foreign exchange operations, which in the first half of 2025 amounted to 17.1 billion hryvnias compared to 95.7 billion last year.
The regulator emphasizes that these figures do not constitute the final profit to be distributed or transferred to the state budget; the final amount will depend on the full-year financial results, expected to be published in spring 2026.
Additionally, in April and May of 2025, the bank transferred over 84 billion hryvnias to the government’s budget, reflecting active fiscal policies.
The NBU also increased its own capital by 9%, reaching 619 billion hryvnias, mainly due to retained earnings.
Meanwhile, foreign liabilities, including IMF debt, decreased, reflecting improved financial stability.
Expenditures for personnel increased by 28.8% to 2.28 billion hryvnias, but this did not affect the overall financial position.
From a macroeconomic perspective, the NBU forecasts a 2.1% growth of Ukraine’s GDP in 2025, with inflation projected to decline to 9.7%.
Maintaining the key interest rate at 15.5% remains crucial for controlling inflation, which is expected to slow down significantly by year-end.
The overall outlook aims at stabilizing Ukraine’s financial system and supporting sustainable economic growth.