National Bank of Ukraine's 2025 Financial Report
The Council of the National Bank of Ukraine (NBU) has approved the consolidated financial statements for 2025. The regulator posted a financial result of 153 billion UAH, with 146.1 billion UAH earmarked for transfer to the state budget. As of December 31, 2025, the NBU's balance sheet totaled 3,300.6 billion UAH, reflecting growth from 2,700 billion UAH at the end of 2024. International reserves reached $57.3 billion by late 2025, a significant rise from $43.8 billion at the close of 2024.
Key Financial Indicators
By the end of 2025, the volume of funds and deposits in foreign currency and bank metals amounted to 1,223.4 billion UAH, a 2.5-fold increase. Non-resident securities stood at 1,089.3 billion UAH, while Ukrainian government bonds (OVDP) totaled 699.5 billion UAH. The NBU's liabilities reached 2,721 billion UAH, representing 82% of the balance sheet, while equity grew to 579.5 billion UAH, up 2% from 2024.
Expenses for banknote production, staff salaries, and administrative needs in 2025 amounted to 10 billion UAH, rising from 8.1 billion UAH in 2024. The NBU's net interest income for 2025 was 17.4 billion UAH, with pre-distribution profit hitting 155 billion UAH. Of that, 8.9 billion UAH will be allocated to the NBU's general reserves. The external financial audit was conducted by Ernst & Young, which issued a qualified opinion regarding the NBU's approach to provisioning for hryvnia-denominated OVDP.
NBU Governor Andriy Pyshnyy stated: 'While profit is not the goal of any central bank, during a full-scale war, the National Bank is once again making a substantial contribution to the country's defense capability and resilience by transferring part of its pre-distribution profit to the state budget.'
These financial results underscore the stability of the National Bank of Ukraine and its significant role in supporting the state budget amid ongoing challenges.
The NBU's financial performance mirrors the broader state of Ukraine's economy and its ability to adapt to wartime conditions. The rise in international reserves and the sharp increase in financial results highlight the effectiveness of the regulator's policies in managing exchange rates and ensuring financial sector stability. The transfer of a portion of profits to the state budget further emphasizes the NBU's critical role in funding government needs, especially during the ongoing military conflict.
In addition to the impressive financial results, the NBU's decision to maintain the key interest rate at 15% plays a crucial role in stabilizing the economy during these challenging times. Understanding the implications of this rate on inflation and exchange rates is essential for comprehending the broader economic landscape. For more insights on this topic, see our article on the current interest rate policy and its effects.