Historic Earnings Surge: Financial Companies Net UAH 8 Billion

Non-Bank Financial Sector Overview: Q2 2026

According to НБУ: Ukraine's non-bank financial sector comprises credit unions, insurers, financial companies, and pawnshops. In the second quarter of 2026, assets grew across most of these segments, according to the latest review. Credit unions posted their first quarterly asset increase in two years, while financial companies reported an all-time high net profit of UAH 8.0 billion. Insurers and pawnshops also expanded, although the non-bank sector's combined share of NBU-supervised assets slipped to 8.8%.

How Each Non-Bank Segment Performed

Analysts found that most market segments recorded asset expansion. Risk insurers' assets rose 3.4% from the previous quarter and 26.3% year over year. Life insurers followed suit, with gains of 3.9% quarter on quarter and 14.9% annually.

Credit unions saw a modest quarterly uptick in assets for the first time in more than two years, even though their assets still contracted 7.2% on an annual basis. New loan issuance increased sequentially but declined compared with the same period last year. Credit unions' equity advanced 1.4% for the quarter, yet remained 2.9% below year-ago levels.

Financial companies kept assets flat quarter over quarter, but the volume of services they provided jumped by nearly 25%. Ukrfinzhytlo, the state operator of the eOselia mortgage program, generated more than half of the segment's net profit. Pawnshops also turned in a strong performance, increasing assets by 4.9% sequentially and 10.6% annually. Their new lending grew 0.6% quarter on quarter and 21.0% year on year, even as administrative and other expenses climbed.

The broad-based asset growth signals the sector's gradual recovery after difficult phases, a pattern typical of economic cycles. Stronger results across financial companies, credit unions, and pawnshops may reflect rising consumer confidence in non-bank institutions and an expanding range of services tailored to household needs. Still, the reduced share of non-banks in NBU-supervised assets could prompt further analysis and strategies to sharpen their competitive edge.

While the non-bank financial sector in Ukraine has shown remarkable growth, recent changes in tax regulations have significantly impacted the profitability of banks. As reported, a new tax imposition has resulted in a 30% decline in profits for Ukrainian banks, which may influence the overall financial landscape. For a detailed analysis of how these developments are reshaping the banking sector, see more on the recent tax impact on bank profits.