On April 27, the Board of the National Bank of Ukraine approved the NBU’s Consolidated Financial Statements and Consolidated Management Report for 2025. At the end of the year, the National Bank reported a profit available for distribution of UAH 155 billion, of which UAH 146.1 billion will be transferred to the State Budget of Ukraine.
As of December 31, 2025, the NBU’s balance sheet total rose to UAH 3.3 trillion, compared to UAH 2.7 trillion a year earlier. The key factor behind this growth was an increase in international reserves by more than 30%—to $57.3 billion.
The largest share of the National Bank’s assets was traditionally comprised of assets forming international reserves, specifically funds and deposits in foreign currency and bank metals (UAH 1,223.4 billion), non-resident securities (UAH 1,089.3 billion), and Ukrainian government securities (UAH 699.5 billion).
The NBU’s liabilities at the end of the year amounted to UAH 2,721 billion, or 82% of total liabilities. Key changes included an increase in cash in circulation to UAH 926.5 billion, funds held by government and other institutions to UAH 481.3 billion, and NBU deposit certificates to UAH 775.7 billion.
The National Bank’s equity rose to UAH 579.5 billion, primarily due to revaluation reserves formed as a result of exchange rate changes.
The NBU’s financial result for 2025 amounted to UAH 153 billion. Among its key components were net interest income of UAH 17.4 billion and the result of the revaluation of financial instruments of nearly UAH 113.2 billion. At the same time, the National Bank’s expenses for the production of banknotes and coins, personnel costs, and administrative needs rose to UAH 10 billion.
In accordance with legal requirements, UAH 8.9 billion of the profit before distribution will be allocated to the NBU’s general reserves, and the remaining UAH 146.1 billion will go to the state budget.
As emphasized by Andriy Pyshnyy, Governor of the National Bank, the NBU’s contribution to the budget amid a full-scale war is a crucial element in supporting the country’s stability, while the regulator continues to prioritize its mandate to ensure price and financial stability.
The NBU Council also approved the financial statements, taking into account the opinion of the independent auditor, Ernst & Young Audit Services LLC. The auditor expressed a qualified opinion regarding the approach to establishing provisions for expected credit losses on government bonds in the NBU’s portfolio.
The National Bank notes that, based on an analysis of available information and taking into account the special status of government bonds, the regulator considers such securities to be effectively free of credit risk and does not set aside provisions for them.
The auditor’s report includes a separate explanatory paragraph regarding the uncertainty surrounding the impact of Russia’s military aggression on the National Bank’s operations; however, the auditor’s opinion on this matter has not been modified.
The NBU’s consolidated financial statements for 2025 were prepared in accordance with International Financial Reporting Standards (IFRS) and, in the auditor’s opinion, with the exception of the aforementioned issue regarding provisions for government bonds, fairly present the financial position and results of operations of the National Bank.
