Financial sector remains resilient in 2025, but there are risks of deterioration in next six months - NBU

The financial sector remains resilient to significant challenges, but a number of financial institution executives have indicated a possible deterioration in its condition in the next six months

This is evidenced by the results of the Systemic Risk Survey of the financial sector for November 2025, the Ukrainian News agency reports.

According to the survey, the assessment of the current state of the sector by the heads of the largest financial institutions has slightly deteriorated over the past six months: the balance of responses has decreased to the level of 2024.

Most respondents have not noted any changes in the state of the financial sector over the past six months and do not expect it to change in the next six month.

However, the share of those who expect the financial sector to deteriorate has doubled: from 15% in May to 32% in November.

The average assessment of the overall level of risk in the financial sector is moderately high, and its resilience to significant negative events is assessed as medium or high.

At the same time, none of the respondents assessed the sector's resilience as very high, and for the first time since 2022, some respondents stated that the financial sector's resilience to significant adverse events was very low.

The war with russia remains the main source of systemic risks.

The risk of the general level of corruption has increased significantly and ranks second among the biggest threats.

The factor of law enforcement and the judicial system's activities also made it into the top three main risks.

More than 60% of financial institution managers said their risk appetite had remained unchanged over the past six months, and a quarter said they were more inclined to take risks.

As the Ukrainian News agency earlier reported, the survey on systemic risks in the financial sector studies the perception of the largest banks and non-banking financial institutions of current and potential risks for the financial sector and is conducted by the National Bank of Ukraine twice a year.

Its results reflect the assessment by top managers of financial institutions of the state of the financial sector over the past six months and expectations for the next six months.

The survey was conducted from November 06 to November 21, 2025, with the participation of executives from 22 banks, 10 insurers, and two investment companies.

The final results were not evaluated by the size of the bank/company or their market share - all answers are equivalent.

The results presented are based on the answers received from the respondents and may not coincide with the risk assessment of the financial system carried out by the National Bank of Ukraine.