According to the results of the half-year, the volume of assets of the National Bank increased by 17%, compared with the consolidated data as of December 31, 2022, and made UAH 2,293 billion.
This is stated in the NBU message, Ukrainian News Agency reports.
The change in assets is primarily the result of a 37% increase in international reserves - to USD 39.0 billion at the end of the first half of 2023 (from USD 28.5 billion at the end of 2022).
In particular:
- increase by 23% of the volume of securities of non-residents in the portfolio of the National Bank during the first half of 2023 - up to UAH 858.5 billion;
- almost doubled volume of funds and deposits in foreign currency and banking metals - up to UAH 464.4 billion at the end of the first half of 2023.
At the same time, the volume of the loan portfolio decreased by 4.7 times due to the repayment of long-term debt on working loans by banks.
The liabilities of the National Bank as of the end of the first half of 2023 are UAH 1,921 billion (83.8% from assets).
The main changes in the obligations of the National Bank occurred in the following positions:
- funds of banks, the volume of which increased 2.3 times to UAH 203.8 billion;
- funds of state and other institutions, the volume of which increased almost six times to UAH 311 billion;
- liabilities on loans received from the IMF - a decrease of 21.5%. This is primarily due to the planned repayment of part of the debt to the fund in the first half of 2023.
The increase in the National Bank's net worth in the first half of 2023 by 13% - from UAH 328 billion to UAH 371 billion - was due to the accumulation of profit of the current year.
The amount of the consolidated financial result of the National Bank for the first half of this year amounted to UAH 43.3 billion.
Net interest income in the amount of UAH 21.8 billion and positive results of revaluation of financial instruments in the amount of UAH 23.2 billion, which is the result of a change in the official exchange rate and their fair value, had the biggest impact on the amount of profit.
The expenses of the National Bank related to the manufacture of banknotes, coins and other products, administrative costs, staff maintenance costs in the first half of 2023 remained at the same level as in the corresponding period of 2022, and amounted to UAH 3 billion.
The consolidated income recorded in the National Bank's financial statements is not a portion of the pre-distribution profit that is transferable to the State Budget.
The commitment of the National Bank in terms of profit for distribution, which is to be transferred to the State Budget, will be formed following the results of the entire 2023 and published in the spring of 2024.
The final amount of profit before the distribution of the National Bank, which will be transferred by the National Bank to the State Budget in 2024, will depend on the actual macroeconomic indicators in 2023 and will be determined after confirmation by the external audit and approval by the National Bank Council of the annual financial statements of the National Bank for 2023.
As Ukrainian News Agency earlier reportedl, the consolidated financial statements of the National Bank of Ukraine provide information to explain events and transactions that are significant for understanding changes in the financial condition and results of the National Bank's activities from the date of approval of the latest annual Consolidated Financial Statements of the National Bank.
The interim shortened consolidated financial statements for the period ended June 30, 2023 are considered together with the annual consolidated financial statements of the National Bank as of December 31, 2022, compiled in accordance with the International Financial Reporting Standards, confirmed by an external audit (by Ernst & Young Audit Services LLC) and approved by the National Bank Council.
The interim consolidated financial statements of the National Bank for the period ended June 30, 2023 are compiled using accounting policies, estimates, judgments and assumptions as the last annual consolidated financial statements.
From July 21, the NBU adjusted the official hryvnia exchange rate by 25% to 36.5686 UAH/USD.
Since August 6, 2022, the National Bank abolished the restriction, according to which banks and non-bank institutions had to buy cash currency from the population at a rate not lower than the official one.
The National Bank allowed banks to sell more currency to the public.
So, from September 6, the volume of cash currency that a bank can offer to the population will include the entire volume of non-cash currency purchased by it from April 13, 2022, and not half of it.
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