The rapid expansion of business lending has become the main force behind the recovery of Ukraine’s banking sector, which continues to perform strongly despite the ongoing war and heightened risks, the National Bank of Ukraine (NBU) said, reported Ukraine Business News.

Deputy Chairman Oleksiy Shaban reported that the banking system’s net assets rose by 4% in the first eight months of 2025, while the hryvnia loan portfolio increased by 33.7% year-on-year. “Business loans remain the primary growth driver, while the share of short-term instruments like certificates of deposit is gradually declining, indicating a slow revival of entrepreneurial activity,” Shaban said.

According to NBU data, net hryvnia loans to businesses grew by 30.8% year-on-year in September, while loans to individuals increased by 32.9%.

PrivatBank, Ukraine’s largest lender, reported that its business loan portfolio had reached UAH50bn ($1.2bn) — nearly triple its pre-invasion level. “Every day we issue UAH160mn ($3.8mn) in new loans and remain a vital source of financing for small and medium-sized businesses in Ukraine,” said Larisa Chernyshova, speaking at the Kyiv International Economic Forum 2025.

Shaban also noted that 77% of NBU regulations have already been harmonised with EU banking standards. “This alignment will create new opportunities for attracting European investment into Ukrainian bank lending,” he said.