Businessman Oleksandr Yaroslavsky’s bank Credit Dnipro managed to double its loan portfolio last year, with 80% of the growth coming from an increase in corporate loans.
“In 2024, the bank’s loan portfolio doubled, and 80% of the growth was in corporate financing, while the growth of our agricultural portfolio was 65%,” said Serhiy Panov, Chairman of the Board of the financial institution, in a blitz interview with Interfax-Ukraine.
According to the National Bank of Ukraine (NBU), the bank’s loan portfolio amounted to UAH 7.83 billion as of January 1, 2025, of which UAH 6.88 billion was to businesses.
The Chairman of the Board said that in 2024, the bank’s retail business “opened a second wind”: customers were offered a new mobile application, the development of the regional network continued, and the financial institution entered the top 5 banks in terms of lending under the eHouse state program.
“This year, we aim to increase our momentum and increase our presence in the retail sector,” Panov said.
As of January 1, 2025, according to the National Bank’s statistics, the financial institution ranked 20th in terms of total assets (UAH 24.34 billion) among 61 banks in the country. The bank’s net profit last year amounted to UAH 175 million.
The real gross domestic product (GDP) of Ukraine in January 2025 grew by 2% compared to January 2024, while in December 2024 the growth was recorded at 1.6% compared to the same period of the previous year, according to the Monthly Economic Monitoring of the Institute for Economic Research and Policy Consulting (IER).
“The main reasons for the accelerated growth are a smaller decline in agriculture, which now reflects only livestock indicators, the absence of massive scheduled power outages, and an increase in private consumption. According to the Ministry of Agrarian Policy, real production in livestock is slightly declining. The number of cattle has declined, while the situation in poultry farming is more favorable. According to IER estimates, real gross value added (GVA) in agriculture decreased by 0.9% year-on-year in January,” the study says.
It is emphasized that the approach of the frontline and the complete closure of mines near Pokrovsk have negatively affected the pace of economic recovery in Ukraine and led to a decline in the mining industry.
At the same time, the situation with iron ore production remains positive. So far, according to the IER, real GVA in the mining industry decreased by 2.9% in January 2025 compared to the same period a year earlier. At the same time, the approaching frontline may have an even more negative impact on the performance of the extractive industry in the coming months.
However, the absence of planned massive power outages had a positive impact on the performance of the manufacturing industry. Domestic demand for the products of industries focused on the domestic market was also favorable. External demand also helped the steel industry. However, the IER notes that the statistical base was high in January. In general, although some industries showed a decrease in output, in the manufacturing industry, real gross domestic product increased by 3% in January (compared to January 2024).
“The destruction of electricity generation by the Russians was not fully compensated by repairs and new generation. In addition, the demand for electricity was lower this year due to warm weather and emergency power outages as a preventive measure during shelling. As a result, according to our estimates, the real GVA in the industry decreased by 5.1% in January (compared to January-2024),” the IER states.
At the same time, in trade, real gross domestic product continues to grow due to higher wages and social payments. Consumption is also growing amid high inflation expectations. In January, the real growth in trade gross domestic product (GDP) slowed to 4.9% (compared to January 2014). At the same time, due to the suspension of Russian gas transit to the EU, real GVA in transport decreased by 1.1% compared to the same period last year.
The IER added that Russia continues to attack Ukraine’s port infrastructure. In late January and early February, there were several attacks on the ports of Odesa, Izmail and Chornomorsk, which damaged port infrastructure. In January, Ukraine exported 6.6 million tons of goods by sea.
In January, 14 million tons of cargo were transported by rail, which is at the level of December 2024 and 1% less than in January 2024. Of these, 5.5 million tons were transported to ports and 2 million tons to the western border. Ore (44%), grain (38%), and ferrous metals (6%) account for the largest share of transportation.
In addition, in the first month of 2025, exports of goods fell by 6% compared to January 2024 and by 4% compared to December 2024, to $3.18 billion. Exports of agricultural goods continued to decline compared to previous months amid declining inventories. Agricultural exports fell by 18% yoy (compared to January-2024) to $1.85 billion due to a smaller harvest and lower carryover stocks at the beginning of the marketing year. Physical volumes of exports of key agricultural commodities fell even further, but export revenues were supported by higher prices and the gradual diversification of agricultural exports.
Merchandise imports fell to $5.55 bn in January, reflecting a seasonal decline in imports compared to December. In annual terms, imports increased by 9% (compared to the same period of the previous year). Imports of machinery and equipment amounted to $2.16 billion, up 17% compared to January 2024, in particular due to a sharp increase in imports of energy equipment ($431 million in January 2025 compared to $85 million in January 2024). At the same time, imports of cars fell.
Among other things, the IER forecasts real GDP growth of 2.9% in 2025 and 3.2% in 2026.
As reported by the Ministry of Economy, Ukraine’s GDP grew by 1.5% in January-2025, driven by the construction industry, manufacturing, and domestic trade.
The World Bank also downgraded its forecast for Ukraine’s GDP growth in 2025 to 2% from 6.5% in its June report, but improved it for 2026 to 7% from 5.1% in its Global Economic Outlook published on January 17.
The National Bank of Ukraine has also changed its forecasts. Given security risks and the difficult situation on the labor market, the NBU has lowered its real GDP growth forecast for 2025 to 3.6%.
Zaporozhkoks, one of Ukraine’s largest coke and chemical producers and a member of Metinvest Group, increased its investments in production facilities by a quarter year-on-year in 2024, up to UAH 321 million from UAH 257 million.
According to the company, last year’s investments were directed to a program of major overhauls of production facilities, as well as investment projects in occupational safety, information technology, and the social sphere.
Zaporozhkoks CEO Oleksandr Bekhter named ensuring the uninterrupted operation of the company’s main production assets to maintain the company’s performance in the war as one of his key priorities last year and this year.
“To this end, we continue to invest in programs to support key equipment and important repairs. In 2025, as part of the program of overhauls and investments, Zaporizhkoks will continue to overhaul coke oven battery (COB) No. 2 with the relining of three walls, implement the Working Life program and a number of projects to maintain equipment for a total of almost UAH 324 million,” the CEO said.
It is specified that one of the key equipment upgrade projects implemented last year at the enterprise was the overhaul of coke oven battery No. 2 with the relocation of four walls of coking chambers with a budget of almost UAH 72 million. This allowed us to extend the life of the unit and reduce the environmental impact. To increase the production capacity of the coke shop, the company also purchased a coke oven car for receiving and transporting coke.
As part of the overhaul program, the company also repaired coke ejector No. 3 in the coke shop, regenerator No. 11 in the desulphurization shop, pipelines of the recovery shop, and the U-30 charge feeding line of the coal preparation shop, etc.
“In 2024, Zaporozhkoks continued to implement its corporate program to improve the working environment, Working Life, and overhauled the main sanitary and amenity building and other amenities for UAH 3.8 million. During the year, the company also implemented a number of investment projects to upgrade its IT infrastructure, occupational health and safety.
“Zaporizhkoks has a full technological cycle of coke and chemical products processing.
“Metinvest is a vertically integrated mining group of companies. Its major shareholders are SCM Group (71.24%) and Smart Holding (23.76%), which jointly manage the company.
Metinvest Holding LLC is the management company of Metinvest Group.
Last year, Ukrnafta drilled 10 new wells and started drilling 12 more, the company said on Tuesday.
“Ukrnafta drilled 32 thousand meters in 2024, which is +280% compared to 2023,” the company said in a press release.
It is noted that 10 new wells are successful and have a flow rate higher than expected. Construction of 12 more wells began in the fourth quarter of 2024 and is currently at various stages of implementation.
The company plans to drill 30 new wells in 2025.
“Ukrnafta has launched an ambitious drilling and stimulation program at one of the company’s youngest fields – we are working with our own rigs in difficult mountain conditions,” said Sergiy Koretsky, CEO of the company.
According to the company, last year Ukrnafta acquired its first special permit at an auction, reached 91% reserve replacement ratio compared to 64% in 2023, explored 600 sq. km of eight fields and areas using 3D seismic, drilled the deepest well in the last 8 years with a depth of 4,520 m, performed 340 production stimulation operations and 69 hydraulic fracturing operations.
This year, the company plans to explore 800 square kilometers using 3D seismic and conduct 70 hydraulic fracturing operations.
“Ukrnafta is Ukraine’s largest oil producer and operator of a national network of filling stations. In March 2024, the company took over the management of Glusco’s assets and operates a total of 544 filling stations – 461 owned and 83 managed.
Ukrnafta’s largest shareholder is Naftogaz of Ukraine with a 50%+1 share. In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer to the state a share of corporate rights of the company owned by private owners, which is currently managed by the Ministry of Defense.
Wage growth in the eurozone slowed to 4.12% in annual terms in the fourth quarter of 2024 after the highest growth since 1993 a quarter earlier, the European Central Bank (ECB) said on Tuesday.
In the third quarter, the increase in wages agreed by employers and trade unions was 5.43%. The data was revised up slightly – previously it was reported an increase of 5.42%.
The new data support the ECB’s assumption that wage growth will slow down after its pace matches the dynamics of consumer price growth. Ultimately, this should lead to a weakening of inflation in the service sector, which has been hovering around 4% for several months.
Eurozone companies also expect wage growth to slow to 3.6% in 2025 and 2.7% in 2026, according to a survey conducted by the ECB in mid-February. In 2024, wages grew by 4.3%.
Since June last year, the ECB has lowered key interest rates five times, and experts expect the central bank to cut borrowing costs again at its March 6 meeting.
This year, Ukrtransgaz plans to spend UAH 1,091.468 million of its own funds on the development of underground gas storage facilities (UGS) according to the gas storage development plan for 2025-2034 approved by the National Energy and Utilities Regulatory Commission (NEURC) on Tuesday.
In particular, according to the company, it is planned to allocate UAH 474.320 million for the operation of gas storage facilities, UAH 266.729 million for the modernization and purchase of vehicles, special machines and mechanisms, UAH 207.506 million for the UGS facilities, and UAH 93.679 million for the implementation and development of information technologies.
In total, the plan envisages a total investment in the development of gas storage facilities of UAH 31.040 billion over 10 years.
“The gas storage operator’s development plan is primarily aimed at maintaining reliable, trouble-free operation of the UGS facilities under martial law, as well as at responding quickly and timely to wartime challenges, and restoring the facilities,” said Roman Malyutin, CEO of Ukrtransgaz, at the regulator’s meeting.
The draft resolution of the NEURC “On Approval of the Gas Storage Development Plan for 2025-2034 of the gas storage operator JSC Ukrtransgaz” together with the materials justifying the need for its adoption will be posted on the official website of the regulator www.nerc.gov.ua for suggestions and comments.
As reported, in 2023, Ukrtransgaz earned almost UAH 7 billion in net profit, compared to UAH 3.2 billion in 2022.
Ukrtransgaz is a part of the Naftogaz group. It provides for the operation of Ukrainian underground gas storage facilities, as well as modernization and construction of main gas pipelines and facilities on them. It owns 12 underground gas storage facilities located throughout Ukraine with a total capacity of 31 billion cubic meters.
