Ukrainian developers need access to project financing, and securing bank or international loans covering 20–30% of a project’s cost may be sufficient to begin construction, according to Alexei Koval, CEO of the Perfect Group.
As Koval stated in an interview with the Interfax-Ukraine news agency published on September 1, 2026, the financing model for residential construction in Ukraine has changed significantly since the start of the full-scale war. Whereas before 2022 a developer could invest about 10% of its own funds, receiving up to 90% of the resources from buyers, now self-financing at the initial stage can reach 60%.
According to him, Perfect Group is conducting negotiations through its representatives with the European Bank for Reconstruction and Development. European financial institutions are prepared to consider lending to the Ukrainian private sector at interest rates ranging from 6–8% in euros; however, for affordable housing projects, a rate of 3–4% would be more acceptable.
The company believes that loan financing amounting to 20–30% of the project estimate could make it possible to begin construction, after which mortgage programs, including “єОселя,” could be brought in to finance the project.
Koval also noted that the introduction of escrow accounts for homebuyers without the simultaneous creation of a project financing system for developers could lead to a shortage of resources for launching new projects.
According to his estimates, the profitability of development projects in Ukraine under normal conditions is comparable to that in Europe and stands at about 18–20%.
Perfect Group was founded in 1991. According to the company, over the course of its operations, the group has commissioned more than 110 buildings comprising over 20,000 apartments with a total area of more than 1.5 million square meters.
Ukraine’s ten largest microfinance organizations reported combined revenue of 12.78 billion hryvnia and earned 1.16 billion hryvnia in net profit for the first half of 2026.
These figures were released by OpenDataBot on September 1.
Ukr Credit Finance, which operates under the CreditKasa brand, generated the highest revenue among MFOs—1.99 billion UAH. It accounted for approximately 16% of the total revenue of the top ten.
Second place in terms of revenue went to FC “Ye Hroshi” with 1.85 billion UAH, and third place went to “Spozhyvchiy Tsentr,” operating under the “ShvidkoHroshi” brand, with 1.52 billion UAH.
Next came “Aventus Ukraine” (CreditPlus) with revenue of 1.42 billion UAH, Miloan with 1.17 billion UAH, MyCredit with 1.08 billion UAH, “Bizpozika” with 1.07 billion UAH, Credit7 with 1.05 billion UAH, Moneyveo with 0.85 billion UAH, and Selfie Credit with 0.78 billion UAH.
In terms of profit, “Spotzhyvchyi Tsentr” took the lead with 361.3 million UAH. This represents about one-third of the combined profit of the ten largest MFIs. “Aventus Ukraine” came in second with 233.4 million UAH, and “Ukr Credit Finance” came in third with 172.6 million UAH.
The sector’s financial indicators are growing rapidly amid rising household debt. As of July 1, 2026, Ukrainians owed MFIs 32.32 billion UAH, which is 17% more than at the beginning of the year.
The share of non-performing loans (NPLs) in the banking sector fell by 1 percentage point to 12.92% during January–March 2026, according to data from the National Bank of Ukraine (NBU).
“The decline in the NPL ratio in January–March 2026 was driven by both an increase in the volume of new, higher-quality loans and the resolution of non-performing debts,” the National Bank noted in a press release on its website.
The banking system’s gross loan portfolio grew by 75.84 billion UAH in the first quarter of 2026—to 1 trillion 435.58 billion UAH—including an increase of 3.66 billion UAH in March.
The trend in the gross volume of non-performing loans during the quarter was uneven: after growing in January, the figure declined in February and March, and the March reduction of UAH 5.55 billion accounted for the bulk of the quarterly decrease of UAH 3.82 billion—to UAH 185.49 billion.
A reduction in the NPL ratio in the first quarter of the year was recorded across all bank groups: for banks with state ownership (excluding PrivatBank)—from 25.07% to 23.86%, at PrivatBank—from 8.45% to 7.74%, at financial institutions with foreign capital—from 6.46% to 6.17%, and at private Ukrainian banks—from 8.37% to 7.75%.
In absolute terms, as of April 1, NPLs increased at PrivatBank by UAH 592.0 million, to UAH 19.41 billion, and at banks with foreign capital by UAH 196.43 million, to UAH 18.76 billion.
The top five banks by NPL volume were state-owned banks: Oschadbank with UAH 44.78 billion (UAH 43.83 billion at the start of the year), Ukreximbank – UAH 25.52 billion (UAH 33.19 billion), Sens Bank – UAH 23.92 billion (UAH 22.46 billion), Ukrgasbank – UAH 21.87 billion (UAH 21.79 billion), and PrivatBank – UAH 19.41 billion (UAH 18.82 billion).
The top ten also included Raiffeisen Bank with UAH 8.17 billion (UAH 8.05 billion), PUMB – UAH 5.04 billion (UAH 4.94 billion), TAScombank – UAH 4.06 billion (UAH 4.08 billion), OTP Bank – UAH 3.71 billion (UAH 3.19 billion), and Idea Bank – UAH 3.52 billion (UAH 3.17 billion).
At the same time, Alliance Bank had the highest NPL ratio among banks with the largest loan portfolios—39.9% (49.6%), followed by Sens Bank with 29.8% (28.5%), and Idea Bank rounded out the top three with 28.8% (28.6%).
State-owned banks took fourth through sixth place: Oschadbank – 26.4% (26.5%), Ukreximbank – 20.8% (25.3%), and Ukrgasbank – 19.3% (20.1%).
The top ten also included TAScombank with 16.3% (16.6%), MTB Bank – 11.6% (9.9%), A-Bank – 10.9% (12.0%), and Radabank – 10.6% (12.3%).
The Central Bank noted that in the corporate sector, the share of non-performing loans decreased from 16.99% to 15.73% in the first quarter, and in the retail sector from 10.78% to 10.32%.
As reported, the downward trend in the NPL ratio has continued since early 2023, when it rose to 38.1%. Prior to Russia’s full-scale invasion, non-performing loans in Ukrainian banks had been declining since 2018: from 55% to 27% as of March 1, 2022.
In December 2025, the NPL ratio fell sharply—from 23.9% to 13.9%—after PrivatBank ceased recognizing approximately 140 billion UAH in old hryvnia-denominated assets as non-performing.
In Ukraine, there is a growing misunderstanding of the real cost of loans due to the fact that the real annual interest rate (RAR) sometimes reaches more than 3,600%. At first glance, this is a real shock for consumers who are used to seeing advertisements with the offer of “1% per day” and expecting about 365% per annum.
Sergiy Sinchenko, a financial expert and CEO of Moneyveo, wrote about this in his blog, explaining the reasons for this gap between customer expectations and official figures.
The main difficulty lies in the formula for calculating the PPI, approved by the National Bank Resolution No. 16. It is based on the XIRR method, a complex financial function that takes into account each payment, the date of its execution, and the reinvestment effect. As a result, even simple loans with an interest rate of 1% per day yield a formal rate of over 3,600% per annum.
“The formula is mathematically correct, but not easy for an average consumer to understand,” Sinchenko says. “It simulates compound interest, as if the lender reinvests every payment received. This makes the effective rate look gigantic, even though the client is actually paying a simple interest rate.”
The paradox is that companies that operate transparently, without hidden fees and additional charges, often have a higher APR due to an objective methodology. Meanwhile, companies with numerous small payments may show lower official rates, but the actual costs to customers are higher.
The expert suggests keeping the RRPS tool, but simplifying its presentation for consumers. In particular, he recommends using a more intuitive calculation for simple loans, which would reflect the percentage of total loan costs without complex capitalization.
Such changes will help make the lending market more transparent and understandable, increase customer confidence, and promote healthy competition.
The state-owned Ukrgasbank (Kyiv) has granted two loans to Kryvyi Rih totaling UAH 105.5 million for a term of seven years with a grace period of 12 months, according to information on the website of the Ministry of Finance.
According to the information, the interest rate on the loan of UAH 87.6 million is 14.5% per annum in the first year and, from the second year, a variable UIRD 12M +3% with annual review, but not exceeding 23%.
The second loan of 17.9 million is issued at a rate of 16% per annum for the first year, which from the second year is UIRD 12M + 3.62% with annual review, but also not more than 23%. It is explained that 3.62% is 16% minus the current UIRD 12M at 12.38%.
According to the National Bank of Ukraine, as of March 1, 2025, Ukrgasbank ranked fifth (UAH 217.52 billion) among 60 banks operating in the country in terms of total assets.
As reported, at the end of November last year, Ukrgasbank issued a five-year loan to the city of Dnipro for UAH 100 million with a 12-month grace period at 13.5% in the first year and UIRD 12M +3%, but not more than 23% in subsequent years.
The European Investment Bank (EIB) Group is planning new loans totaling EUR450 million for Ukrainian energy investments, including the reconstruction of hydroelectric power plants and power grid infrastructure damaged by Russian attacks, as well as the restoration of district heating networks in Ukrainian cities.
According to a press release on the bank’s website, another EUR 86 million will go to Ukraine’s national power grid operator, NPC Ukrenergo, to build drone shelters for power plants.
“We are stepping up our support to help protect and repair Ukraine’s infrastructure before winter,” the release quotes EIB President Nadezhda Calvigno as saying, “On July 22, she briefed EU foreign ministers on these measures and held a regular video conference with Ukrainian Finance Minister Sergii Marchenko to discuss progress on ongoing projects, especially in energy infrastructure.
According to her, the bank will also expand its support for Ukraine’s economy by facilitating access to finance for businesses and promoting trade with the EU.
In the business finance component of the latest support package, the EIB Group approved three partial portfolio guarantees, which are expected to lead to more than EUR 110 million in new lending to Ukrainian micro, small and medium-sized enterprises through three Ukrainian banks. It is specified that the guarantees are to be signed in the second half of 2024 with the respective banks and will support 550 Ukrainian companies, preserving about 8,250 jobs.
In addition, the EIB Group intends to provide partial portfolio guarantees to five more banks in Ukraine by the end of the year under the EU4Business Guarantee Facility, the release said.
According to the release, this week the EIB is also joining forces with Ukrsibbank, the Ukrainian subsidiary of BNP Paribas Group and one of Ukraine’s largest banks, to launch a revolving credit line of at least EUR150 million in Ukrainian hryvnia to support businesses affected by the war. The local currency facility is expected to be operational by the end of 2024. This is the EIB’s second initiative to stimulate local currency lending in Ukraine, following a partnership with Citibank Ukraine for between $50 million and $100 million in Ukrainian hryvnia.
In addition, the release notes, by the end of this month and following the signing of an agreement with the European Commission in June, the European Investment Fund (EIF) will start accepting applications under a EUR300 million export credit guarantee facility to support EU companies trading with Ukraine. The initiative will offer guarantees to export credit agencies in EU member states, as well as Norway and Iceland, that want to help export to Ukraine.
Following a videoconference on July 22, the Ministry of Finance of Ukraine announced that it expects the EIB to approve a EUR250 million package of support for Ukraine’s energy sector in the near future.
In general, according to the Ukrainian side, the volume of EIB initiatives in the public sector is 26 projects worth EUR 5.3 billion, and the volume of the portfolio of joint projects in the public and private sectors is the largest for all years of cooperation and exceeds EUR 7 billion, including about EUR 2 billion of EIB investments in all areas since the beginning of the full-scale war.
Regarding current initiatives, the parties also discussed preparations for the signing of a financial agreement between Ukraine and the EIB on the project “Implementation of the Emergency Assistance System for the Population by a Single Number 112”, as well as potential joint projects, in particular, aimed at providing housing for Ukrainian citizens.
As reported, in 2024, Ukraine and the EIB signed a Memorandum of Understanding on cooperation in the public and private sectors of Ukraine’s economy. The Memorandum identifies priority areas of cooperation for the next 10 years.
