The consolidated financial result of the National Bank of Ukraine (NBU) for January-June 2025 amounted to UAH 51.2 billion, which is 2.4 times less than in the same period of 2024, according to the central bank’s report on its website on Wednesday.
According to the report, the National Bank ended the second quarter of this year with a financial result of UAH 36.4 billion, which is 43.6% less than the financial result of the second quarter of last year.
This decrease in profit is explained by the decline in the result from operations with financial assets and liabilities in foreign currency and monetary gold: in the first half of this year, they amounted to UAH 17.1 billion, compared to UAH 95.7 billion in the first half of last year, including UAH 21.0 billion in the second quarter, compared to UAH 49.7 billion.
“The largest impact on the amount of profit was made by the results of transactions with financial instruments in the amount of UAH 25.6 billion, consisting of recognized interest income on non-resident securities and changes in the fair value of financial instruments and the official exchange rate,” the NBU noted.
At the same time, the central bank emphasized that the consolidated profit reflected in the National Bank’s financial statements is not part of the distributable profit to be transferred to the state budget, which will be determined based on the results of the entire 2025 and published in the spring of 2026. In April and May 2025, the National Bank transferred UAH 84.2 billion to the state budget based on the results of 2024.
The central bank also reported that at the end of the first half of the year, its assets increased by 3% to UAH 2,791 billion. The main changes were due to changes in foreign currency-denominated assets, namely: a 54% increase in SDR assets to UAH 71.8 billion; a 10% increase in foreign currency and bank metal funds and deposits to UAH 534 billion.
As the NBU noted, the volume of international reserves it managed in accordance with its mandate increased by 3% to $45.1 billion at the end of the first half of 2025.
The National Bank’s liabilities at the end of the first half of 2025 amounted to UAH 2,171 billion, which is 1.8% more than at the beginning of the year.
Among other things, the volume of funds of state and other institutions increased by 35% to UAH 375.2 billion; at the same time, the volume of liabilities on loans received from the IMF decreased by 34% to UAH 34.8 billion.
According to the report, as of mid-year, hryvnia funds of budgets and budgetary institutions in NBU accounts amounted to UAH 50.5 billion (UAH 101.4 billion at the beginning of the year), while foreign currency funds amounted to UAH 320.9 billion (UAH 171.9 billion).
In the first half of this year, the National Bank reduced its expenses on deposit certificates by 7.6% to UAH 39.9 billion, although in the second quarter they increased by 6.6% to UAH 21.7 billion.
“The 9% increase in the National Bank’s equity capital in the first half of 2025, from UAH 567 billion to UAH 619 billion, was mainly due to the accumulation of profits in the current year,” the National Bank emphasized.
The final amount of the National Bank’s distributable profit to be transferred by the National Bank to the state budget in 2026 will depend on the actual macroeconomic indicators in 2025 and will be determined after confirmation by an external audit and approval by the National Bank Council of the NBU’s annual financial statements for 2025.
According to the report, personnel expenses in the first half of this year increased by 28.8% to UAH 2.28 billion.
PrJSC Carlsberg Ukraine, a producer of beer, non-alcoholic and alcoholic beverages, increased its production by 8% in 2024, which allowed it to increase its net income from sales by 15.5%.
According to a report in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), Carlsberg Ukraine PJSC’s net financial result for 2024 increased by 19.38% and amounted to UAH 2.2 billion.
“The increase was due to revenue from the sale of all types of products, but mainly from the sale of non-alcoholic beverages (+49.6%) and cider (+33.6%),” the company explained, adding that 96.3% of the products manufactured were sold in Ukraine, with the remaining 3.7% exported.
PrJSC Carlsberg Ukraine continued its operations throughout 2024 and exported its products directly from Ukraine to more than 20 countries around the world. At the same time, the company used 100% Ukrainian barley to manufacture its products in order to support local farmers and the Ukrainian economy.
Currently, beer accounts for 86% of Carlsberg Ukraine’s production, cider for 1%, and non-alcoholic beverages for 13%.
According to the company, as a result of modernization and the launch of new lines, by the end of 2024, its market share by segment within the framework of innovations was as follows: alcoholic beer – 30%, non-alcoholic beer – 42.7%, kvass – 35%, cider – 55.8%, energy drinks – 6%.
PJSC Carlsberg Ukraine referred to data from the industry association Ukrpivo, according to which the company currently holds 33.3% of the market in the “alcoholic beer” category. The sales leaders in the group’s portfolio for 2024 were products under the Lvivske, S&R’s Garage, and Tuborg brands.
Somersby cider and Kvas Taras continue to occupy leading positions in their product categories.
According to the State Fiscal Service, Carlsberg Ukraine PJSC was included in the list of Ukraine’s largest taxpayers in 2024 and paid UAH 3.401 billion to the country’s budgets at all levels in the form of taxes and fees.
The company’s management emphasized that there is only one significant factor of uncertainty that could raise significant doubts about the company’s ability to continue its operations without interruption: a further significant escalation of military action, which could destabilize operations in Ukraine. In such a case, the Ukrainian representative office relies on the parent company having sufficient resources to continue its operations. At the same time, the Ukrainian division has promised to make every effort and take all possible measures to minimize any negative consequences.
According to data from Opendatabot, in 2024, Carlsberg Ukraine PJSC increased its revenue by 15.5% to UAH 12.488 billion, net profit by 19.4% to UAH 2.18 billion, debt obligations by 34.9% to UAH 5.11 billion, and assets by 33.1% to UAH 13.84 billion. The company currently employs 1,310 people.
Carlsberg Ukraine is part of the Carlsberg Group, one of the world’s leading brewery groups with a large portfolio of beer and other beverage brands. Carlsberg Ukraine includes factories in Zaporizhia, Kyiv, and Lviv. Carlsberg’s portfolio in Ukraine includes beer, alcoholic and non-alcoholic beverages of such brands as Lvivske, Robert Doms, Baltika, Carlsberg, Tuborg, Kronenbourg 1664, Arsenal, Kvas Taras, Somersby, etc.
Kyivstar Group Ltd. (Nasdaq: KYIV, “Kyivstar”) increased its net profit in the second quarter of 2025 by 18.6% compared to the same period in 2024, to 3.4 billion hryvnia, the company reported in its SEC filing.
“Kyivstar Group continues to demonstrate the resilience and strength of our digital operator strategy, delivering significant revenue growth and high profitability. This quarter’s results demonstrate our ability to deliver stable financial performance while expanding our digital ecosystem,” said Alexander Komarov, CEO of Kyivstar Group.
It is added that net profit in dollars increased by 13.9% to $82 million.
According to the report, Kyivstar Group’s operating revenue in the second quarter increased by 25.9% to UAH 11.86 billion, and adjusted EBITDA increased by 23.6% to UAH 6.8 billion.
In dollars, revenue grew by 20.9% to $284 million, EBITDA by 18.7% to $165 million, of which $21.7 million was revenue from Uklon, which was consolidated in the report for the first time.
Kyivstar Group Ltd announced on August 15 the completion of its listing on the Nasdaq stock exchange. The share of the parent company VEON after the merger with SPAC decreased from 100% to 89.6%, while the deal provided $178 million in proceeds.
Kyivstar serves nearly 23 million mobile subscribers and over 1.1 million home internet subscribers. Its digital services portfolio includes the Helsi medical platform, the Kyivstar TV movie and television platform, and Uklon, a leading ride-hailing and delivery company. Kyivstar is also a provider of solutions for corporate clients, offering cloud technology, cyber security, and artificial intelligence services. Through its Kyivstar.Tech division, the company is developing software development in Ukraine and is a partner for international technology companies such as Starlink.
Insurance company Forte Life (Kyiv) collected UAH 24.165 million in net premiums in January-June 2025, which is 9.96% more than in the same period of 2024.
According to the company’s report in the NSSMC’s information disclosure system, in the first half of the year, the company paid out UAH 8.516 million, which is 24.8% more than in the same period a year earlier.
Administrative expenses amounted to UAH 1.427 million (+3.7%), other expenses amounted to UAH 1.515 million (3.6 times more).
The financial result before taxation amounted to UAH 8.970 million (2.5 times more), and net profit increased 2.7 times to UAH 7.140 million.
Forte Life Insurance Company (formerly Insurance Union of Life) was registered in 2005 and specializes in providing life insurance services.
According to the National Securities and Stock Market Commission, Oksana Kuleshina owns 99.8% of the insurer’s shares.
NovaPay Credit, a subsidiary of the international financial services company NovaPay (TM NovaPay) from the Nova group, which is the issuer of NovaPay bonds, received UAH 19.80 million in net profit in the second quarter of 2025, which is 8.2% more than in the second quarter of 2024.
According to the company’s report on its website, gross profit for this period decreased by 5.3% to UAH 23.75 billion, while revenue increased 2.4 times to UAH 125.78 million.
Overall, in the first half of this year, NovaPay Credit increased its net profit by 52.2% compared to the first half of last year, to UAH 53.92 million, gross profit increased by 55.7% to UAH 70.07 million, with revenue growing 2.7 times to UAH 260.36 million.
According to the report, the company’s current accounts receivable for the half-year increased from UAH 784.77 million to UAH 1 billion 61.86 million.
It is noted that proceeds from the sale of bonds in January-June this year decreased slightly compared to January-June last year – to UAH 355.63 million from UAH 369.97 million, as did the costs of their redemption – to UAH 244.92 million from UAH 300 million.
At the same time, proceeds from repo agreements with bonds, which the company offers as an alternative to bank deposits, increased to UAH 705.88 million from UAH 392.25 million, while expenses under such agreements increased to UAH 422.03 million from UAH 320.81 million, and interest expenses increased to UAH 44.19 million from UAH 22.19 million.
As a result, over the first half of the year, liabilities under repo agreements more than doubled, from UAH 224.45 million to UAH 508.30 million, while obligations under bonds increased from UAH 190.32 million to UAH 285.21 million, and accrued interest – from UAH 9.09 million to UAH 39.31 million.
As reported, in 2023, NovaPay made three public issues of three-year interest-bearing bonds of series “A”, “B” and “C”, and last year issued six more series of bonds – “D”, “E”, “F”, “G”, ‘H’ and “I”, and this year – another series “J,” all for UAH 100 million.
According to the report, as of the middle of this year, the total volume of bonds issued amounted to UAH 990 million, of which bonds with a nominal value of UAH 203.09 million were not redeemed. Bonds of series “C” and “I” are sold directly to investors with the right of annual offer, while bonds of all other series are transferred as the subject of a transaction under REPO agreements for a term of up to one year, and the coupon income on them is paid upon maturity.
In early August this year, the National Securities and Stock Market Commission (NSSMC) registered the issue of Series K bonds worth UAH 100 million with a maturity date of August 6, 2028. Their public offering will begin on August 11, 2025, with a nominal interest rate of 18% per annum.
In addition, it was reported that NovaPay Credit will issue series L bonds worth UAH 100 million, which will be the 12th such series in the overall issuance program. It is stated that the funds raised are planned to be used for lending to individuals and legal entities, 80% and 20%, respectively.
According to the prospectus, NovaPay Credit plans to increase its interest income to UAH 802.1 million this year and to UAH 1 billion 515.1 million next year, and to receive UAH 518.9 million and UAH 1 billion 30.6 million in net profit, respectively.
Last year, the company’s net profit grew to UAH 89.2 million from UAH 40.3 million a year earlier, with revenue increasing to UAH 285.6 million from UAH 95.6 million.
Nova Poshta, Ukraine’s leading express delivery company, increased its unconsolidated net profit by 2.6% in the second quarter of 2025 compared to the same period in 2024, to UAH 905.45 million.
According to the company’s reports on its website and in the NSSMC’s information disclosure system, revenue in the second quarter grew by 22.9% to UAH 12 billion 712.14 million.
In total, in the first half of this year, Nova Poshta’s net profit decreased by 19.6% to UAH 1 billion 195.74 million, while revenue increased by 22.1% to UAH 24 billion 571.27 million.
It is noted that gross profit for the first half of the year increased by 30.8% to UAH 5 billion 55.3 million, while operating profit increased by 45.6% to UAH 2 billion 443.82 million.
The lower net profit is due to the fact that in January-June last year, Nova Poshta received UAH 1 billion 340.82 million in other financial income, while in the same period this year, it received UAH 341.15 million, but at the same time increased its income tax payments to UAH 227.01 million from UAH 83.43 million.
The report also states that at the end of May, the company decided to issue a new four-year series H bond issue for UAH 1 billion with a nominal yield of 16% in the first year and UIRD+3 percentage points in the following three years.
As of mid-2019, Nova Poshta had obligations under three bond issues of series “E,” “F” and “G” for UAH 995.82 million maturing on July 30 this year, UAH 998.45 million maturing on June 1 next year, and UAH 999.38 million maturing on May 2, 2027.
The company’s bank liabilities as of the middle of this year decreased to UAH 6 billion 388.72 million from UAH 6 billion 635.01 million a quarter earlier.
The main activity of Nova Poshta is express delivery of documents, parcels, and palletized large-size cargo. The company is the leader in express delivery in Ukraine. Its ultimate beneficial owners are Volodymyr Poperechnyuk and Vyacheslav Klimov.
