Ukrainian banks expect further growth in their business and household loan portfolios over the next 12 months, as well as an increase in demand for all types of corporate and retail loans in the third quarter, according to the results of a survey by the National Bank of Ukraine (NBU).
At the same time, these expectations have become more subdued: the balance of responses regarding growth in the business loan portfolio fell to 38.2% from 72.2% in the first quarter of 2026, and for retail loans—to 38.9% from 65.1%.
Banks forecast a slight improvement in the quality of the corporate loan portfolio over the next 12 months: the balance of responses stood at 7.3% compared to 7.1% a quarter earlier. At the same time, for the fourth consecutive quarter, respondents expect the quality of loans to households to deteriorate, although the corresponding balance has become less negative—“minus” 16.3% versus “minus” 17%.
Financial institutions also expect growth in deposits from businesses and households. The balance of responses regarding the expected change in the volume of corporate sector deposits rose to 53.7% from 50.7%, reaching its highest level since the start of the full-scale invasion, while the balance for household deposits rose to 53.8% from 53.3%.
In the second quarter, business demand for loans increased: the overall balance of responses rose to 35.5% from 34.4% in January–March, also reaching its highest level since the start of the full-scale invasion.
Demand for long-term loans saw the sharpest increase—rising to 35.4% from 24.6%. Demand for loans to small and medium-sized enterprises (SMEs) rose to 24.7% from 23.8%, while demand for loans to large enterprises also increased, though at a slower pace than a quarter ago: the balance of responses fell to 26.9% from 34%.
Banks cited the need for capital investments and working capital as the main drivers of the growth in corporate demand. In the third quarter, they expect demand to increase for all types of business loans, particularly long-term ones.
Household demand also rose in the second quarter for both mortgage and consumer loans. According to banks’ estimates, demand for consumer loans has been growing since the second quarter of 2023, and for mortgages—since the beginning of 2025.
In July–September, respondents expect a further increase in household demand for loans, particularly for mortgages. Several large banks cited lower borrowing costs and improved prospects for the real estate market as the main drivers of rising mortgage demand.
Lending standards for the corporate sector remained virtually unchanged in the second quarter: the balance of responses stood at 1.7%, compared with “minus” 2.9% a quarter earlier. Standards for SMEs eased, though to a lesser extent than in January–March: “minus” 3.3% versus “minus” 25.2%.
In the third quarter, banks generally do not plan to change their corporate lending standards but expect them to ease for SME loans.
The approval rate for business loan applications remained largely unchanged in the second quarter: the balance of responses stood at 0% compared to 12.6% a quarter earlier. At the same time, for SMEs, it stood at 13% versus 24.4%, as some banks reported the possibility of providing them with larger loans.
For households, banks eased standards in the second quarter for both mortgages and consumer loans. For mortgages, the net balance of responses fell to “minus” 14.9% from zero, while for consumer loans it stood at “minus” 21.5% compared with “minus” 23.1% a quarter earlier.
Competition among banks remained the main factor behind the easing of consumer lending standards. For mortgages, additional factors included expectations regarding overall economic activity and the outlook for the real estate market.
Banks also expect a further easing of standards for both mortgage and consumer loans in the third quarter.
The approval rate for household loan applications rose in April–June. Banks reported lower interest rates, higher loan amounts, and longer terms for consumer loans, as well as lower mortgage costs and somewhat stricter collateral requirements for mortgages.
Banks assessed the debt burden on businesses in the second quarter as moderate, although assessments regarding SMEs tended toward the low end of the scale. The debt burden on households remained low.
In the second quarter, banks recorded an increase in credit, foreign exchange, and liquidity risks. The balance of responses regarding credit risk rose to 30.3% from 24.9% a quarter ago; for foreign exchange risk, it stood at 14.5% versus 21.3%; for liquidity risk, 8.4% versus 18.8%; while interest rate and operational risks remained largely unchanged.
At the same time, respondents expect currency and credit risks, in particular, to intensify in the third quarter.
The survey was conducted from June 16 to July 8, 2026, among credit managers at 25 banks, which accounted for 96% of the banking system’s total assets.
BANK, BUSINESS, LOAN, NBU, POPULATION
The network of branches of Ukrainian banks decreased by 38 branches in the second quarter of this year, following a reduction of 23 branches in the first quarter, and now stands at 4,754 branches, according to statistics from the National Bank of Ukraine (NBU).
According to the data, Oschadbank closed the most branches in the second quarter—10—reducing its network to 1,115, though it retained its lead in terms of total number of branches.
Due to the liquidation of Motor-Bank, all six of its branches ceased operations in the second quarter.
PrivatBank and Ukreximbank each closed five branches, bringing the networks of these state-owned banks to 1,050 and 18 branches, respectively.
From April through June, TAScombank (83 branches) and Kominbank (39) each closed three branches, while Ukrsibbank (214), Bank Credit Dnipro (31), and Oksi Bank (9) each closed two.
During the second quarter, Raiffeisen Bank (282), A-Bank (196), Poltava-Bank (70), Globus Bank (32), Radabank (32), Alliance Bank (30), Ukrainian Capital Bank (14), and the European Industrial Bank (6).
At the same time, Accordbank (177) opened five new branches, MTB Bank (47) opened two, and PUMB (220) opened one.
According to the National Bank, as of early July of this year, the largest branch networks in Ukraine were operated by the state-owned Oschadbank (1,115) and PrivatBank (1,050). They were followed, by a significant margin, by Raiffeisen Bank (282), PUMB (220), and Ukrsibbank (214).
The top five by number of branches also included Ukrgasbank (206), A-Bank (196), Akordbank (177), Sens Bank (137), and Credit Agricole Bank (124).
As of early July, the five banks with state ownership maintained a network of 2,526 branches, accounting for 53.1% of the total number of branches.
State-owned PrivatBank has launched a large-scale media campaign titled “Do Something—Something Will Happen,” which will cover key communication channels, including radio, outdoor advertising, digital video platforms, social media—Instagram, TikTok, and Facebook—and banner networks, according to a statement posted Tuesday on the website of Ukraine’s largest financial institution.
“Our research and surveys show that during wartime, there’s no time to put things off until later; instead, we must live life to the fullest here and now, without waiting for a better time,” the release quotes Mikael Björkner, the bank’s chairman of the board, as saying.
“Whether it’s starting a business, raising a family, buying your first home, or spending more time with loved ones—we’re there for our customers through all these important moments,” he added.
It is noted that to launch the new branding campaign, PrivatBank created a music video featuring the artist thekomakoma, who is currently serving in the Armed Forces of Ukraine. The campaign’s ambassadors include Amil and Ramil from Kurgan&Agregat, veteran Rusya Danilkina, representatives of the Ukrainian business community—Marchuk Khlib and Nick.sense—as well as the bank’s clients who are developing their own projects, running businesses, pursuing creative endeavors, or transforming the country, each in their own way.
The press release does not include information on the campaign’s cost.
PrivatBank is Ukraine’s largest bank. According to the National Bank, the financial institution’s total assets as of June 1, 2026, amounted to 965.11 billion UAH (22.7% of the total).
The state-owned bank noted that, according to regular Brand Health Tracking surveys for the first quarter of 2026, the level of trust in it is higher than that of other financial institutions on the market and stands at 49%. The bank attributes this to the availability of accessible, personalized, and digitized products for its customers.
Shareholders of PJSC “Yuria” (trademark “Voloshkove Pole”) have preliminarily approved significant transactions with AB “Pivdenny” totaling up to 900 million UAH, the company reported in the disclosure system of the National Securities and Stock Market Commission (NSSMC).
The relevant decision was adopted at the general meeting of shareholders on July 2, and the minutes of the voting results were signed on July 7.
As noted in the announcement, the prior consent covers the conclusion of loan and other financial agreements with the bank, as well as amendments to existing agreements, specifically regarding financing limits, terms, interest rates, and fees.
In a separate resolution, the shareholders approved the general agreement on the provision of banking services, concluded on August 29, 2025, between PJSC “Yuria” and LLC “Pervomaisky Milk Canning Plant.” It provides for the possibility of obtaining loans, credit lines, guarantees, letters of credit, and other banking services with a maximum limit of 300 million UAH. The deadline for fulfilling obligations under the agreement is set for August 28, 2030.
The maximum aggregate value of transactions for which shareholders have given their prior consent is 900 million UAH, or 86.7% of the company’s total assets as of the end of 2025. The market value of the master agreement is estimated at 300 million UAH, which corresponds to 28.9% of the company’s total assets.
As previously reported, in June, the shareholders decided that PJSC “Yuria” may enter into significant transactions with Pivdenny Bank for a total amount of up to 900 million UAH, in addition to the transactions already concluded with a limit of 300 million UAH.
PJSC “Yuria” is the legal successor to the Cherkasy City Dairy Plant, with a design capacity of 25 metric tons of raw milk processing per day. It ranks among the top ten largest Ukrainian milk producers.
The dairy producer, operating under the “Voloshkove Pole” brand, invested EUR 1.5 million in 2023 to install a Tetra Pak production line in order to double its output of ultra-pasteurized milk. In 2024, the company invested EUR 1.6 million in modernizing the production facilities of its enterprises and launched a new production line for glazed cheese curds.
The company has two subsidiaries: “Yuria-2”—a network of brand-name stores and kiosks in Cherkasy—and “Yuria-Trans”—a trucking company that delivers raw materials and supplies for processing, products to retail outlets, and provides other transportation services. Its raw material supply area covers the Cherkasy, Kirovohrad, Poltava, Kyiv, and Vinnytsia regions. Milk is collected from over 200 settlements.
The company’s beneficiaries are Oleksandr and Andriy Tabalov.
According to the annual report, “Yuriya’s” revenue in 2025 grew by 27.8%—to 2 billion 200.95 million UAH—and net profit amounted to 62.68 million UAH, compared to a net loss of 121.95 million UAH the previous year.
As noted in the company’s reports, in 2025 a master agreement was signed with Pivdenny Bank for a credit line with a maximum financing limit of 300 million UAH; from September through December 2025, 67.72 million UAH was drawn down. As of the end of March this year, this amount had increased to 90 million UAH, with a loan rate of 17.5 million UAH.
The Antimonopoly Committee of Ukraine (AMCU) has authorized Credit Agricole Bank to acquire control over Bank “Lviv.”
The committee adopted the decision at a meeting on Thursday following its review of the bank’s application dated May 13, 2026.
The AMCU also authorized Credit Agricole Bank and six shareholders of Bank Lviv—who collectively own 99.972126% of its shares—to fulfill the non-solicitation, non-hiring, and non-competition provisions set forth in the purchase and sale agreement.
As previously reported, in March 2026, Credit Agricole Bank signed an agreement to acquire up to 100% of the share capital of Bank Lviv. The transaction amount was not disclosed. Its completion also depends on obtaining approval from the National Bank of Ukraine.
Credit Agricole Bank plans to leverage Bank Lviv’s regional expertise to develop the small and medium-sized business segment, with a focus on the agricultural sector throughout Ukraine.
Combining their assets would enable Credit Agricole to enter the top ten banks in Ukraine, displacing OTP Bank from that ranking.
Credit Agricole Bank was founded in 1993. Its sole shareholder is Credit Agricole S.A. (France).
According to the National Bank, as of May 1, 2026, the bank ranked 11th (UAH 135.98 billion) in terms of total assets among Ukraine’s 58 solvent banks.
As of January 1 of this year, according to information on the National Bank’s website, the largest shareholder of Bank Lviv was responsAbility Participations—41.151580%—in which, notably, KfW Bankengruppe (Germany) holds 19.23%, Raiffeisen Schweiz Genossenschaft—14.4%, PKE-CPE Vorsorgestiftung Energie – 14.81%, Pensionskasse der F. Hoffmann-La Roche AG – 10.31%, Previs Vorsorge – 7.20%, and Providentia AG – 5.76% (all five based in Switzerland).
In addition, through a series of entities, Icelandic citizen Margheir Petursson was a major shareholder—holding 27.937421%—as was the Dutch state investment fund DGGF, which invested EUR 4.5 million in the bank’s capital in the summer of 2024—holding 20.492129%, and another 10.390996% was held by NEFCO (Nordic Environment Finance Corporation).
As of May 1, 2026, Bank Lviv ranked 24th in terms of total assets—18.89 billion UAH.
The TAS Group plans to invest $250–300 million in the authorized capital of banks, insurance companies, and other financial sector assets, according to the group’s founder and chairman, Serhiy Tihipko.
According to him, the group is the largest private Ukrainian owner in the financial sector and intends to continue strengthening its position.
“Today, we are the largest among private Ukrainian owners in the financial sector. And we are gaining momentum here. Therefore, whether we like it or not, we will have to invest in authorized capital. I think we’ll invest somewhere between $250–300 million just to increase authorized capital,” said Tigipko at the Concorde Capital investment conference in Kyiv.
The group also continues to consider deals to acquire financial assets. Tigipko reported that TAS was interested in acquiring the insurance company MetLife, but was beaten to it by Poland’s PZU.
“That’s okay, we’ll wait. I told Richard Branson: deals are like a bus—one leaves, another comes. We’ll wait for the next one,” he noted.
The financial division of the TAS Group includes, among others, TAScombank, Universal Bank (which operates the mono platform), and Idea Bank. For the group, further capital increases at its banks and insurance companies mean strengthening its market presence, where—following the war and sector consolidation—the importance of large private players may grow.
