The NBU’s interim condensed consolidated financial statements for H1 2023 were signed on 22 August 2023.
As of the end of H1, the NBU’s assets grew by 17% compared to the consolidated data as of 31 December 2022, and reached UAH 2,293 billion.
The change in the size of assets primarily came from an increase in international reserves by 37%, to USD 39.0 billion as of the end of H1 2023 (versus USD 28.5 billion at the end of 2022). Other factors included:
- a 23% increase in the NBU’s portfolio of nonresidents’ securities in H1 2023 (to UAH 858.5 billion)
- an almost twofold increase in funds and deposits in foreign currencies and investment metals (to UAH 464.4 billion as of the end of H1 2023).
At the same time, the loan portfolio decreased by 4.7 times as the banks repaid long-term debts on performing loans.
The NBU’s liabilities as of the end of H1 2023 were UAH 1,921 billion (83.8% of assets).
The main changes in the NBU’s liabilities occurred in the following items:
- funds of the banks, which increased by 2.3 times, to UAH 203.8 billion
- funds of state institutions and other institutions, which increased almost six-fold, to UAH 311 billion
- liabilities on IMF loans, which decreased by 21.5%. This was primarily driven by the scheduled repayment of a portion of debt owed to the IMF in H1 2023.
In H1 2023, the NBU’s equity grew by 13%, from UAH 328 billion to UAH 371 billion, on account of accumulated profit of the current year.
The NBU’s consolidated financial result for H1 2023 amounted to UAH 43.3 billion. The strongest impact on the amount of profit came from net interest income of UAH 21.8 billion and the revaluation gain on financial instruments in the amount of UAH 23.2 billion due to a change in the official exchange rate and the fair value of the financial instruments.
In H1 2023, the NBU’s costs related to the production of banknotes, coins, and other products, administrative expenses, and staff costs did not change compared to H1 2022, standing at UAH 3 billion.
At the same time, it should be noted that the consolidated profit reflected in the NBU’s financial statements is not the portion of distributable profit to be transferred to the State Budget. The NBU’s liabilities in terms of the portion of its distributable profit to be transferred to the State Budget will be determined based on results of the whole year 2023 and will be published in spring 2024.
The final amount of the portion of the NBU’s distributable profit to be transferred by the NBU to the State Budget in 2024 will depend on actual macroeconomic performance in 2023, and will be specified after an external auditor confirms and the NBU Council approves the NBU’s annual financial statements for 2023.
The Interim Concise Consolidated Financial Statements of the National Bank of Ukraine provide information explaining the events and transactions that are essential to understanding the changes in the NBU’s financial standing and performance that have occurred since the date of approval of the central bank’s latest annual Consolidated Financial Statements.
The Interim Concise Consolidated Financial Statements for the period ended 30 June 2023 are to be read together with the NBU’s annual consolidated financial statements compiled as of 31 December 2022 in line with the International Financial Reporting Standards, confirmed by an external auditor (Ernst & Young Audit Services LLC) and approved by the NBU Council.
The NBU’s Interim Consolidated Financial Statements for the period ended 30 June 2023 was compiled following the same accounting policies, estimates, judgements, and assumptions that were used in the latest annual financial statements.