On 18 April 2025, the NBU Council approved the NBU’s Consolidated Financial Statements and the Consolidated Management Report for 2024.
As of 31 December 2024, the NBU’s balance-sheet total was UAH 2,700 billion (UAH 2,392.6 billion in 2023).
The main components of the NBU’s assets as of the end of 2024:
- assets that form international reserves, which mostly consisted of:
- nonresidents’ securities amounting to UAH 1,235.9 billion
- funds and deposits in foreign currency amounting to UAH 487.1 billion
- domestic securities – UAH 714.8 billion.
Major changes in the NBU’s assets in 2024 were driven by an increase in international reserves by 8%, to USD 43.8 billion as of the end of 2024 (versus USD 40.5 billion at the end of 2023), including an increase
- in foreign securities by 15%; and
- in foreign currency deposits by 30%.
The NBU’s liabilities as of 31 December 2024 were UAH 2,132 billion, accounting for 79% of the balance-sheet total (liabilities).
The NBU’s liabilities changed as follows:
- Banknotes and coins in circulation grew by 7.6%, to UAH 822.6 billion.
- Accounts of state institutions and other institutions doubled and reached UAH 278.2 billion.
- Certificates of deposit issued by the NBU decreased by 11.7%, to UAH 548.9 billion.
An increase by 35% in the NBU’s equity in 2024, from UAH 420.1 billion to UAH 567.6 billion, resulted from an increase in revaluation reserves, which was mostly attributed to the change in the official exchange rate of the hryvnia against foreign currencies.
The NBU’s profit for 2024 amounted to UAH 231 billion.
The main components of the NBU’s financial result were:
- net interest income of UAH 17.6 billion
- revaluation gain on financial instruments in the amount of almost UAH 200 billion due to a change in the official exchange rate and the fair value of the financial instruments. A portion of this revaluation gain – UAH 128.6 billion – was an unrealized (previous) gain from changes in the official exchange rate that, according to the Law of Ukraine On the National Bank of Ukraine, is accumulated as a revaluation reserve in the NBU’s equity.
In 2024, the NBU’s production costs of banknotes and coins, wages, and administrative expenses were UAH 8.1 billion (up from UAH 7.0 billion in 2023).
Thus, the NBU’s distributable profit for 2024 was UAH 102.7 billion. Traditionally, in accordance with the Law of Ukraine On the National Bank of Ukraine, this amount will be partially allocated to the NBU’s general reserves until they reach 10% of the average annual volume of the NBU’s monetary liabilities (UAH 18.5 billion), and the remaining UAH 84.2 billion (UAH 84,158,469,950,24) will be transferred to the State Budget of Ukraine after the terms have been agreed with the Ministry of Finance of Ukraine.
“This year, the National Bank of Ukraine will transfer over UAH 84 billion to the State Budget of Ukraine. Although our goal is not to make a profit, and all our efforts are focused on fulfilling the NBU’s mandate — ensuring price and financial stability, I am convinced that these funds will be a significant contribution to strengthening Ukraine's defense capabilities and the ability of our state to resist the enemy. Especially considering that this is the largest amount ever transferred by the NBU to the budget," said the Governor of the National Bank of Ukraine, Andriy Pyshnyy.
The NBU Council, agreeing with the validity of the approaches, estimates, and judgments applied by the NBU, approved the NBU's Consolidated Financial Statements for 2024, taking into account the report of the independent auditor.
As a result of the external audit of the NBU's Consolidated Financial Statements for 2024, the auditor Ernst & Young Audit Services LLC issued a qualified opinion about provisions for expected losses from the hryvnia-denominated domestic government debt securities held in the NBU's portfolio and accounted for at amortized cost.
As stated in Note 5 of the Consolidated Financial Statements, the NBU believes, based on the analysis of all available information, that the domestic government debt securities are conditionally free of credit risk and thus do not require provisioning. The government of Ukraine always meets its liabilities on domestic government debt securities. Taking into account the unprecedented volumes of external financial assistance, the NBU believes that the issuer of government securities has the potential to meet its contractual obligations in domestic currency to the NBU in the short term.
The auditor's report by Ernst & Young Audit Services LLC also contains an explanatory paragraph on the uncertainty of the impact of russia's military aggression against Ukraine on the NBU's operations. The audit opinion was not modified in this regard.
As required by the law of Ukraine, the NBU compiles its financial statements in line with the International Financial Reporting Standards (IFRS).
Relevant estimates of assets, liabilities, income, and expenses in accordance with the IFRS (including the principle of prudence) must be made even under conditions of high uncertainty and involve the use of judgment and assumptions, analysis of all available information about past events, current circumstances, and the use of forward-looking information about the possibility of future economic benefits. The NBU's main judgments used in making the estimates are given in the notes to the Consolidated Financial Statements.
In particular, Ukrainian securities (hryvnia-denominated domestic government debt securities) held by the NBU to receive payments from the issuer are classified into “at amortized cost” category. In this case, the IFRS requires mandatory assessment of probable credit losses, i.e., an assessment of potential shortfalls in payments envisaged by the terms of the issue. Given its special status, special relations, and cooperation with the government, the NBU has access to and practical ability to analyze the most complete and up-to-date information. Based on the performed analysis, despite the difficult economic conditions in Ukraine and the russia’s military aggression, the NBU reasonably expects to receive all payments on the domestic government debt securities in time. In view of the above, the NBU does not recognize any potential losses and has not created any provisions for hryvnia-denominated domestic government debt securities in its portfolio. The NBU continues to regularly and thoroughly analyze information to maintain an up-to-date assessment of the issuer's ability to repay its liabilities.
In accordance with Ukrainian legislation, the Consolidated Annual Financial Statements are subject to mandatory external audit, which was conducted by Ernst & Young Audit Services LLC, a member of the EY global network of firms with experience in auditing central banks.
Given the large share of the item “Domestic Securities" in the NBU's balance-sheet total, the issue of the used valuations of domestic government debt securities in the national currency, judgments, and their compliance with the IFRS was studied in detail by Ernst & Young Audit Services LLC as the key audit issue. Provisions for domestic securities should have been recognized, in the opinion of Ernst & Young Audit Services LLC. However, given the existence of several possible scenarios and the uncertainty regarding their probability, the audit firm was unable to determine the adverse impact of this issue on either the NBU's financial standing or its financial performance. Given the materiality of this issue, the audit firm has given a qualified opinion.
Therefore, in the opinion of the audit firm Ernst & Young Audit Services LLC, except for the effect of the issue of recognizing provisions for expected credit losses from securities of Ukraine, the NBU’s Consolidated Financial Statements present fairly, in all material respects, the consolidated financial standing of the NBU as of 31 December 2024 and its consolidated financial performance and cash flows for the year ended 31 December 2024, in accordance with the international financial reporting standards (IFRS), and meets the requirements of the Laws of Ukraine On Accounting and Financial Reporting in Ukraine, No.996-XIV, and On the National Bank of Ukraine, No.679 -XIV, with regard to compiling financial reports.