Ukrainians and businesses are increasing lending despite martial law. According to the National Bank of Ukraine, as of early August 2025, the volume of loans issued reached UAH 1.23 trillion, which is 15% more than last year and 26% more than before the start of the full-scale invasion.
The bulk of the loans were taken by businesses — UAH 909.3 billion (74%). At the same time, citizens attracted UAH 316.1 billion, and it was their loan portfolio that grew faster — by 22% per year, while businesses’ by only 13%.
After a sharp drop in 2022–2023, lending is gradually recovering. If in April 2023 the population had only UAH 205.4 billion in loans, then in two years the volume increased by one and a half times.
Ukrainians mostly take out loans in hryvnia — 97% of loans. In business, this share is lower — 72%. Foreign currency loans to individuals remain minimal (3%) and more than 90% are non-performing.
Instead, bank deposits are growing even faster. As of August 2025, Ukrainians and companies hold UAH 2.79 trillion in their accounts — 2.3 times more than they borrowed from banks. Half of the funds are held by businesses (UAH 1.49 trillion), and almost as much by citizens (UAH 1.3 trillion).
The growth rate of deposits has decreased: if at the beginning of the full-scale war they increased by 30% every year, now it is only 11%. However, hryvnia deposits are growing steadily, and foreign currency deposits have recovered after falling in 2022 and have already exceeded the level of July 2021.
Overall, the share of foreign currency deposits in businesses is 28%, and in citizens - 34%. This indicates that more than a third of Ukrainians' savings are still kept in foreign currency.
