Bank lending in Ukraine continues to grow, despite conflict

NBU survey reports demand from businesses and households is up, though loan quality may be slipping

Ukraine trendline

Lending to households and businesses in Ukraine increased during the first quarter of 2025 and is expected to grow further in Q2, according to the country’s central bank.

Respondents to its latest bank funding survey, published on April 21, attributed the increased demand for corporate loans to the need for capital investment and working capital.

Lenders put the increased demand from households down to improved consumer sentiment and higher spending on durable goods. Demand for mortgages in Q1 was

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