Ukraine’s financial sector remains broadly stable but is showing early signs of weakening as executives grow more cautious about the outlook, the National Bank of Ukraine (NBU) announced on November 25, reported Ukraine Business News.

Senior managers from leading banks and non-bank financial institutions reported a slight decline in their assessment of current sector conditions, returning to levels last seen in 2024, according to the NBU’s latest survey. Most respondents said the overall situation had changed little in the past six months and expect it to remain largely steady in the short term.

However, expectations have shifted markedly on the downside. The share of executives who anticipate a deterioration in the financial sector over the next half-year more than doubled, rising from 15% in May to 32% in November 2025, the regulator said.

Respondents generally described the level of risk as moderately high. The sector’s capacity to absorb major shocks was rated as medium or high by most, though none now consider resilience to be “very high”. For the first time since 2022, some managers assessed resilience as “very low”, signalling concerns about the system’s ability to withstand potential stress.

The ongoing war remains the dominant systemic risk to Ukraine’s financial stability. But anxiety over rising corruption has moved firmly into second place, reflecting growing unease about governance and transparency. Risks linked to law enforcement agencies and the judicial system have also gained prominence, ranking third among perceived threats.

The NBU said it will continue monitoring sentiment across the sector as policymakers assess how best to shore up confidence while managing risks in a highly uncertain environment.