Corruption has become the second threat to the financial sector after the war – NBU survey

One-third of the heads of the largest financial institutions predict a deterioration in the sector over the next six months, and corruption has become the second most important threat after the war. This is evidenced by the results of survey on systemic risks in the financial sector as of November 2025 from the NBU.

The NBU said in a statement that the balance of estimates has deteriorated slightly and is back to the 2024 level.

The majority of survey respondents have not noticed any changes in the financial sector over the past six months and do not expect any in the next six months. At the same time, the share of those who expect deterioration has doubled: from 15% in May to 32% in November.

Respondents assessed the average level of risks in the financial sector as moderately high, and its ability to withstand negative events as medium or high. At the same time, no one called this resilience "very high," and for the first time since 2022, some respondents said the sector's ability to withstand significant adverse events was "very low."

The war with Russia remains the main source of systemic risks for the financial sector. The risk of generalized corruption has increased significantly, rising to second place among the key threats. The law enforcement and judicial system also entered the top three.

More than 60% of financial institution executives reported that their risk appetite had not changed over the past six months, while about a quarter said it had increased.

• In May, the heads of the largest banks and non-banking institutions positively assessed the state of the Ukrainian financial sector – the best of 2021.