National Bank of Ukraine survey shows banks expect continued funding inflows with stable overall funding costs

The National Bank of Ukraine (NBU) published its quarterly Bank Funding Survey, in which banks reported higher volumes and costs of client deposits in Q3 and expect funding inflows to continue in the next quarter while the overall cost of funding remains broadly unchanged. Most respondents saw growth in household and corporate deposits, and wholesale funding increased for a second consecutive quarter, although the share of banks planning to attract wholesale funding declined. Funding cost dynamics were driven by higher household funding costs, while the growth in corporate funding costs slowed; banks estimated that average retail and corporate deposit costs increased in Q3, while wholesale funding costs were unchanged. Some large institutions expect household deposit costs to rise despite stable overall funding costs. Banks also reported a shrinking share of foreign-currency funding that they expect to keep declining in the last three months of the year, along with a second consecutive quarterly increase in funding maturities that they project to continue rising over the next 12 months. Almost all respondents reported higher total capital over the past 12 months and expect the uptrend to continue, with profitability cited as the main driver, while most expect the cost of capital to fall. The survey was conducted from 15 September to 6 October 2025 among liability managers at 26 banks representing 96% of system assets, and the NBU noted the results reflect respondents’ views rather than its own forecasts. The next survey, covering expectations for Q1, is due in January 2026.