Bank loans are not utilized by operationally profitable companies, which account for about 66% of their total operating profits, NBU data shows. In 2023, 8.6% of companies that borrowed money from Ukrainian banks were operationally profitable, while 13.7% of companies that did not borrow from Ukrainian banks were profitable. Many such enterprises can self-finance their activities. Half of the companies that do not take bank loans are funded through alternative sources, such as external borrowing from other companies in business groups.
Industrial capacity utilization remains below the pre-war level, and production can be increased in many sectors without additional investment. At the same time, investments in modernization are restrained by military risks.
On the one hand, moderate business credit contributed to the successful passage of the crisis period that has existed since the beginning of the war, on the other hand, economic recovery will require a significant increase in borrowing both on the domestic and foreign markets.