The Current State of Non-Bank Financial Institutions of Ukraine and Its Impact on the Formation of Their Investment Potential

Анотація

The article examines the current state of non-bank financial institutions in Ukraine and substantiates its impact on the formation of their investment potential. The empirical basis consists of official materials of the National Bank of Ukraine for 2024–2025, the Financial Stability Report, the Strategy for the Development of the Financial Sector of Ukraine, regulatory legal acts, data of the National Securities and Stock Market Commission on non-State pension provision, as well as materials of the OECD, IMF, World Bank and Financial Stability Board. The methodological basis includes analysis and synthesis, structural-functional, comparative, indicator-based and segmental approaches. It is proved that the investment potential of non-bank financial institutions is formed under the influence of the resource base, asset quality, profitability, capital adequacy, regulatory discipline, risk profile and managerial capacity of institutions. The uneven development of segments is identified: insurance companies are strengthening their resource and investment base, financial companies maintain operational activity, while credit unions and pawnshops have limited potential due to asset contraction or deteriorating profitability. The dual impact of the current state of the non-bank financial sector is substantiated: regulatory market cleansing and asset growth in certain segments improve the quality of the institutional environment, whereas wartime-related risks, a reduction in the number of institutions and the weakness of long-term resources restrain investment activity. The article proposes an authorial generalization of the factors shaping the investment potential of non-bank financial institutions, which makes it possible to combine financial indicators, regulatory requirements, risk constraints and managerial decisions into a single analytical logic. The scientific novelty lies in allocating a structural-indicator approach to interpreting the impact of the current state of non-bank financial institutions through resource, institutional, profitability, risk, regulatory and managerial dimensions. The practical significance of the results lies in the possibility of using them for analytical support of investment potential management in non-bank financial institutions, the formation of performance indicators, early warning of investment risks and a strategy for increasing the competitiveness of non-bank financial institutions.

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