Ensuring the sustainability of the banking system is one of the key tasks of economic policy of countries, regardless of their level of economic development. The purpose of the article is to define and analyze existing approaches to assessing the financial sustainability of the banking system of Ukraine. When considering the essence of the terms «stability» and «sustainability», it is determined that they are closely related, but have certain nuances that need to be taken into account in the context of the financial condition of the banking system. The scientific literature uses different terms to describe the state of the system, its structure and processes, which differ from the approach to defining these terms in the context of the financial sector. A study of the factors affecting the financial sustainability of the banking system has shown that they can be divided into the external and internal factors. The external factors include economic, legal, political, competitive trends, technology, and automation. The internal factors include economic, organizational and technological aspects, as well as the quality of management. It is noted that various factors are interrelated and have a multidirectional impact on the indicators of financial sustainability of the banking system. It is defined that currently there are many methods for assessing the banking system and individual banks, which differ in various parameters and indicators. The author identifies several main approaches to assessing the sustainability of banking systems in the world countries, including stress testing of the banking sector, analysis of indicators of financial sustainability of banks, assessment of the system of regulation and supervision, assessment of the level of financial stability of banks, and risks. These approaches can be used to analyze and monitor the financial sustainability of the banking system both separately and in complex combination. There are also various complex indicators and indices, such as the Financial Condition Index (FCI) and the Financial Stress Index (FSI), which are used to reflect the financial stability of countries of the world. The Financial Stress Index (FSI), developed by the National Bank of Ukraine in 2017, which consists of four sub-indices and sets the weight of each sub-index according to the volume of each market, is also examined. The author proposes general directions for improving the financial stability of the Ukrainian banking system in terms of wartime, including strengthening regulatory policy, improving financial literacy of citizens, and developing digital payment infrastructure. The carried out study contributes to the understanding of the factors that affect the financial sustainability of the banking system of Ukraine and should be taken into account when developing strategies to ensure such stability in the future.