The discriminatory nature of the activities of traditional financial institutions and the growing need of the BRICS countries to find sources of financing for projects in the field of infrastructure development and sustainable development in order to increase competitiveness determines the significance of the activities of the New Development Bank (the NDB). The purpose of the study is to evaluate the effectiveness of the NDB's activities in terms of the results of project financing in the BRICS countries and from the point of view of a financial analysis of the Bank's main financial reporting ratios. The article gives an assessment of the growth in the scale of the NDB's activities, provides data on the nature of the distribution of financial resources among participating countries, as well as on the areas of project implementation. Based on the assessment of the financial statements of the NDB through the analysis of the Profit and Loss Statement, as well as the calculation of profitability, coverage, liquidity and solvency ratios, an assessment of the financial efficiency of the NDB was carried out. Based on the results of the study, we made the following conclusions. Firstly, the expansion of the NDB's activities is in line with the Bank's concept and the interests of the BRICS countries and demonstrates financial and institutional flexibility. Secondly, regarding the suspension of transactions in the Russian Federation and the limited shares of new members in the authorized capital, the thesis about the equality of opportunities of the participating countries in relation to the NDB is rather controversial. Thirdly, while maintaining a positive profitability, the financial efficiency of the NDB's activities shows a downward trend, which, however, has the potential to be smoothed by expanding and diversifying sources of financing.