Enat Bank, focused on empowering women and promoting financial inclusion, has shown significant growth in the banking industry despite its smaller size than other major banks such as Awash, Dashen, and Abyssinia. It has demonstrated better management of non-interest expenses and effective credit risk management, and a higher capital ratio compared to some larger banks.

In 2021/22, Enat Bank reported a net profit of 314.18 million Br, an increase of 36.8pc from the previous year, and its earning per share (EPS) rose from 158 Br to 185 Br, albeit still below the industry average of 34pc.

Enat Bank President Ermias Andargie attributed the lower EPS compared to the industry to offering shares to the public to meet the Bank's minimum paid-up capital, coupled with significant expansions.

Financial statement analyst Abdulmenan Mohammed, from London Portobello Ltd, argued that Enat Bank's capital is more than required for its operation and recommended using its existing capital efficiently.

The Bank's capital adequacy ratio (CAR) remained stable at 22.5pc, while its paid-up capital increased by 26pc to 1.93 billion Br. Its higher capital ratio compared to some larger banks, such as Awash International and Abyssinia banks, indicates that Enat Bank has a stronger capital base relative to its assets.

Shareholders decided to raise the Bank's capital to five billion Br by 2026 at the annual general assembly at Millenium Hall held in December 2022. Board chairwoman Frehiwot Worku urged shareholders to pay off their subscribed shares and raise the amount to meet the capital requirement set by the National Bank of Ethiopia (NBE) before the deadline.

Enat Bank's assets grew by 17.6pc to 17.21 billion Br, ranking second among its peers. Abay Bank led the league with a little over 40 billion Br, while Debub Global Bank and Addis International Bank followed with 14.08 billion Br and 10.8 billion Br, respectively.

The Bank's total equity increased by 25pc to 2.5 billion Br, positioning it 400 million Br higher than Addis International and Debub Global. Enat Bank disbursed loans and advances of 11.21 billion Br, a 25.1pc increase, securing a place ahead of Debub Global Bank (9.48 billion Br) and Addis International Bank (6.1 billion Br), while Abay Bank led with 26.9 billion Br.

However, not all shareholders were content with the Enat Bank's performance.

Dinku Kassaye, a former employee at the Bank, bought 25,000 Br worth of shares for his wife but was disappointed with the dividends received, which fell short of his expectations. He believes the Bank has a better chance of recovery if the management aligns its leadership with its mission.