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Ahadu Bank’s President Resigns as Recovery Takes Hold

Dec 20 , 2024

Ahadu Bank’s President, Sefialem Liben, has resigned, with the Bank’s board of directors accepting his departure on December 14, 2024. Vice President Sisay Gebru has taken charge as acting president pending approval by the National Bank of Ethiopia (NBE), which is expected to come within two weeks, disclosed Board Chairman Anteneh Sebsebie.

Ahadu Bank, which began operations in July 2022 with three branches in Addis Abeba, recently reported a marked turnaround in its financial performance.

For the 2023/24 fiscal year, it posted a net profit of 90.9 million Br, reversing a loss of 193.68 million Br in the previous year, a setback that eroded 30pc of its paid-up capital. The Bank’s total income reached 1.1 billion Br, with 371.64 million Br earned from interest on loans and investments, 679.22 million Br generated through commission and service charges, and 89.06 million Br from foreign exchange gains.

Sefialem, who succeeded founding president Eshetu Fantaye in October 2023, attributed “personal reasons” for stepping down. He brought to the job more than three decades of industry experience, having previously held positions at the NBE, Bank of Abyssinia (BoA), and the Development Bank of Ethiopia (DBE). During his tenure, Sefialem said he focused on setting the Bank on a path toward long-term sustainability.

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