Ethiopia’s largest private bank adds roughly 32 billion Birr in deposits in the three months since closing its books, as it prepares a regional push and faces a market still dominated by the state-owned CBE

Awash Bank’s total deposits have surpassed half a trillion Birr, a first for an Ethiopian private bank, cementing its position as the largest private lender in a sector still dominated by the state-owned Commercial Bank of Ethiopia (CBE).

The bank marked the milestone with events at its headquarters, attended by Board Chairperson Gure Kumsa and senior management, and across its branch network.

Speaking at the event, CEO Tsehay Shiferaw pointed to the bank’s 32-year record of customer-focused service and thanked customers for their part in the growth. He congratulated stakeholders on crossing the half-trillion mark, which he said keeps Awash in first place among the country’s private banks.

A fast climb

The milestone comes only three months after the close of the 2025/26 financial year. As of June 30, 2026, the bank’s total deposits stood at 467.8 billion Birr, which means Awash has added more than 32 billion Birr since then.

That pace is consistent with the bank’s recent trajectory. Deposits at the end of June were up 136 billion Birr from a year earlier. In 2024/25, deposits had jumped 47.2pc to 331 billion Birr while total assets grew 57pc to 442.6 billion Birr. When the bank marked its 30th anniversary in early 2025, deposits had just passed 273 billion Birr. That figure has almost doubled in under two years.

Balance sheet and expansion plans

According to figures released in July, total assets reached 622 billion Birr and paid-up capital rose 38pc, from 27.9 billion to 38.5 billion Birr. Unaudited gross profit before provisions and taxes came to about 40 billion Birr, and Tsehay said dividends were expected to exceed last year’s, pending the audit.

The bank has taken a cautious line on lending. Outstanding loans totalled 268.9 billion Birr, and the loan-to-deposit ratio fell to about 58pc from about 65pc a year earlier, more conservative than industry norms.

Awash is also looking beyond Ethiopia. It has filed a formal request with the National Bank of Ethiopia (NBE) to open a branch in Djibouti, a move that follows the government’s policy shift allowing foreign banks to operate domestically. At home, design work is underway on a new headquarters, with construction expected within the next year, and Deloitte has been hired to lead a human transformation programme.

Still in CBE’s shadow

The half-trillion mark is a record for a private bank, but it shows how concentrated the market remains. CBE mobilized 707.4 billion Birr in deposits in 2025/26 alone, lifting its outstanding deposits to 2.4 trillion Birr. Awash’s total deposits at the end of June were smaller than what CBE added in that single year.

Among private peers, Awash is far ahead. Dashen Bank, one of the largest, reported deposits of 202 billion Birr for 2024/25.

The NBE has flagged the sector’s structure as a concern. Its latest Financial Stability Report, released in March 2026, highlighted CBE’s continued dominance and raised the prospect of mergers and acquisitions among the other 30 commercial banks, noting that 25 of the country’s 31 banks have a combined market share of less than 22 percent.

The milestone should also be read against inflation. Ethiopia’s inflation rate rose to 15.3pc in July 2026 from 13.7pc a year earlier, which means part of the nominal deposit growth reflects a weaker Birr rather than real gains.