Mulugeta Beza has been formally appointed as the new president of Ahadu Bank. He replaced Sisay Gebru, who was acting president. The bank announced on Monday.
Mulugeta Beza’s portfolio
Mulugeta joins Ahadu Bank with more than 21 years of experience in commercial banking. He had previously worked in a variety of roles at the Bank of Abyssinia and as Chief Business Officer at Bunna Bank.
Mulugeta is a graduate of Addis Ababa University with a Bachelor of Science in Information Systems and a Bachelor of Science in Accounting and Finance. Additionally, he holds an International Leadership Institute MBA in Business Administration.
The announcement came after the third annual performance review session of the Bank, which was held at the Haile Grand Hotel.
Ahadu Bank, a fourth-generation private bank with paid-up capital exceeding one billion Birr, was founded in 2022.
Vice chairman of the Ahadu Bank’s Board of Directors, Mekonnen Semu, said he is very confident in the appointment and said it will bring about a new era for the Bank.
In response, Mulugeta reaffirmed his resolve to lead Ahadu Bank to accomplish its strategic objectives in the upcoming year.
Ahadu’s fiscal performance
For the recently ended fiscal year, Ahadu Bank reported strong financial results. The bank demonstrated notable expansion in several important areas.
With a gross profit of 569 million Birr, it reported a 278.1 percent increase over the previous year. Gross revenue of 2.1 billion ETB, 90.9 percent more than the previous year, helped to support this remarkable profit.
The bank’s financial base grew significantly as well. To reach 7.8 billion ETB, total deposits increased by 68 percent.
Assets increased to more than 10 billion Birr, a 57 percent increase. The total amount of loans and advances was 7.68 billion ETB. Additionally, the bank reported receiving export earnings and remittances totaling $88 million.
The clientele of Ahadu Bank grew considerably. The number of new clients increased to over 1.1 million with the addition of 957,000.
This expansion demonstrates the bank’s growing market share and public confidence.
The bank ascribes this to its emphasis on digital banking services and dedication to inclusive intermediation.
Ahadu Bank is one of the fourth-generation private banks in the nation, having been founded in 2022. One of its guiding principles is “Inclusive Intermediation.”
The bank has more than one billion Birr in paid-up capital as of July 2025. In the upcoming year, it aims to reach five billion. The bank’s presence has grown quickly, reaching more than 100 locations nationwide.