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Construction crane silhouetted against an orange sunset over new buildings in Addis Ababa

Photo: Jean Rebiffé from Addis Ababa, Ethiopia, CC BY 2.0, via Wikimedia Commons (cropped)

Top 10 Fastest Growing Private Banks in Ethiopia (2024/25)

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Ethiopia’s private banks had a year of fast growth in 2024/25. Some of the quickest expansion came from younger banks and from lenders that grew out of microfinance institutions. This list ranks private banks by how fast their balance sheets grew between 30 June 2024 and 30 June 2025, using both total assets and customer deposits.

At a glance

Rank Bank Asset growth (%) Deposit growth (%) Score (%) Total assets, 30 June 2025 (ETB billion)
1 Siinqee Bank 102.7 119.0 110.9 120.8
2 Hijra Bank 78.6 83.3 80.9 14.6
3 Gadaa Bank 82.5 76.8 79.6 10.1
4 ZamZam Bank 76.8 69.2 73.0 16.6
5 Ahadu Bank 56.5 69.2 62.9 10.1
6 Awash Bank 56.7 47.5 52.1 442.6
7 Zemen Bank 49.7 49.5 49.6 88.6
8 Cooperative Bank of Oromia 41.3 50.4 45.9 197.3
9 Addis International Bank 53.4 34.0 43.7 23.6
10 Global Bank Ethiopia 42.3 41.4 41.8 34.4

Score is the simple average of asset growth and customer deposit growth between 30 June 2024 and 30 June 2025. Source: each bank’s audited 2024/25 report; see the full list of sources below.

The ranking

1. Siinqee Bank: 110.9 percent

Assets up 102.7 percent to ETB 120.8 billion; deposits up 119.0 percent to ETB 102.5 billion. Siinqee more than doubled in a single year and is now the seventh largest bank in the country by assets, as shown in our ranking of Ethiopian banks by total assets. The bank said almost half of its loans went to agriculture.

2. Hijra Bank: 80.9 percent

Assets up 78.6 percent to ETB 14.6 billion; deposits up 83.3 percent to ETB 11.5 billion. Hijra is a full interest free bank.

3. Gadaa Bank: 79.6 percent

Assets up 82.5 percent to ETB 10.1 billion; deposits up 76.8 percent to ETB 7.1 billion. Gadaa crossed the ETB 10 billion mark during the year.

4. ZamZam Bank: 73.0 percent

Assets up 76.8 percent to ETB 16.6 billion; deposits up 69.2 percent to ETB 11.6 billion. ZamZam was Ethiopia’s first full interest free bank.

5. Ahadu Bank: 62.9 percent

Assets up 56.5 percent to ETB 10.1 billion; deposits up 69.2 percent to ETB 7.9 billion.

6. Awash Bank: 52.1 percent

Assets up 56.7 percent to ETB 442.6 billion; deposits up 47.5 percent to ETB 332.9 billion. Awash is the only large bank in the top 10. It added about ETB 160 billion of assets in one year, more than the entire balance sheet of every Ethiopian bank outside the six largest. See Awash Bank’s listing.

7. Zemen Bank: 49.6 percent

Assets up 49.7 percent to ETB 88.6 billion; deposits up 49.5 percent to ETB 64.4 billion.

8. Cooperative Bank of Oromia: 45.9 percent

Assets up 41.3 percent to ETB 197.4 billion; deposits, including interest free deposits, up 50.4 percent to ETB 174.0 billion. See Coopbank’s listing.

9. Addis International Bank: 43.7 percent

Assets up 53.4 percent to ETB 23.6 billion; deposits up 34.0 percent to ETB 14.6 billion.

10. Global Bank Ethiopia: 41.8 percent

Assets up 42.3 percent to ETB 34.4 billion; deposits up 41.4 percent to ETB 25.8 billion.

Just outside the list: Dashen Bank (38.6 percent), Siket Bank (38.3 percent), Abay Bank (37.1 percent) and Enat Bank (34.1 percent).

How we ranked

We looked at private commercial banks licensed by the National Bank of Ethiopia. State owned banks (CBE and DBE) are not included. For each bank we took total assets and customer deposits at 30 June 2025 and 30 June 2024 from its audited 2024/25 annual report or financial statements, which show both years. Customer deposits include interest free deposits where a bank reports them on a separate line, and exclude deposits from other banks.

Each bank’s score is the simple average of its asset growth rate and its deposit growth rate. Using both measures stops a bank from ranking high on one alone, for example on borrowed funds.

To avoid ranking banks on very small starting balances, we included only banks with at least ETB 10 billion in total assets at 30 June 2025. This left out Sidama Bank, which grew faster than any bank on the list (assets up 110.6 percent to ETB 5.5 billion, deposits up 200 percent to ETB 3.7 billion), and other small banks such as Tsehay Bank (assets of ETB 8.4 billion).

For Siket Bank we used the growth rates stated in its annual report, because the statement pages in the published file are scanned images. Enat Bank’s figures come from its prospectus approved by the Ethiopian Capital Market Authority, which draws on its audited financial statements. We also checked Lion International Bank (24.4 percent) and Nib International Bank (6.3 percent); neither comes close to the top 10. Omo Bank and Rammis Bank were below the ETB 10 billion threshold. We could not obtain Tsedey Bank’s audited 2024/25 report, so it is not ranked.

Growth is in nominal birr and is not adjusted for inflation or for the birr’s depreciation since July 2024.

Sources

Ranked banks:

Banks checked but not ranked:

Last updated: 18 October 2026.

Send corrections to the Ethiopialist editors.

Featured image: Jean Rebiffé from Addis Ababa, Ethiopia, CC BY 2.0, via Wikimedia Commons (cropped).