Amhara Bank Turns to Veteran Commercial Banker as It Reshapes Its Next Growth Phase
Amhara Bank has appointed veteran commercial banker Yihenalem Aknaw as its new Chief Executive Officer, placing an executive with more than two decades of private-sector banking experience at the helm as the lender moves into a new phase of strategic expansion.
The appointment, approved by the National Bank of Ethiopia, ends an interim management period led by Samuel Tadesse, Chief Retail Banking Officer, following the departure of former President Yohannes Ayalew (PhD).
Yihenalem joins Amhara Bank after a career spanning more than 25 years in the banking industry, including extensive experience at Dashen Bank. His previous responsibilities covered branch operations, credit, strategy management, transformation, customer experience, retail banking, and SME banking.
His background in organisational transformation and strategy comes as Amhara Bank implements a new five-year strategic plan designed to guide the institution beyond its initial expansion period.
The bank previously engaged PwC to support the development of the strategy and a corresponding implementation roadmap, signalling a shift from rapid network expansion toward more structured institutional growth.
Growth Has Outpaced Its Short History
Amhara Bank began operations in 2022 but has already developed a sizeable customer and balance-sheet base.
During the 2024/25 fiscal year, the bank’s total assets increased 22 percent to ETB 43.1 billion, while its customer base expanded 41 percent to 2.4 million.
Unaudited gross profit reached approximately ETB 1.1 billion, representing a 70 percent increase from the previous year. Loan mobilisation also reached ETB 10.4 billion.
| Performance Indicator | FY2024/25 |
| Total assets | ETB 43.1 billion |
| Customer base | 2.4 million |
| Unaudited gross profit | ~ETB 1.1 billion |
| Gross profit growth | 70% |
| Loan mobilisation | ETB 10.4 billion |
| Asset growth | 22% |
| Customer growth | 41% |
The numbers point to a bank that has expanded rapidly despite being relatively young. The challenge for the new management will be to translate that expansion into sustainable profitability, stronger risk controls and more efficient operations.
Strategy Becomes the Next Test
Amhara Bank has been expanding beyond conventional branch banking, with investments in digital banking, agency services and interest-free banking.
It has also identified foreign-currency generation and improved loan recovery as areas requiring continued attention.
The bank has previously acknowledged challenges related to loan recovery and internal controls. Internal reviews also uncovered alleged misconduct involving former management personnel, with some cases referred to court.
Against that backdrop, Yihenalem’s experience in transformation, credit and strategy management could become particularly relevant as the bank implements its new roadmap.
His appointment also comes at a significant point for Ethiopia’s banking industry. Regulatory liberalisation is increasing competition, while the prospect of foreign banks entering the market is expected to put additional pressure on domestic institutions to strengthen capital, technology, customer service and operational efficiency.
For Amhara Bank, the immediate task is therefore no longer simply expansion. It is building the institutional capacity, governance and commercial efficiency needed to sustain that growth.
Yihenalem’s appointment gives the lender a CEO whose career has largely been built within commercial banking, rather than public-sector financial policy. His performance will be closely linked to how effectively Amhara Bank executes its new strategy while maintaining the growth momentum it has established since launching operations in 2022.
Source: Birrmetrics