Awash Bank lists on Ethiopia’s ESX, becoming third lender on Africa’s youngest bourse

Ethiopia’s largest privately owned bank, Awash Bank SC, has listed on the Ethiopian Securities Exchange (ESX), marking a major milestone for the country’s fledgling capital market and bringing total listings on the exchange to four.

The bank listed 37.9 million shares out of its 54.1 million registered shares, according to a statement, becoming the third bank to join the ESX Main Market since the bourse launched in January 2025.

The lender’s debut is the most significant listing yet on the ESX, widely regarded as Africa’s youngest stock exchange. The bourse was established to support Ethiopia’s gradual shift from a state-controlled economic model to a more market-driven system, with a focus on mobilising domestic savings and channelling capital into productive sectors.

“This is a big milestone for the exchange and for Ethiopia’s capital market ecosystem,” said Tilahun Kassahun, ESX CEO, noting that the listing reflects growing investor confidence in the platform and its long-term role in driving economic growth.

Tsehay Shiferaw, Awash Bank CEO described the listing as “a proud moment” for the bank’s over 20,000 employees and more than 12,000 shareholders, adding that the move reinforces its position as a pioneer in Ethiopia’s financial sector.

Pipeline builds as ESX targets nine listings

The listing comes as the ESX ramps up efforts to deepen market activity ahead of Ethiopia’s fiscal year-end on July 7, 2026.

Dashen Bank and Bank of Abyssinia have completed registration with the Ethiopian Capital Market Authority (ECMA) and are expected to list soon, while Abay Bank, Anbesa Bank and Amhara Bank are at advanced stages of regulatory preparation. The exchange is targeting at least nine listings before the fiscal year closes.

At launch, the ESX outlined an ambitious roadmap to host 50 Initial Public Offerings (IPOs) by 2030 and 90 within a decade. Early listings — including Wegagen Bank, Gadaa Bank and a partial listing of Ethio Telecom — provided initial momentum.

Listing by introduction, not capital raise

Awash Bank listed under the ticker AWAB, with 37,896,928 shares available for trading out of 54,066,089 registered with the ECMA in March 2026.

The listing was executed by introduction, meaning no new shares were issued and no capital was raised. Instead, existing shareholders can now trade their holdings on the exchange through licensed brokers.

The milestone was marked by a bell-ringing ceremony at the ESX trading floor in Addis Ababa, underscoring what officials described as a pivotal step in the evolution of Ethiopia’s capital market.

Scale and performance anchor the market

The bank’s listing carries more weight than earlier entrants due to its scale. As Ethiopia’s largest private commercial bank by assets, deposits and profitability, its presence provides institutional depth to a market still in its infancy.

For the financial year ended June 30, 2025, the bank reported gross profit of ETB 25.67 billion (450 million), representing a 137 percent year-on-year increase and the highest ever recorded by a private bank in Ethiopia. Net profit stood at ETB 18.71 billion ($330 million), while total assets reached ETB 442.6 billion ($7.8 billion). Deposits surpassed ETB 358 billion ($6.3 billion), and the loan book expanded by 20 percent to ETB 219.6 billion ($3.9 billion).

Earnings per share rose to ETB 783 per ETB 1,000 par value, from ETB 487 a year earlier. The bank also mobilised over $2 billion in foreign exchange, a 25 percent increase, while maintaining a non-performing loan ratio of 1.8 percent, well below the central bank’s five percent threshold.

Expansive footprint

Founded in 1994 by 486 shareholders with paid-up capital of ETB 24.2 million ($430,000), Awash Bank has grown into one of Ethiopia’s largest financial institutions. It now operates 989 branches, serves more than 15 million customers, employs over 20,000 staff, and has a shareholder base exceeding 12,000.

Its listing is expected to serve as a bellwether for future large-cap entries, helping to shape investor confidence and liquidity on Ethiopia’s emerging equities market.