Mr. Chanyalew Demisse has resigned as the acting CEO of Amhara Bank. He has served in this role for nine months. Sources say he chose to resign after learning that new leadership would be appointed.
Before this, the Board of Directors of Amhara Bank dismissed CEO Mr. Henock Kebede Tadesse and Chief of Corporate Services Mr. Kende Abebe due to performance issues.
The board cited Henock Kebede’s management as the cause of a significant loss of 460 million birr during the 2022-2023 fiscal year. They pointed to poor performance and a failure to meet the bank’s strategic goals.
Despite the financial setback, Amhara Bank reported a pre-tax profit of 377.2 million birr for the last fiscal year. The bank’s total deposits reached 25.1 billion birr. It also extended loans totaling 20.3 billion birr to various economic sectors.
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