Gadaa Bank reported a gross profit of 575 million birr for the current Ethiopian fiscal year, marking a sharp financial leap in only its second year of operations.

The announcement was made during a press conference at the bank’s headquarters in Addis Ababa, where CEO Wolde Bulto said the bank’s income rose by 206% compared to the previous year. Total assets reached 10.1 billion birr, while deposits rose by 91% to 7.7 billion birr and total income stood at 1.6 billion birr.

The Bank also disbursed 3.1 billion birr in loans during the reporting period.

“We’ve built trust in the market by combining strong governance with financial inclusion,” Wolde told reporters. “Our performance shows that a community-based banking model can deliver both impact and profitability.”

The bank has expanded its footprint to more than 100 branches across Ethiopia, employing 1,600 staff, of whom 825 hold permanent positions. The bank said it is using its branch network to reach underserved communities while investing in digital banking tools and cybersecurity infrastructure.

As part of its digital transformation strategy, the bank launched Gadaa Digital, an omni-channel service that integrates all digital banking services into a single platform. The service is designed in line with global standards in banking technology to improve customer convenience and efficiency.

Gadaa has also taken steps to align with Ethiopia’s emerging capital market structure. The bank registered its shareholders’ shares with the Ethiopian Capital Market Authority, making them available for future trading on the Ethiopian Securities Exchange.

Gadaa is also targeting the Ethiopian diaspora as part of its growth strategy, aiming to introduce tailored services and cross-border financial products.