total assets hit Ksh9.2 billion
By Staff Reporter
Newfortis Sacco has declared high dividends on shares and interest on members’ savings amounting to Ksh 740,803,223 up from Ksh 662, 885,132 paid in 2021.
Members approved the Board’s recommendation of a 14% rate on dividend payment and 12.90% interest on members’ deposits.
Despite various challenges, Newfortis Sacco registered impressive financial performance in the Financial Year ended 31st December 2021 with its total assets increasing to over Ksh 9.2 billion from Ksh 8.17 billion in 2020.
More members joined the Sacco during the one year hitting 17,720 with unwithdrawable deposits growing to Ksh 5.58 billion up from Ksh 4.99 billion in 2020. The Sacco loan portfolio grew to reach Ksh 6.227 billion in 2021 from Ksh 5.8 billion in 2020.
“These impressive results were due to resilience, patronage, and general goodwill of members, coupled with commitment and dedication of staff and prudent management of the Board of Directors,” said Mr. John Githinji, who was speaking during this year AGM.
