Members of Stima (DT) Sacco have all the reasons to smile all the way to the bank as the Sacco pays out dividends and interests rebates at the rate of 14 % and 10.75% respectively, for the financial year ending December 31, 2021.
The Sacco turnover grew by 16% to Kshs 6.86 billion in 2021 from Kshs. 5.89 billion in 2020. During the financial year under review, the Sacco’s share capital also grew from Ksh. 2.02 billion to Kshs. 2.38 billion, deposits increased by 9.7% from Ksh. 31.19, billion to Kshs. 34.21 billion. The loan book grew by 10% from Ksh 32.80 billion to Ksh 36.35 billion. The Sacco balance sheet grew by 13% from Ksh. 41.06 billion to Ksh 46.48 billion.
As a result of the good performance, the Sacco achieved surplus for the year of Ksh 1.43 billion compared to Ksh 1.03 billion previously.
Despite the challenging financial environment in 2021 that was majorly attributed to the Covid-19 pandemic, the Sacco still managed to rollout programmes to improve members’ experience.
“We launched a mortgage product in partnership with the Kenya Mortgage Refinancing Company (KMRC) in a bid to provide low-cost mortgage financing to our members, became the first conventional Sacco to launch Shariah compliant products and also launched a seamless salary processing solution dubbed Salo Chap Chap- a digital technology – to ensure that members receive their salaries, allowances and pension payments in a timely and efficient manner,” says Sacco CEO Dr. Gamaliel Hassan.
The Sacco National Chairperson, Madam Rebecca Miano, adds that the good results are as a result of aggressive growth in the loan portfolio, product enlargement, lending reforms and improved liquidity.
The Sacco financial statements were presented at the 48th Annual General Meeting (AGM) in Nairobi, which was graced by the Commissioner of Cooperatives, Mr. David Obonyo, who appreciated the contribution of the Sacco to the country’s economy.
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