Stima SACCO has announced a 1.2 billion shilling dividend payout to its shareholders up 14 percent compared to 12 percent paid in 2015.
The Sacco posted an increase of 89 per cent in its pre tax profit to Sh 547.36 million from Sh 288.84 million in 2015. Over the period under review, membership also grew by 58% from 55,854 in 2015 to 88,110 in 2016.
The turnover increased significantly from Sh 2.66 billion in 2015 to Sh 3.40 billion, a growth of 28 percent.
KenGen’s Managing Director, Eng. Albert Mugo, who is also the Chairman of Stima Sacco attributed the impressive performance to an aggressive growth on the loan portfolio. “Total members’ deposits increased by Kshs 3.1 billion, 20% increase in 2016, from Kshs 15.9 billion in 2015 to Kshs 19.0 billion. The alpha deposits increased by Kshs 2.8 billion, while the deposits in the members’ savings accounts by Kshs 457 million”
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Lending increased by 29 per cent from Kshs 16.3 billion in 2015 to Kshs 21.03 billion. The SACCO’s balance sheet grew by Kshs 4.2 billion (21 per cent) to stand at Kshs 24.5 billion up from Kshs 20.3 billion in 2015. The increased share capital, the growth in members’ deposits and particularly the loan book, contributed greatly to his growth.
“As a result of our relatively good performance and in line with our retention policy and strategy, total comprehensive income for the year 2016 was Kshs 417 million compared to Kshs 289 million in 2015,” said Eng. Mugo.
