Stima Sacco has defied the tough economic times in the country to announce a 1.2 billion shilling dividend payout to its shareholders. Each shareholder will be paid at 14 percent per paid up share compared to 12 percent paid in 2015.

The Sacco subsequently posted a surplus before tax of Ksh 547.36 million up from Ksh 288.84 million in 2015. This represents an 89% growth in pretax profit for the year under review. During this period membership grew by 58% from 55,854 in 2015 to 88,110 in 2016.

The turnover grew from 2.66 billion in 2015 to 3.40 billion in the year under review, a growth of 28 percent. Eng. Albert Mugo, Chairman Stima Sacco & MD KenGen, attributed the impressive performance to an aggressive growth on the loan portfolio. “Total members’ deposits increased by Ksh 3.1 billion, 20% increase in 2016, from Ksh 15.9 billion in 2015 to Ksh 19.0 billion. The alpha deposits increased by Ksh 2.8 billion, while the deposits in the members’ savings accounts by Ksh 457 million”

Lending increased by 29 per cent from Ksh 16.3 billion in 2015 to Ksh 21.03 billion. The SACCO’s balance sheet grew by Ksh 4.2 billion (21 per cent) to stand at Ksh 24.5 billion up from Ksh 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 Ksh 417 million compared to Ksh 289 million in 2015,” said Eng. Mugo.

Speaking in his capacity as the Chief Guest during the meeting, the CEO for SASRA, Mr. John Mwaka, noted that Stima Sacco should leverage on technology to deliver quality services to its members. “The Sacco should reemphasize the reason for its existence and develop products and services tailored towards achieving this goal.” He applauded the Sacco for its excellent performance and urged the board to continuously place shareholders’ interests first in all its decisions.