Stima Sacco shareholders will benefit from a Sh 2.3 billion payout in dividends and interests on deposits following the improved performance of the society in 2019.
The Sacco’s board of directors has recommended payment of a first and final dividend of 14 per cent per share on fully paid up shares as of 31 December 2019, and interest rebates on members’ deposits at the rate of 10.5 per cent for the year under review.
“We believe that these are good returns on members’ investments in the Society and we are committed to supporting the long term growth of this Sacco,” said Rebecca Miano, Stima Sacco national chairperson.
The Sacco grew its net income in 2019 by 3.9 per cent to Sh881.6 million compared to Sh848.8 million in the previous year.
Turnover grew 22 per cent to Sh5.63 billion in 2019 up from Sh4.60 billion in 2018.
This was as a result of an aggressive growth on the loan portfolio occasioned by the review of products and services in line with the members’ needs.
The share capital grew to Sh1.76 billion in 2019 representing a steady strengthening of the capital base and also a cushion to the Sacco in its pursuit of sustainable growth.
Lending increased by 15 per cent from Sh24.94 billion to Sh28.62 billion.
“Our performance clearly demonstrates the underlying health of the business and the potential of our strategy,” said Rebecca.
Sacco’s strategy aims at driving sustainable growth through three priorities namely business growth and brand equity, member value creation and capital and financial sustainability.
The strategy focuses on internet and mobile banking, physical branch footprints, branchless/agency banking and strategic alliances as the key drivers of growth.
Stima Sacco CEO Chris Useki disclosed that the Sacco was in the process of rolling out more customer-focused products and services aimed at empowering members.
