Stima Sacco has recorded a nine per cent growth on its loan book for the year ended December 2023, as the deposit-taking entity continued with a nationwide expansion.
The loan book grew by 9.3 per cent to Sh45.2 billion up from 41.3 billion the previous year.
The Sacco’s balance sheet grew by 10 per cent from Sh53.8 billion in 2022 to Sh59.15 billion in 2023, with the consolidated deposits closing the year at Sh43.13 billion up from Sh39.43 billion, amid membership growth.
During the period under review, the Sacco saw its revenues increase to Sh8.9 billion, up from Sh7.4 billion.
“In the year under review, we embarked on an expansion drive to bring quality products and services to all Kenyans. This saw us launch branches in Electricity House – Nairobi, Waumini Plaza in Kisii, and at Greenwood City Mall in Meru. This has improved our branch network to twelve, as well as service points in Naivasha and Embu,” CEO Gamaliel Hassan said on Thursday.
The society continued to meet the statutory financial requirement where the core capital to total assets ratio increased from 17.16 per cent to 17.22 per cent, which is above the statutory minimum of 10 per cent.
“This growth is a testament to our commitment to sound financial management and prudent risk practices,” chairman Joseph Siror said.
He said the Sacco continued to support members in realising their financial goals, with a huge number of loans going into home ownership, education and business expansion.
The two spoke during the Sacco’s investor briefing in Nairobi.
Hassan said going forward, the society’s intention is to leverage the new core banking system “to drive operational efficiency and deliver a superior member experience.”
The board has recommended the payment of a first and final dividend of 15 per cent per share on fully paid-up shares as of December 31.
It has also recommended payment of interest rebates on members’ deposits at the rate of 11 per cent for the year under review, subject to requisite approvals.
Therefore, the total pay-out for the two items will be Sh4.06 billion in 2023 compared to Sh3.56 billion in 2022.
