A teachers' Sacco in Bungoma recorded an 11 per cent growth in revenue in the year ending December 2020 despite the effects of Covid-19.
Ng'arisha Sacco board of directors chairman Benedict Simiyu said despite the pandemic, the entity realised a gross revenue of Sh627.6 million compared to Sh563.1 million in 2019, translating to a growth of 11.5 per cent.
"The share capital grew to Sh192.1 million up from Sh153.9 million a growth of 24.8 per cent, while deposits and savings grew to Sh1.328 billion, up from Sh1.197 billion in the year 2019 a growth of 10.9 per cent," he said.
Simiyu said following the performance, the board recommended paying an interest rebate at a rate of 12.32 per cent to registered members as at December, 31 2020.
"Despite the fact that this pandemic hit all businesses, including our own, we made profits," Simiyu said.
He was addressing members during the annual delegates meeting at Farm View hotel in Busia town.
The society's membership increased from 15,229 in 2019 to 19,413 in 2020, supervisory secretary Esnas Simiyu said.
The supervisory report indicated that the Sacco had shown stability by disbursing huge amounts of loans to the tune of Sh2,314,955,567.03 in 2020 compared to the year 2019 of Sh2,007,637,621.95 giving a positive variance of Sh307,417,945.08.
Sacco CEO Mackline Wamukota encouraged people to join.
