Nairobi, Kenya – Stima SACCO has declared a remarkable financial performance for the fiscal year ending December 2023, resulting in a record payout to its members.
During the 50th Annual General Meeting (AGM) held at the College of Insurance in Nairobi on March 23, 2024, the Board of Directors announced a 15% dividend per share and an 11% interest on member deposits.
Despite economic challenges like high inflation and taxes, Stima SACCO reported notable growth:
- Deposits increased by 9.4%, from Ksh 39.43 billion in 2022 to Ksh 43.13 billion in 2023.
- Loan book grew by 9.3%, reaching Ksh 45.2 billion.
- Balance sheet expanded by 10%, from Ksh 53.8 billion to Ksh 59.15 billion.
- Total revenue rose to Ksh 8.96 billion, a 21% increase from the previous year.
These positive results were driven by SACCO’s commitment to sound financial management and risk practices.
This ensured the Sacco’s sustainability and capacity to support its members through loans for home ownership, education, and business expansion
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Membership grew from 177,260 in 2022 to 200,145 in 2023, marking a 12.9% increase
National Chairman Albert Mugo attributed this growth to sound financial management and prudent risk practices.
“Our financial performance ensures sustainability and enables us to reinvest in our members and communities,”
Mugo stated during the AGM.
Mugo also discussed the sacco’s comprehensive risk management framework.
This includes measures to ensure business continuity, combat money laundering and terrorism, protect data privacy, enhance cyber security, and promote Environmental, Sustainability, and Governance (ESG) practices.
The SACCO has been proactive in training its staff and members to mitigate various risks and comply with relevant laws and regulations.
Future outlook
With a total payout of Ksh 4.06 billion compared to Ksh 3.56 billion in 2022, Stima SACCO continues to demonstrate its financial strength and dedication to its members.
The positive results reflect the SACCO’s resilience and strategic focus on growth and member support.