Page 37 - SACCO STAR ISSUE 43

SACCO INDUSTRY WATCH
IMARIKA SACCO CONTINUES TO POSTS
OUTSTANDING PERFORMANCE
IChief guest Mr. David Mategwa receiving a gift from the SACCO chairman Renson David Mategwa, National Chairman of
Ndoro
marika SACCO continues
to post exemplary growth,
recording Ksh1.2 billion in
total earnings up this year from in 2016 to Ksh387 million in 2017 an
Ksh 976 million in 2016, an
increase of 20.29%.
The bulk of the earnings were
derived from loan interest which
increased from Ksh 847 million in The results also generally depicted a
2016 to Ksh 1.03 billion in 2017 an positive balance sheet improvement of
increase of 21.43%
Speaking during the ADM held at
Travellers Beach Hotel, Mombasa,
the SACCO Chairman Mr. Renson
Ndoro reported that the operating
income and service fee income
increased from Ksh87 million in
2016 to Ksh 109 million in 2017 an
increase of 25.23%.
“Non-interest income increased
from Ksh 70 million to Ksh 85
million being an increase of 22%.
Administrative and operating
expenditure rose from Ksh 345
million in 2016 to Ksh394 million
in 2017, an increase of 14%,” he
added.
By Peter K. Angore
Interest expense, bulk of which
comprises payment of returns to
members increased from Ksh358 million
increase of 8% while interest expense in
regard to external borrowing amounted
to Ksh51 million in 2017 compared to
Ksh20 million in 2016.
Ksh6.6 billion up from Ksh5.7 billion in
2016 an increase of 17%. Loan portfolio
and members’ deposits also increased
by 20% and 19% respectively to Ksh4.5
billion and Ksh5.8 billion respectively.
SACCO delegates exercising their rights during the ADM
Ndoro revealed a plan to partner with
other organizations to enable the SACCO
to offer members products and services for
agricultural value chain to boost members’
economic gains.
the giant Kenya Police SACCO hailed
the relationship that exists between the
two SACCOs which he said had made
Kenya Police SACCO resolve most of
the governance issues they faced at the
time he took over as the Chairman. “The
interactions we have had over the period
were healthy and I thank the Imarika Board
of Directions for being selfless,” said
Mategwa.
He urged the delegates to support the
board members in their quest to bring
development changes in the SACCO
especially through capitalization. Mategwa
gave an example of the Kenya Police
SACCO plaza which houses the head office
as developed through capitalization at a
cost of not less than Ksh600 Million.
Mary Mukare, the Kilifi County
Commissioner for Co-operatives hailed
the good relationship existing between
the SACCO and the Ministry which she
noted had made her work of advising and
supervising easier since that was the major
role bestowed upon the Ministry.
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