Page 52 - SACCO STAR ISSUE 43

SACCO INDUSTRY WATCH

STIMA SACCO MEMBERS RECEIVE 14
PC IN DIVIDENDS

SACCO leaders pose for a photo with Mr Ali Noor Ismail, CBS , Principal Secretary State department of Co-operatives during the Stima
SSACCO official opening of their Nairobi CBD branch
tima SACCO announced “We registered Ksh 2.89 billion On the other hand the share capital
a 14 percent dividend which translates to 15 percent grew by 35per cent from Ksh 854
payout and a 12 percent increase in deposits from Kshs 19.02 million in 2016 to1.16 billion in
interest rebates to its billion in 2016 to Kshs 21.91 billion,” 2017. “The growth in share capital

shareholders. he said demonstrates a great commitment

by our members to the SACCO,”

The 103,748 member SACCO posted Lending increased by 10 per cent said Chris Useki, the SACCO’s Chief

a surplus before tax of Ksh 644 from Ksh 21billion in 2016 to Ksh Executive Officer.

million up from Kshs 547 million in 23 billion. The SACCO balance sheet

2016. grew by Ksh 4.18 billion or 17 per

cent to stand at Ksh 28.5 billion up

“This represents a 17.7% growth from Ksh 24.5 billion in 2016.

in pretax profit for the year under

review,” said Stima SACCO chairman

Albert Mugo. Mugo announced

the results at a time when many

companies and SACCOs have issued

profit warning to their stakeholders.

The turnover grew from 3.4 billion in
2016 to 4 billion in the year under
review, a growth of 18 percent.

Speaking during the SACCO’s PS Ali Noor Ismail cuts the ribbon during the official launch of Stima SACCO Nairobi
Annual General Meeting (AGM), CBD branch.
Mugo attributed the impressive
performance to an aggressive growth
on the loan portfolio, lending reforms
and improved liquidity.

50| SACCO Star Magazine