Stima Sacco Deposits Spike To Ksh 39.43 Billion

Stima Sacco has registered a profit after tax of 4.17 billion shillings for the 2022 financial year. Stima Sacco has attributed the great performance to the increase in consolidated deposits for the period under review.

The statement released by the Sacco during the investor briefing on Friday showed that consolidated deposits increased by 15 percent from 34.2 billion shillings in 2021 to 39.43 billion shillings in 2022.

At the same time, the loan book grew by 12 percent from 36.8 billion shillings to 41.3 billion shillings. The balance sheet grew by 16 percent from 46.48 billion shillings in 2021 to 53.8 billion shillings in 2022.

Additionally, Stima Sacco increased its total revenue from 6.8 billion to 7.4 billion, which has allowed it to invest in new initiatives that will benefit members in the long run.

Speaking during the unveiling of the financial results today at Nairobi’s Radisson Blu hotel, Stima Sacco CEO Dr. Gamaliel Hassan said as a fast-growing Sacco, it is imperative to continue seeking visibility and brand presence throughout the country.

“We have therefore embarked on an expansion drive to bring quality products and services to all Kenyans. We shall also open a branch in Meru and Kisii town thus increasing our branch network from the current 9 to 12,” Dr. Hassan said.

It also emerged during the briefing that Stima Sacco’s liquidity ratio is amongst the highest in the industry with the liquid assets against total deposits and long-term liabilities ratio having increased from 62.84 percent in 2021 to 78.98 percent at the end of the year 2022.

“These figures are well above the statutory required minimum limit of 15 percent. Moreover, our core capital/total assets increased from 17.16 percent to 17.22 percent,” added Dr. Hassan. “This is again above the Statutory minimum of 10 percent.”

The other two important statutory ratios with a minimum requirement of 8 percent are the Core Capital/Total Deposits and the Institutional Capital/ Total Assets which grew respectively in the year 2021 to 2022 from 23.33 percent to 23.49 percent and 10.36 percent to 11.66 percent.

“Indeed the Sacco is sound with both excess liquidity and enough reserves to meet and surpass all member needs. A case in point is that our Core Capital grew from 7.97 billion in the year 2021 to 9.3 billion in the year 2022. May I also point out that the Statutory minimum limit for core capital is 10 million shillings,” he added.

In 2006, Stima Sacco had an asset base of 3 billion shillings which has grown in folds into the current 53.8 billion shillings. During the same period, the loan book expanded from 2.2 billion shillings to 42 billion shillings.

Annual revenues have increased from Sh300 million to 7.5 billion shillings, while membership has grown from 6,886 to over 177,000. Such monumental growth has been achieved through diligent support from members.

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