Stima Sacco Earnings For 2023 Hit Ksh 1.4 Billion

By Soko Directory Team / Published March 30, 2024 | 10:04 am



Stima Sacco

Kenya’s largest Sacco, and the second-largest in Africa in asset base, Stima Sacco, posted impressive financial results for the financial year 2023 with the number of members moving past 200,000 after rising by 13 percent.

Stima Sacco recorded a 21 percent growth in revenue to 8.96 billion shillings for the financial ending December 31, 2023, compared to 7.5 billion shillings the previous year.

The Sacco asset base grew by 10 percent to 59.1 billion shillings from 53.8 billion shillings in the previous year. The loan book grew by 9.3 percent to 45.2 billion shillings from 41.3 billion shillings in 2022.

“Although we retained the same percentage payouts, the amounts are higher because the share capital increased during the year, and the member deposits also increased. So the base on which the percentage is calculated is what increased thereby increasing the total quantum from Ksh 3.5 billion to Ksh 4 billion while retaining the same percentages,” said Mary Maalu, National Treasurer.

The Sacco members now expect to be paid 485.5 million shillings from share capital compared to 395.7 million shillings paid out last year while earnings from interest will amount to 3.6 billion shillings from 3.2 billion shillings.

“Our liquid assets against total deposits and long-term liabilities ratio increased from 78.98% in 2022 to 90.08% at the end of 2023. These figures are well above the statutory required limit of 15%, marking our liquidity ratio as the highest in the market,” said Stima Sacco CEO Gamaliel Hassan.

Sacco Membership also increased by 26,000 to 200,145 representing a 13 percent growth. The Sacco now targets 30,000 additional members in 2024.

“Our assets under management have seen a substantial increase, reflecting the trust and confidence placed in us by our members. Our loan portfolio has expanded, enabling us to support more members in achieving their financial goals and aspirations. And our profitability remains robust, demonstrating our ability to navigate challenges while delivering value to our stakeholders.” National Chairman Joseph Siror

Members are also set for a 15% dividend payout on shares and 11% on deposits, with total payout hitting 4.06B in2023

“The Board of Directors recommended the payment of a first and final dividend of 15% share on fully paid-up shares as of December 31, 2023,” said the Chairman.

Read Also: Stima Sacco Ranked As The Second-Best Financial Institution Other Than Bank




About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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