United Nations Sacco posted remarkable financial results in 2023 with the firm’s total revenue increasing by 13 per cent, hitting a record KSh2.197 billion.
This was achieved as a result of increase in interest on loans and advances, reduced expenditure and investment income.
A total of KSh1.3 billion was given to members in the form of interest on deposits at a rate of 10 per cent and dividends on shares at 15 per cent.
The interest expense on member deposits surged by 5 per cent to KSh1.29 billion, driven by growth in member deposits.
The loan book also rose to 10.6 per cent to KSh11.096 billion, which indicates the Sacco’s turnaround approach to increase lending.
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The increased lending to members was attributed to the Sacco’s innovative and attractive suite of credit products available to its members.
CPA Bernard Koech, Chairman, the Sacco Board of Directors said, “Members’ deposits grew by 9 per cent to Ksh13.7 billion, maintaining the robust growth in members’ savings over the last few years. The Sacco now boasts total assets of Ksh 17.97 billion, up from Ksh 16.16 billion at the end of 2022.”
The CPA Koech spoke during the Sacco’s 47th Annual General Meeting who added that membership increased by 9.7 per cent to 6,916 members in 2023.
UN DT Sacco was established with the mission to uplift members’ socio-economic status by providing high-quality, affordable, and diversified financial products and services.
The Sacco maintained its interest rates on loan products unchanged despite increasing interest rates in the financial markets, owing to the increase in CBR rates, thus providing much-needed respite to members from expensive loans.
By our reporter
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