Imarika Deposit Taking Sacco has recorded remarkable growth in total assets amounting to Ksh13.1 billion.
Its impressive performance has seen the SASRA annual report of 2022 rank the Sacco number 16 nationally in terms of assets base and number 11 in terms of profitability.
Speaking during their Annual Delegates Meeting held at Travellers Beach Hotel in Mombasa county recently, Sacco Board of Directors chairman Mr. John Ziro revealed that the Sacco is among the top 15 best performing Saccos in the country.
The Sacco’s total earnings improved in 2023 to Ksh1,961,821,426 from Ksh1,804,819,531 in 2022, being an increase of 8.7 percent.
The bulk of the earnings were derived from loan interest which increased from Ksh 1,518,639,420 in 2022 to Ksh1,624,819,562 in 2023, an increase of 7 per cent.
Non- Loan interest income, including operating income and service fee income, stood at Ksh283,092,233 in 2023 compared to Ksh252,637,255 in 2022, thus indicating an increase of 12 percent.
Operating and administrative expenditure rose from Ksh665,562,366 in 2022 to Ksh731,300,064 in 2023, an increase of 10 percent.
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Interest expense, the bulk of which comprises payment of returns to members, increased from Ksh567,822,949 in 2022 to Ksh688,934,610 in 2023, an increase of 21 percent.
Loans and advances portfolio and members’ deposits also increased by 8 percent and 11 percent respectively.
He attributed the society’s good performance to team work between the Board of Directors, Management Team, members and staff.
The chairman revealed that despite great challenges, the society has been progressing very well in terms of service delivery to members and the general public.
He urged the Sacco’s delegates to aggressively recruit more new members in their respective clusters and to ensure the recruited members are active.
“Recruiting new members will increase the Sacco’s capital base, hence boost its daily undertakings more efficiently and effectively”, he explained.
By Tsozungu Kombe.
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