By Staff Reporter
Kenya Police Sacco Society’s financial performance continued to grow on a positive trajectory.
According to the Sacco’s Financial Statement for the year ended December 31st 2017, overall asset base grew by 21 per cent, rising to Sh24.2 billion compared to Sh20 billion that was recorded in 2016.
Member deposits grew to about Sh14.6 billion compared to the 12.4 billion in the previous year, representing a 17.74 per cent increase.
Loans and advances stood at Sh20 billion against 16.4 in 2016, while revenue stood at about Sh3.8 billion compared to Sh3.1 billion in 2016.
Speaking during a recently held Annual Delegates Meeting (ADM), David Mategwa, the Society’s National Chairman noted that the Sacco’s Strategic plan of 2015-2019 was well on course.
That under its strategic Pillar of Financial Management and Banking services, the Sacco envisions a growth of a minimum Share Capital of Sh20,000 to Sh50,000.
The objective of is to ensure growth of the Society’s Share Capital.
“To boast our loan portfolio, we seek to increase the minimum deposit contribution from the current 10 per cent of basic salary to 12 per cent in 2018, and to 15 per cent in the year 2020,” he said.
In a bid to enhance service delivery to its members, the Sacco is set to open two more branches this year; one in Nakuru and another in Kakamega.
To effectively meet the ever dynamic changes in technology, the Society in the course of last year engaged Klynveld Peat Marwick Goerdeler (KPMG) – a professional service company, to lead its process of acquiring a System for the Society.