Top Saccos in the country are paying members at least four per cent more in dividends for their 2023 savings compared to a year earlier.
Most cooperatives attributed the performance to muscular growth in its net interest income, enhanced member deposits and increased membership.
Safaricom Investment Corporative (SIC) members will take home KSh142.4 million in dividends despite a KSh62.6 million decline in profits. Last year, the Sacco recorded a net profit of KSh203.4 million, a slight dip compared to net profit of KSh266 million in 2022.
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Housing and land generated a revenue of KSh1.5 billion for the society over the period. Land business has been the co-operative’s biggest contributor to total revenue as it returned 90 per posting a gross revenue of KSh1.4 billion, with a net profit of KSh428.7 million while housing unit contributed KSh51.6 million to the total revenue.
Kenya National Police DT SACCO in February announced a dividend payout on a share capital rate of 17 per cent amounting to KSh552 million and an 11 per cent or KSh2.7 billion up. This is an increase from 10.8 per cent or KSh2.4 Billion it paid in 2022. The Sacco comes third in the country in terms of asset base.
Harambee Sacco said it will pay a 12 per cent dividend on members’ deposits, the highest on record while Nation Sacco recommended the highest dividend payout per share of 20 and 11 per cent on members’ deposits.
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Yetu Sacco CEO Dennis Kirimi said that Sacco realized an increased membership by 28 per cent from 66,084 in the 2022 to 84075 last year saying that they will pay dividends on share capital at a rate of 19 per cent and 13 per cent interest on deposits.
By Sacco News Reporter
