Stima Sacco assets hit record KSh59.1 billion in 2023

Dr. Gamaliel Hassan Chief Executive Officer of Stima Sacco addressing investors .Photo by Obegi Malack

Stima DT Sacco has Sacco achieved remarkable growth across all key indicators in the year ended December 31, 2023, this was revealed during the Sacco’s Investors briefing meeting in Nairobi.

The Sacco which turns 50 years this year paid members dividends at a rate of 15 per cent and rebates at 11 per cent. This translated to a total payout of KSh4.06 billion in 2023 compared to KSh3.56 billion in 2022

The Sacco recorded growth of assets  from KSh53.7 billion  to KSh59.1 billion in 2023, which saw deposits increased by 9.4 per cent from KSh39.43 billion in 2022 to KSh43.13 billion in 2023.

The Sacco National Chairman Dr Joseph K. Siror indicated that total revenue increased from KSh7.4 billion to KSh8.9 billion in the year under review.

The chair said the growth is a testament to commitment to sound financial management and prudent risk practices.

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The Sacco CEO Dr Gamaliel Hassan said liquid assets against total deposits and long-term liabilities ratio increase from 78.98 per cent in 2022 to 90.08 per cent at the end of 2023.

The CEO said the figures are well above the statutory required limit of 15 per cent, marking liquidity ratio as the highest in the market.

The CEO said as a Sacco they understand the importance of having sufficient funds to meet members’ needs.

“Decisions that they undertook have enabled this institution to be here today as the second largest Sacco in Africa by asset size.

We take cognizance of our past even as we embrace the future and, in particular, as we mull about how the Sacco shall look like 50 years to come in the year 2074,” the CEO said.

There was also growth of members from 177,260 to 200,145 representing a 13 per cent growth in the year under review.

By Obegi Malack    

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