FEATURED STORY

Stima Sacco pre-tax profit grows by 51% to Sh972m in 2018

Share
Rebecca Miano KenGen MD and CEO. Her contract as CEO of the listed energy generator has been renewed.
Share

Stima Sacco recorded a 51% growth in profit before tax for the year ending December 31, 2018, which stood at Ksh 972 million compared to Ksh 644 million realised in 2017.

The national vice chair Rebecca Miano said the Sacco’s operating model has equipped the business with added resilience to achieve the set strategic objectives, as reflected in the commendable performance in the period under review. Subsequently, the Sacco’s turnover grew from by Ksh 0.6 billion during the period under review to Ksh 4.6 billion.

Stima Sacco CEO Chris Useki attributed this impressive performance to an aggressive growth on the loan portfolio, lending reforms and improved liquidity. The lending grew by 8% from Ksh 23 billion in 2017 to Ksh 24.9 billion in 2018. On the other hand, the share capital grew by 25% from Ksh 1.2 billion in 2017 to Ksh 1.5 billion in 2018.

“The growth in share capital demonstrates a great commitment by our members to the Sacco,” added Miano.

“As a result of our relatively good performance and in line with our retention policy and strategy, we are retaining Ksh 849 million in 2018 of the net appropriation, up from Ksh 560 million in 2017, to strengthen our reserves and cushion the business for any potential future shocks”, said Mr. Useki, adding: “The lender is focusing on digital banking, with the all-telco M-Pawa Mobile Wallet continuing to play a pivotal role in the growth of non-funded income to the Sacco.

The Board of Directors recommends payment of a first and final dividend of 14 per cent per share for the period ended December 2017. Conversely, the board recommends interest rebates on members’ deposit of 10.5 per cent for the year under review. The total payout for the two items will be Ksh 2.06 billion in 2018, compared to Ksh 1.98 billion in 2017.

Written by
BT Correspondent -

editor [at] businesstoday.co.ke

2 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

WHAT YOU NEED TO KNOW IN POLITICS

FOLLOW US ON SOCIAL MEDIA

Related Articles
The team will be tasked with implementation of Ruto's 'Bottom Up' economics among other campaign commitments. [Photo/ BT Edit]
BUSINESSECONOMY

The Money Men: 7 Cabinet Secretaries to Watch in Ruto’s Administration

The team will be tasked with implementation of Ruto's 'Bottom Up' economics...

KenGen Managing Director & CEO Mrs Rebecca Miano
FEATURED STORY

KenGen CEO Rebecca Miano Appointed Vice Chair of Global Compact Network Kenya

Kenya Electricity Generating Company PLC (KenGen) Managing Director and CEO, Rebecca Miano...

KenGen Managing Director & CEO Mrs Rebecca Miano
FEATURED STORYINSPIRATION

KenGen CEO Rebecca Miano Named in the Definitive List of Top Women CEOs in Africa

Kenya Electricity Generating Company PLC (KenGen) Managing Director and CEO, Rebecca Miano,...

KenGen MD & CEO, Mrs. Rebecca Miano, (3rd Left) poses for a photo with top managers and staff during the launch of the Y-Gen program. (1)
BUSINESS

KenGen Launches Y-Gen Platform for Youth Mainstreaming

She said the youth will be a big part of delivering the...