Magereza Sacco hits a turn-over of Ksh 596 Million
Magezera Sacco Society Limited hit a turn-over of Ksh 596 Million and recorded a net surplus of Sh 108.5 illion for the financial year ended 31st December 2017. This is compared to Sh 72,062,777 made in 2016. Net interest income rose to Sh 213,165,064 in 2017 compared to Sh 167,796,114 in 2016. Magereza Sacco Society made Sh 375,686,773 as interest charged on backoffice(BOSA) loans while income earned from FOSA loans stood at Sh 151,255,410.00.
Members’ Deposits grew by 7.9 per cent from Sh 3.2 billion in 2016 to Sh 3.4 billion in 2017. This figure is made up of Sh 3.2 billion (members’ deposits) Sh 140.8 million (savings account deposits and Sh 10.8 million in fixed deposit accounts. Loans to members stood at Sh 2.6 billion.
During the Magereza Sacco ADM, members resolved that the Society would retain 5 per cent of its Surplus to build institutional capital over the next three years so as to ensure the Sacco attains the required capital ratio. Members also approved a decision to increase the minimum monthly deposit contribution from the current Sh 1,500 to Sh 2000 per month.
Source: Sacco Times (Issue 2018017), May-June, 2018