Police Sacco profit drops by nearly Sh400Mn on falling fee, commission – Capital Business

NAIROBI Kenya, Feb 21 – Kenya Police Sacco profit fell by nearly Sh400 million in the fiscal year that ended in December 2022, owing to lower commissions and fees.

In its latest financial report, which was released at its Annual General Meeting in Nairobi today, the Sacco’s revenue dropped from sh2.6 billion in 2021 to sh2.2 billion in 2022.

Declining fee and commission incomes dented the firm’s target of growing profit last year.

However, the society’s assets increased by 11 percent, to Sh48.9 billion, from Sh44 billion in the review period.

“The Deposits grew by 10.2 percent from sh23.5Billion in 2021 to stand at sh25.9Billion at the end of the last year 2022,” the Sacco Chairman David Mategwa said.

“Loans and advances grew by 9.4 percent to sh40.8 billion up from sh37.3billion in 2021 and also revenue grew by 12.9 percent and increase from sh7billiion to sh7.9 billion.”

The Sacco grew its membership, especially during the Covid-19 pandemic period, by 2.9 percent, and almost 200 new members were registered in 2021.

Mategwa has encouraged members to recruit more people to join the Sacco and patronize the available products.

Jay Ndungu

Jay is a computer scientist and journalist with a passion for the intersection of technology and society. He has a background in computer science, developing a deep understanding of the technical aspects of the industry, including programming languages and software development methodologies. Currently, He writes for Nairobi Times, covering a wide range of topics including technology, politics, sports, and entertainment. With his unique combination of technical knowledge and journalistic experience, Jay brings a unique perspective to the stories he covers, able to explain complex technical concepts in an easy-to-understand manner. His work is dedicated to bridge the gap between technology and society, and to make people more aware of the potential of technology to make the world a better place.

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