Stima Sacco’s loan book grew by 12 percent from 36.8 billion shillings to 41.3 billion shillings in 2022 according to the latest stats released by the investment vehicle during their annual investor briefing. This makes it among the few facilitating financial inclusion.
According to the statements for the full year, the balance sheet for Stima Sacco grew by 16 percent from 46.48 billion shillings in 2021 to 53.8 billion shillings during the same year. The Sacco is now among the fastest growing in Kenya with more investors’ cash.
“We have embarked on an expansion drive to bring quality products and services to all Kenyans. We shall also open a branch in Meru and Kisii town thus increasing our branch network from the current 9 to 12,” Dr. Gamaliel Hassan, the CEO of Stima Sacco said.
At the same time, Stima Sacco increased its total revenue from 6.8 billion to 7.4 billion, which has allowed it to invest in new initiatives that will benefit members in the long run. The liquid assets against total deposits and long-term liabilities ratio increased from 62.84 percent in 2021 to 78.98 percent.
“These figures are well above the statutory required minimum limit of 15 percent. Moreover, our core capital/total assets increased from 17.16 percent to 17.22 percent. This is again above the Statutory minimum of 10 percent,” added Dr. Hassan.
According to released statements, in 2006, Stima Sacco had an asset base of 3 billion shillings which has grown in folds into the current 53.8 billion shillings. During the same period, the loan book expanded from 2.2 billion shillings to 42 billion shillings.
Annual revenues have increased from 300 million shillings to 7.5 billion shillings, while membership has grown from 6,886 to over 177,000. Such monumental growth has been achieved through diligent support from members.
“The Sacco is sound with both excess liquidity and enough reserves to meet and surpass all member needs. A case in point is that our Core Capital grew from 7.97 billion in the year 2021 to 9.3 billion in the year 2022. May I also point out that the Statutory minimum limit for core capital is 10 million shillings,” he added.
