East Africa

Imarika Sacco releases impressive financial statement

NAIROBI -Imarika SACCO defied a harsh business environment in 2022 to post growth, according to Kenyan news agencies.

The growth was boosted by its asset base, which improved to Ksh 11.66 billion in 2022 from Ksh 10.48bln in 2021.

Member deposits increased to Ksh 7.48bln from Ksh 6.54bln a year earlier, representing a 9.2 per cent jump.

Total earnings rose to Ksh 1.0804bln in 2022 from Ksh1.706 billion in 2021, representing a 5.74 per cent rise. The gain in earnings was attributed to interest on loans and advances.

Announcing the performance during its Annual Delegates Meeting, outgoing Board Chair Renson Ndoro said the SACCO’s loan book jumped to Ksh10.17bln in 2022 compared from Ksh 9bln reported a year earlier.

Co-operatives and Micro, Small & Medium Enterprises Cabinet Secretary Simon Chelugui was the chief guest during the function and commended Imarika SACCO for its good financial performance, highlighting its good governance.

“This Sacco has greatly deepened financial inclusion within the coast region, ensuring they empower people economically and socially. Being the first SACCO to start a Foundation demonstrates its leadership and management commitment to live up to the co-operative principle of concern for the community,” he said.

Cooperative Alliance of Kenya Chief Executive, Daniel Marube, commended the SACCO for its contribution to transforming livelihoods and urged cooperative leaders to uphold good governance and work for the benefit of members.

Kilifi County Cooperative Director, Mary Mukare also commended Imarika SACCO’s contribution in transforming lives of its members.

During the meeting, delegates approved a 14.5 percent dividend on share capital, up from 14.0 per cent the previous financial year and an 8.0 interest rate on members’ non-withdrawable deposits, with members taking home over Ksh 672 million as an annual payment.

Imarika SACCO launched the ultra-modern Imarika Plaza, which is expected to improve incomes of members.


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