Kenya Police Sacco's profit fell by nearly Kes 400 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, Sacco’s revenue dropped from Kes2.6 billion in 2021 to Kes2.2 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 per cent, to Kes48.9 billion, from Sh44 billion in the review period.
“The Deposits grew by 10.2 percent from Kes23.5Billion in 2021 to stand at Kes25.9Billion at the end of the last year 2022,” the Sacco Chairman David Mategwa said.
“Loans and advances grew by 9.4 percent to Kes40.8 billion up from Kes37.3billion in 2021 and also revenue grew by 12.9 percent and increase from Kes7billiion to Kes7.9 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.
