For the first time in its 33-year history, Yetu DT Sacco, Meru County has hit the Sh1billion profit mark with an historic membership registration drive.
In recent times, the Sacco has recorded a surge in membership, overshadowing their peers, with at least over 20,000 new entrants being enlisted over the last one year, pushing the figures to 104,159 people.
To crown this success, members will enjoy the highest-ever, and probably the highest dividends payout in the country, of 19 percent per share, reaffirming their strength and commitment to financial growth.
Speaking during their annual general meeting in Meru, the Sacco’s Chief Executive Officer (CEO) Denis Kirimi said the milestone including 23 percent growth in assets, underscores the organization’s resilience and commitment to wealth creation for its shareholders.
“I am pleased to report that the Sacco stands on solid ground today having strengthened our balance sheet, enhanced risk management and controls, ensured sufficient liquidity, and sustainable profitability,” said Kirimi.
He added that the operating profit grew by 54 percent to stand at Sh273.7million, with Sh238million being the net profit for the year, representing a 58 percent increase over the previous year.
“Loans and advances growth was 37 percent to stand at Sh5.5billion, while deposits grew by 20 percent with a standout performance in branch banking which significantly contributed to our total deposits now standing at Sh4.9billion,” said Kirimi.
To support the Sacco’s growth trajectory, the CEO added, we have invested in strengthening our risk management and technology capabilities, as well as implementing strong underwriting standards that enhance the quality of our assets while allowing sustainable growth.
The Sacco’s Board Chairman, Mark Gitonga, on his part, said the Sacco has continuously embraced and endeavored to practice good corporate governance and practices in line with guidelines, rules of this country and any other laws that govern the corporate world.
“This year we shall be issuing Sh443million in form of dividends and interests on deposits recording an increase of Sh103million compared to Sh340million in the year 2023.”
“This is a good return to members and I urge you all to utilise it well. I further urge you to invest more in terms of both capital shares and members’ deposits to earn more,” said Gitonga.
He reported that phase one of their six- floor signature building from the funds that were set aside for the purpose was completed in November 2024 and successfully relocated services.
“The second phase is ongoing and by May this year, we shall be done and set to occupy the entire building,” said Gitonga, exuding confidence that year 2025 will even be better.
By Dickson Mwiti