Unaitas Sacco posts Sh267.8 million profit as group seeks new members with branch expansion drive

Unaitas Sacco posts Sh267.8 million profit as group seeks new members with branch expansion drive

 

  • Unaitas Sacco posted Sh267.8 million in profits for the full year 2016 despite a tough operating environment
  • During the year under review, the Sacco recorded a surge in its asset base standing at Sh10.7 billion
  • Member’s deposits grew by 20% to stand at Sh6.46 billion from Sh5.38 billion over the same period in 2015

Unaitas Sacco has defied a tough economic environment to record a Sh267.8 million profit for the 2016 financial year.

The firm attributes the profits to a cautious approach to lending and provisioning of loan losses in light of a tough lending environment.

During the period under review, the Sacco announced a surge in its asset base standing at Sh10.7 billion as at the end of 2016 while member’s deposits grew by 20 per cent to stand at Sh6.46 billion from Sh5.38 billion over the same period in 2015.

READ ALSO: Kenyans living abroad register 10 Saccos, state confirms

During the same year, the lender invested heavily on a robust ICT infrastructure that is likely to propel its profits.

The Sacco’s leadership said that the strategic approach to improving the quality of its loan book resulted in the slower disbursement of credit to members.

“As a responsible and sustainable business, we decided to improve the quality of our loan book and this had an impact on our profitability. Going forward we intend to maintain this strategy that focuses on loan book quality, increasing non-funded income and cost management,” said Unitas Chairman, Joseph Kabugu while addressing members in Murang’a County at the Sacco’s 28th Annual General Meeting (AGM).

Mr. Kabugu added that Unaitas plans to marshal more deposits and grow its membership through branch expansion and marketing campaigns that will attract a wider and diverse membership base.

 

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