Stima Sacco declares 16% percent dividend on shares

Members of Stima Sacco/ HANDOUT

Stima Sacco has declared a dividend of 16 per cent per share on fully paid-up shares and 11% interest rebates for the year ending December 31, 2024. 

The total payout for the two items will be Sh4.6 billion compared to Sh4.1 billion in 2023.

Stima DT Sacco Society Limited national chair Joseph Siror said they have outstanding performance, achieving significant growth and progress across all areas of the operations.

He said that consolidated deposits increased by 8 per cent from Sh43.13 billion in 2023 to Sh46.69 billion in 2024. 

Loan book grew by 11 per cent from Sh45.15 billion to Sh50.24 billion, and balance sheet expanded by 12 per cent from Sh59.15 billion in 2023 to Sh66.44 billion in 2024. 

The total revenue increased by 13 per cent from Sh8.95 billion to Sh10.26 billion, supported by Sh1.8 billion in investment income. 

“This growth reflects our dedication to sound financial management and prudent risk practices. We have also maintained our focus on supporting members in achieving their financial goals, including loans for home ownership, education, and business expansion,” Siror said.

“Overall, our strong financial performance for the fiscal year 2024 not only ensures the Sacco's sustainability but also enables us to reinvest in our members and communities.”

Stima DT Sacco Society Limited CEO Gamaliel Hassan said the Sacco’s financial performance in 2024 showcases the resilience, strategic foresight, and unyielding support of the members.

“Despite a volatile global economic environment, we achieved commendable growth across critical performance metrics,” he said.

The saccos’ membership base expanded from 200,145 to 220,650, and Core Capital increased from Sh10.6 billion to Sh13.4 billion.

This increased the statutory ratio from 17.94 per cent  to 20.22 per cent.

The statutory ratio increased from 90.08 per cent to 94.95 per cent cementing the short- and long-term liquidity needs.

Cooperatives and Micro, Small and Medium Enterprises Development CS Wycliffe Oparanya cooperative sector remains a vital pillar in the national economy, providing financial services to millions of Kenyans.

He said the government recognises and appreciates the role that Saccos like Stima DT play in enhancing financial inclusion, supporting SMEs, and facilitating wealth creation.

“Your ability to offer affordable credit and savings solutions has been instrumental in uplifting households, businesses, and entire communities. As a Ministry, we are committed to creating an enabling policy and regulatory environment to ensure the continued growth of the cooperative sector,” he said.

“We have already embarked on reforms such as the Cooperatives Bill and amendments to the Sacco Societies Act to provide for a central liquidity facility and shared services among licensed Saccos.”

The CS said that the reforms will enhance governance, efficiency, and competitiveness within the sector to ensure cooperatives remain resilient and adaptive to emerging economic trends.