The Police Exodus Sacco has seen its savings portfolio by 3.1% from shs30.76 billion in 2022 to shs 31.71 billion for the year ended December, 2023.
Presenting the performance report in their annual general meeting, the sacco treasurer, Superintendent of Police Eddy Ssekanjako said there was also an increase in share capital of shs 4.81 billion representing a growth of 51.2% from shs9.41billion in 2022 to shs14.22 billion.
“This was attributed to the increased purchase of shares as a result of sensitization drives. Whereas it’s important to note that there was growth in share capital, we need to strengthen the same spirit in regards to savings.”
Ssekanjako said during the same period, interest income grew by 71.6% from shs3.89 billion in 2022 to shs6.68 billion in 2023 while net surplus grew by 150.3% from shs1.98Bn in 2022 to shs4.96Bn in 2023 mainly due to the effective and efficient expenditure management and the receipt of member loan repayments.
“It is imperative to note that the net surplus increased due to significant increase in loan disbursement arising from an increase in members’ trust in the SACCO activities and prudent expenditure management,” Ssekanjako said.
On the other side, the sacco registered a 54% growth in loans and advances from shs30.92 billion in 2022 to shs 50.20 billion in 2023.
“This demonstrates and envisages the sacco’s vision and mission to improve the members’ welfare through the continuous issue of loans at affordable interest rates. Notably, the growth in loans is vividly seen over the years ever since we assumed office.”
The sacco chairperson, Senior Commissioner of Police, Dr.Wilson Omoding said the sacco has continued to fulfill its mandate.
“ I am deeply proud of the strides we have made in fulfilling our mission of empowering our members and contributing positively to their financial well-being and the broader community. Our focus for the year was to continue growing our membership, increase loan disbursement, engage in education and literacy programs, enhance our member engagement, and consolidate our achievements,” Omoding said.
