Police Exodus Sacco assets grow to shs70.8bn
The Police Exodus Sacco has seen its assets grow from shs59.6billion to shs70.8 billion for the financial year ended December 2023.
Presenting the performance report in their annual general meeting, the sacco treasurer, Superintendent of Police Eddy Ssekanjako said during this 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 shs1.98 billion in 2022 to shs4.96 billion in 2023 mainly due to the effective and efficient expenditure management and the receipt of member loan repayments.
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“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.
According to the sacco treasurer, they 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.”
Savings
According to results presented to members, in the year ended December, 2023, there was increase in savings portfolio by 3.1% from shs30.76 billion in 2022 to shs 31.71 billion.
The Exodus Sacco treasurer however encouraged to continue saving so as to shape their future.
The results also show 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.”
The sacco chairperson, Senior Commissioner of Police, Dr.Wilson Omoding said the sacco has made great strides in the past one year.
“ 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.
He however emphasized mindset change as key in ensuring improvement in the welfare of members.
“ We all need to recognize that the mindset and attitudes of the members towards saving, borrowing, and investment determine the extent to which Exodus SACCO can achieve its mandate. Therefore, there is a need for members to continue saving, borrowing, and investing purposefully in line with our core objective.”
The Police Exodus sacco which was started in 2007 currently has 41,713 registered members, 91 staff and 13 liaison offices.
