One of the country’s savings and credit cooperatives, Sunbird Sacco, has posted a profit of K52.264 million for the year ended December 31 2016.
This was disclosed during the sacco’s annual general meeting held in Blantyre on Saturday.
The profit is 53 percent above the K34.11 million the sacco posted in 2015.
Sunbird Sacco Chairman, Foster Chindebvu, attributed the improved financial performance to strategies put in place by the cooperative’s board during the year.
“Among other things, we registered a growth in membership which boosted our contributions. We also invested the money on the money market,” said Chindebvu.
Currently, Sunbird Sacco, which has a membership of 2,500 members, is the third biggest cooperative in the Southern Region out of the 12 saccos after Sucoma Sacco and Polymed Sacco.
Chindebvu said the sacco targets the second position in the current calendar year.
Malawi Union of Savings and Credit Organisations (Musco) Head of Operations, Fumbani Nyangulu, urged the Sacco to continue working hard in growing its membership.
Nyangulu further urged the sacco to embrace technology which could ease the lives of members in as far as accessing information is concerned.
“So far, we are impressed with Sunbird Sacco and we would like them to work hard to grow the cooperative,” said Nyangulu.