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United Nations Sacco profit up 107 percent

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The United Nations (UN) Sacco has posted a 107 percent rise in its profits for the year ending December 2017.

The Sacco posted a profit of K57,151,330 in 2017 compared to K27, 568,449 realised in 2016.

In a statement issued last week, the Sacco indicates that it has grown its assets by 55 percent in the year under review, as its assets are now valued at K415,476,261 compared to K266,383, 988 in 2016.

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UN Sacco President, Pamela Mkwamba Matumbi, said the performance is a result of sound investment decisions.

She further said the Sacco registered a substantial increase of income due to the large patronage of Members in share investments.

“With the improved capitalisation and liquidity ratios, the Sacco was able to offer loans and other facilities in the shortest period possible and as per request from the members.

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“I am proud to say that now we are able to process any size of loan in less than 12 hours all things being equal. Some loans are processed in less than six hours depending on the time of application,” Matumbi said.

Assistant Registrar of Cooperative Societies in the Ministry of Trade Industry and Tourism, Henry Mandere, said he was impressed with the performance of the Sacco, which has shown that it has a strong footing to sustain its existence.

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