Biashara Sacco expands asset base to Sh3.26 billion
Business
By
James Murimi
| Mar 16, 2024
Biashara DT Sacco Society Limited increased its asset base from Sh2.7 billion to Sh3.26 billion last year, representing 19.5 percent growth.
The financial institution, which currently has 14 branches countrywide and four satellite offices, recorded a loan disbursement increase from Sh2.35 billion to Sh2.76 billion, representing 16.4 percent growth.
Its loan portfolio rose from Sh2.25 billion to Sh2.63 billion within the same period, attaining a growth of 16.8 percent.
In a press statement, Sacco's chairperson Joseph Njamuku said they aim to diversify their product and service portfolio with investment in digital channels to enhance members' convenience and reach.
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"The net effect of all these has been reduced members' savings, reduced repayment of credit facilities, and their loan take-up ability," he added.
Njamuku said that the high cost of living, which has been occasioned by the devaluation of the country's currency, has caused an increase in operational costs and reduced the expenditure trends amongst the majority of Kenyans.
"The shifts and changes in government policies and regulations relating to employees' statutory deductions have also impacted on the net earnings of salaried members, affecting their disposable income," Njamuku said.
The financial institution is building an eight-storey Sacco headquarters office block along Kimathi Street in Nyeri town.
The ultra-modern office block is being constructed in two phases. The first phase is currently 80 percent complete and will cost Sh143 million.
Last year, Sacco's core capital increased from Sh893.5 million to Sh1.09 billion, which represents a 21.7 percent growth.