Meru: For the first time in its 33-year history, Yetu DT Sacco, Meru County has hit the Sh1 billion profit mark with a historic membership registration drive.
According to Kenya News Agency, the Sacco has recently recorded a surge in membership, surpassing their peers with over 20,000 new entrants over the past year, pushing the total to 104,159 members. This growth has enabled members to enjoy the highest-ever dividends payout in the country, at 19 percent per share, demonstrating their strength and commitment to financial growth.
Speaking during their annual general meeting in Meru, the Sacco’s Chief Executive Officer (CEO), Denis Kirimi, highlighted that the milestone, including a 23 percent growth in assets, underscores the organization’s resilience and commitment to wealth creation for its shareholders. Kirimi stated, “I am pleased to report that the Sacco stands on solid ground today having strengthened our balance sheet, enhanced risk management and controls, ensured sufficient liquidity, and sustainable profitability.”
He further added that the operating profit grew by 54 percent to Sh273.7 million, with a net profit of Sh238 million for the year, representing a 58 percent increase over the previous year. “Loans and advances growth was 37 percent to Sh5.5 billion, while deposits grew by 20 percent with a standout performance in branch banking, significantly contributing to our total deposits now standing at Sh4.9 billion,” said Kirimi.
To support the Sacco’s growth trajectory, the CEO mentioned investments in strengthening risk management, technology capabilities, and implementing strong underwriting standards to enhance asset quality while allowing sustainable growth.
Mark Gitonga, the Sacco’s Board Chairman, stated that the Sacco has continuously embraced good corporate governance and practices in line with national guidelines and corporate laws. “This year we shall be issuing Sh443 million in the form of dividends and interests on deposits, recording an increase of Sh103 million compared to Sh340 million in the year 2023,” Gitonga said. He encouraged members to utilize the returns wisely and to invest more in capital shares and deposits to earn more.
Gitonga reported the completion of phase one of their six-floor signature building project in November 2024, with services successfully relocated. “The second phase is ongoing and by May this year, we shall be done and set to occupy the entire building,” he added, expressing confidence that 2025 will be even better.