Police’s Exodus Savings and Credit Cooperation is boasting of the tremendous increase in its interests in 2024. According to SP Eddy Ssekanjako, Exodus SACCO Treasurer says the interest grew by 53% in 2024 which translates to 3.5 billion shillings.
“Interest income increased by 53% (UShs 3.53 billion), from UShs 6.67Billion in 2023 to UShs 10.21Bn in 2024 due to the increased loan disbursement,” SP Ssekanjako says. Interest income refers to the revenue earned by an individual, business, or financial institution from lending money or investing in interest-bearing assets, such as savings accounts, bonds, or loans.
Exodus SACCO growth is linked to proper management ensures that resources are used efficiently, and that the SACCO can continue to provide services to its members while maintaining profitability.
SP Ssekanjako explained that the expenditure increased by 57% (UShs 2.058Bn) from UShs 3.60 billion in 2023 to UShs 5.66Billion in 2024 mainly due to the increase in the expected credit loss/Loan loss provisioning, depreciation, amortization as a must requirement from international financial reporting standards.
He adds that the net surplus refers to the number of resources or income remaining after all incurred expenses have been accounted for. In addition, SP Ssekanjako adds that net surplus increased by 12% (UShs 576Million) from UShs 4.95Bn in 2023 to UShs 5.53Bn in 2024.
“This is mainly attributed to significant growth in interest income by 53% amounting to UShs 3.5Billion whilst exercising effective expenditure management. This reflects our commitment to manage our expenses effectively and being more profitable year on year, thus a positive financial trend,” SP Ssekanjako said.
Exodus SACCO Board Chairman, SCP Wilson Omoding, said the SACCO is doing very well and urged members to continue saving. Omoding further explained that the Sacco saw an increase in its assets, growing by 21% (UShs 15 billion) from UShs 70.75Bn in 2023 to UShs 85.76Bn mainly due to significant increase in loan & advances as we desire to achieve our vision of promoting prosperity of our members.
“Lending continues to be our major income generating activity as it contributes the biggest percentage of Sacco income at a rate of 35% as evidenced in the interest income analysis, SCP Omoding said.
Assets Base refers to the total value of all assets owned by an individual, company, or organization. It represents the foundation of a business’s resources and is used to generate revenue, support operations, and facilitate growth.
According to SCP Omoding and SP Ssekanjako said Exodus Sacco asset base comprises of loans and advances, cash & bank balances, short term investments, long term investments, Restaurant assets and investment property.
SP Ssekanjako explained that the SACCO experienced growth in loan portfolio by 40% from UShs 47.58Billion in 2023 to UShs 65.52Billion in 2024. He added that this is majorly attributed to increased demand for loans, increase in membership and expansion of our service products.
Savings refer to the money deposited by members into their individual accounts within the Sacco. The year 2024 saw the Sacco register a 13% (UShs 4.15Bn) growth in member savings from UShs 31.71Billion in 2023 to UShs35.86Billion in 2024 indicating significant board and management efforts towards savings mobilisation from members.
“As savings have grown over the years, there is growing need for saving withdrawals which defies the liquidity management of the Sacco. We encourage members to continue saving to enable them enjoy a peaceful retirement and continue earning interest on their savings,” SP Ssekanjako said.