Exodus SACCO Board Treasurer SP Ssekanjako Eddy receives Award on behalf of the SACCO at the 2024 FiRe Awards after a good year of financial reporting. The SACCO was 3rd best among Cooperatives in reporting its financials.
Police Exodus SACCO has posted an increase of Shs 3.53 billion in interest income in 2024.
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.
During the period under review, the SACCO’s interest income increased by 53% (Shs 3.53 billion), from Shs 6.67 6.67Billion in 2023 to Shs 10.21 billion in 2024.
The SACCO Treasurer, SP Eddy Ssekanjako, attributes the growth to increased loan disbursement.
SP Ssekanjako made this revelation while addressing the 12th Annual General Meeting of the SACCO held on Thursday at the police headquarters in Naguru.
According to SP Ssekanjako, the year 2024 saw the Sacco register a 13% (Shs 4.15Bn) growth in member savings from Shs 31.71 Billion in 2023 to Shs Shs35.86 Billion in 2024, indicating significant board and management efforts towards savings mobilization from members. As savings have grown over the years, SP Ssekanjako adds that “there is a growing need for saving withdrawals, which defies the liquidity management of the Sacco.”
“We encourage members to continue saving to enable them to enjoy a peaceful retirement and continue earning interest on their savings,” said SP Ssekanjako.
The SACCO also grew its loan portfolio by 40% from Shs 47.58 47.58Billion in 2023 to Shs 65.52 65.52Billion in 2024.
“This is majorly attributed to increased demand for loans, an increase in membership, and the expansion of our service products,” said SP Ssekanjako.
Asset base
Exodus Sacco’s asset base comprises loans and advances, cash and bank balances, short-term investments, long-term investments, restaurant assets, and investment property, among others. It represents the foundation of a business’s resources and is used to generate revenue, support operations, and facilitate growth.
According to SP Ssekanjako, the Sacco saw an increase in its assets, growing by 21% (Shs 15 billion) from Shs 70.75Bn in 2023 to Shs 85.76Bn. He attributes this growth to a significant increase in loans and advances as “we desire to achieve our vision of promoting prosperity of our members.”
Net Surplus
The SACCO’s net surplus also grew by 12%.
Net surplus refers to the number of resources or income remaining after all incurred expenses have been accounted for. According to SP Ssekanjako, the net surplus increased by 12% (Shs 576 576Million) from Shs 4.95 billion in 2023 to Shs 5.53 billion in 2024. SP Ssekanjako says that “this is mainly attributed to significant growth in interest income by 53% amounting to Shs 3.5 3.5Billion whilst exercising effective expenditure management.”
“This reflects our commitment to managing our expenses effectively and being more profitable year on year, thus a positive financial trend,” said SP Ssekanjako.
Looking into the future, SP Ssekanjako says, “I am extremely confident that the Sacco is headed to greater heights. Given the growth in members to 42,334 in 2024, Exodus Sacco is on a good trajectory towards a greater future.”
“There has been remarkable growth in loans, assets, deposits, and share capital. These achievements, together with being regulated by the registrar of cooperatives, have demonstrated that Exodus Sacco is poised for greater heights. I am quite happy that we have seen our liquidity improve drastically, and service to members and professionalism in running Exodus Sacco affairs greatly improve. This is something we should be grateful and happy about. As we chart the way to the future Exodus Sacco, the “Exodus Sacco We Want,” I am optimistic that the Sacco stands a greater chance to grow even more and serve its members much better,” said SP Ssekanjako.
About The Author
