Bingwa Sacco announces 14% dividend yield
02 May 2013, 18:08
Shareholders of the giant Bingwa Sacco in Kirinyaga County are smiling all the way to the bank after the financial institution board of directors announced a 14% dividend following what they termed as remarkable growth.
According to the Sacco Chairman Cyrus Kabira Njine, the institution has grown tremendously in the past one year following aggressive marketing strategy and favorable climatic condition prevailing in the country.
The Sacco which targets mostly tea farmers also revealed that the institution assets have grown with KES 400 million from the initial KES 1.5 billion in 2012 to KES 1.9 billion by 31st December 2012.
The Sacco mobilized funds have also grown with over KES 143 million shillings from KES 554 708 000 in 2011 to KES 697 883 000 last year, with member’s deposits standing at KES 730 417 000 shillings.
Kabira revealed that he is satisfied by the way shareholders have been repaying their loans saying that the society loan balance has grown from KES 790 million by 31 December 2011 to KES 961 million reported on 31 December 2012.
The cumulative loan disbursed by the society since inception now stands at KES 7.1 billion.
According to the chairman, the Sacco 'plans to diversify further in level with its growth of membership development of potential areas of business in our County and Country at large'.
He also pointed out that the society plans to open two new branches in order to reach more customers in the country.
Flanked by other senior bank officials, the chairman said that they will review the strategic plan this year.
“We have achieved most of its set targets in the year 2012 and now we plan review the strategic plan this year and we are optimistic that we will accomplish all the goals projected,” he noted.
Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.