Metropolitan National Sacco held its 43rd Annual General Meeting (AGM) at the end of March 2021.
The Sacco changed its logo to ‘communicate its renewed promise’ of a three-point strategy which is growth of deposit, prudent credit management and excellent customer service.
Metropolitan plans to reintroduce a revamped 84-month personal unsecured loan with a limit of up to Sh4 million. The Sacco also will further resume issuance of the 48-month development loan. The Sacco also offered to buy out loans its members have with other institutions.
“We look forward to serving members, including undertaking loan buy-outs to help ease the burden of members who may have loaded with heavy deductions at other institutions”, the Chairman Mr Christopher Karanja said.
Disruption by the Covid-19 pandemic meant that the virtual AGM was held for the years 2019 and 2020.
The Sacco cut operating expenses by more than Sh460 million in the financial years 2019 and 2020.
The total share capital and deposits of the Sacco stood at Sh8 billion and Sh8.4 billion in 2019 and 2020 respectively.
Net loans and advances to members amounted to Sh16.7 billion in 2020 up from Sh12.9 billion.
Non-performing loans is still an issue with the Sacco, however, they managed to collect Sh117 million and Sh140 million for the years 2019 and 2020.
The Sacco plans to collect Sh40 million through enhanced debt collection activities.
Total assets grew from Sh13.6 billion to h16.7 billion in 2020, this was mainly in account of the loan book.
Dividend announced for year ended December 2019 was Sh1.25 per share and Sh0.60 per share for year ended December 2020. This translates to Sh47 million and Sh23 million respectively.
The Sacco said that a total of Sh164 million surplus would be held in statutory reserves and balance of the surplus made in the two years 2019 and 2020 will be ‘ploughed back and reinjected into new loans to members mostly through digital loans’
The Treasurer Mr John Munyaka acknowledged the effect of Covid-19 on the business revealing that the reduced working hours ate into the Sacco’s revenue.
Nonetheless, the Sacco performance was good in both years registering net operating surpluses in 2019 and 2020 of Sh196 million and Sh628 million respectively.
The Sacco has over 101,000 members.
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