By KT Reporter
The Uganda Police Exodus Savings and Credit Cooperation registered a 15 billion shillings asset growth in 2024, according to the entity’s Treasurer, SP Eddy Ssekanjako, and Board Chairperson, SCP Wilson Omoding.
Omoding further explained that the Sacco saw an increase in its assets, growing by 21% (15 billion) from 70.75 billion Shillings in 2023 to 85.76 billion Shillings, mainly due to significant growth in loans and advances, as we desire to achieve our vision of promoting the prosperity of our members.
“Lending continues to be our primary 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.
Exodus SACCO is also is boasting of the tremendous increase in its interests in 2024. According to SP Ssekanjako, Exodus SACCO’s interest grew by 53% in 2024, which translates to 3.5 billion shillings. “Interest income increased by 53% ( 3.53 billion), from 6.67 billion in 2023 to 10.21 billion Shillings in 2024 due to the increased loan disbursement,” SP Ssekanjako said.
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. All the growth in assets and interests is contained in the latest financial report shared with representatives of various policing regions and ranks in the police force.
Exodus SACCO’s 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% (2.058 billion Shillings) from 3.60 billion in 2023 to 5.66 billion Shillings in 2024, mainly due to the increase in the expected credit loss/Loan loss provisioning, depreciation, and 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 576 Million Shillings from 4.95 billion Shillings in 2023 to 5.53 billion in 2024.
“This is mainly attributed to significant growth in interest income by 53%, amounting to 3.5 billion, 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.
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 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 its loan portfolio from 47.58 billion in 2023 to 65.52 billion in 2024. He added that this is mainly attributed to increased demand for loans, an increase in membership and expansion of our service products.
Savings refer to the money deposited by members into their accounts within the Sacco. The year 2024 saw the Sacco register a 4.15 billion Shillings growth in member savings from 31.71 billion in 2023 to 35.86 billion in 2024, indicating significant board and management efforts towards savings mobilisation from members.
“As savings have grown over the years, there is a growing need for savings 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,” Ssekanjako said-URN. Give us feedback on this story through our email: kamwokyatimes@gmail.com
