NAIROBI, Kenya, Feb 15 – The profit of the Kenya Union of Savings and Credit Co-operatives (Kuscco) fell by Sh400 million in the fiscal year ended December last year due to a reduction in commissions and fees.
In its full year statement that was published on local dailies, the Sacco’s profit dropped from Sh2.6 billion in 2021 to Sh2.2 billion in 2022.
Fee and commission income dented the firm’s target of growing profits last year.
Kuscco was registered in 1972 before it was issued a registration certificate. It began with a membership of 690 that has grown to 71,000 members, including members of the police as well as the general public.
It offers various products and services, such as savings, micro credits, home loans, and other services.
Whereas its total assets rose from Sh44.1 million to Sh49 million during the period, its total liabilities rose from Sh29.2 million to Sh32.1 million.
