The Kenya National Police Deposit Taking Savings and Credit Co-operative Society Limited (Kenya National DT SACCO) reported a profit of Ksh2.5 billion for the year ending December 31, 2024, marking a slight increase from the Ksh2.46 billion recorded in 2023.
According to a financial statement released on February 12, 2025, the SACCO’s annual financial reports were approved by the Board of Directors on February 5, 2025, and signed on their behalf.
Kenya National DT SACCO’s Chief Executive Officer, Solomon Atsiaya, highlighted that the SACCO’s membership had grown significantly since its inception in 2009, from just 600 members to 74,000 members, with a total asset base now valued at Ksh59 billion.
While the SACCO faced early challenges, including funding constraints and technological hurdles during its transition from manual to digital operations, it has since made substantial progress.
The SACCO’s income tax expense for 2024 stood at Ksh70.5 million, a notable increase from the Ksh23.3 million in 2023. Its net income interest amounted to Ksh5.4 billion, up from Ksh4.95 billion in the previous year. However, a Ksh510.3 million credit impairment charge reduced the net interest income to Ksh4.89 billion.
The SACCO also incurred various expenses, including personnel costs (Ksh1 billion), administrative expenses (Ksh2.1 billion), depreciation and amortization (Ksh242.9 million), and other operating expenses (Ksh87.9 million). Additionally, the fees and commission income reached Ksh284 million, while other operating income totaled Ksh851.5 million.
Kenya National DT SACCO’s comprehensive income grew from Ksh2.2 billion in 2023 to Ksh3 billion in 2024. This increase is attributed to the profit of Ksh2.5 billion, along with a net gain of Ksh271 million from equity instruments designated at fair value through other comprehensive income.
In terms of the SACCO’s financial standing, its total assets rose to Ksh59.8 billion from Ksh54.2 billion in 2023. Total liabilities amounted to Ksh38.4 billion, compared to Ksh35.3 billion in the previous year, while total equity and liabilities were also reported at Ksh59.8 billion.
