Ibanda SACCOS recovers, makes sh26m profit

Stephen Nuwagira
Journalist @New Vision
Mar 30, 2023

Ibanda district-based Bisheshe Savings and Credit Co-operative Society (SACCOS) has recovered from a loss registered in 2021 to post a net profit of about sh25.9m last year. 

The SACCOS had recorded a sh36.7m loss the previous year as impacts of COVID-19 weighed, according to the society's chairperson, Benjamin Kyakumanyirwoha.

Kyakumanyirwoha said the growth was driven by an improved loan portfolio, increase in savings and member share capital. 

Three top shareholders, Patience Katungye Akampa (in afro dress), Geofrey Kandeebe and Cassius Kanyonza walked home with a goat each as a token of appreciation.

Three top shareholders, Patience Katungye Akampa (in afro dress), Geofrey Kandeebe and Cassius Kanyonza walked home with a goat each as a token of appreciation.

He added that the growth was also driven by the newly opened branches in Lyakahungu, Kamwenge district and Rwenkobwa in Ibanda North constituency.

Kyakumanyirwoha said the SACCO’s loan portfolio expanded to sh872.3m from sh784.4m in 2021, while savings were recorded at almost sh555.9m, an increase from sh415.8m previously and share capital rose to sh386m compared to sh368m a year before. 

Assets swell

The 4,284-member strong co-operative saw its total assets swell to shillings 1.115 billion, indicating a growth from sh948.4m in 2021, according to the chairperson.

The revelations were made during the coop’s 19th annual general meeting at Bisheshe division head offices on March 29, 2023.

However, the SACCOS spent sh36.7m as provision for non-performing loans for the year ended December 31, 2022. This pushed up the coop’s expenditure to sh362.2m in 2022 compared to sh352m the previous year, according to the chairperson. 

The coop also wrote off sh80m worth of non-performing loans last year.

SACCOS lauded

Speaking at the event, Bisheshe division chairperson Johnson Kanyomozi, lauded the SACCOS for supporting development initiatives in the area. He warned the leaders and members against conflicts, saying they affect performance.

Uganda Cooperative Savings and Credit Union (UCSCU) board vice-chairperson Stephen Bongonzya advised the leaders to always settle conflicts through mediation. 

He added that mediation was not costly compared to court cases and helps to heal any misunderstanding that could have arisen between the leadership and some shareholders. 

Meanwhile, top shareholders, junior savers, good borrowers and savers were recognised during the meeting. 

The three top shareholders were Patience Katungye Akampa, Geoffrey Kandeebe and Cassius Kanyonza and walked home with a goat each as a token of appreciation. 

Junior savers Vanessa Nakarunga, 13, of St John’s Primary School and Amina Nakahukye of Kaanama Primary School got gift hampers. The good borrowers were Anthony Twinomujuni, Elikam Yebuze, and Tobias Aheebwa, while Vincent Kiiza was one of the best savers. 

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