The Kenya National Police Deposit Taking Savings and Credit Co-operative Society Limited (Kenya National DT SACCO) recorded a profit of Ksh2.5 billion for the year ended December 31, 2024.
In a financial statement on February 12, the SACCO said this is an increment from the Ksh2.46 billion recorded in December 2023.
“The annual financial statements were approved by the Board of Directors on February 5, 2025, and were signed on its behalf,” stated Police Sacco.
The income tax expense for 2024 was Ksh70.5 million compared Ksh23.3 million the previous year.
Kenya National DT SACCO had a net income interest of Ksh5.4 billion up from the Ksh4.95 billion in 2023.
There was a Ksh510.3 million credit impairment charge lowering the amount to Ksh4.89 billion.
Kenya National Police DT SACCO CEO Solomon Atsiaya said the membership was 600 when the Sacco begun in 2009.
“We are currently at 74,000 members with an asset base of Ksh59 billion,” he said.
Atsiaya said the Sacco experienced some challenges during the inception phase like lack of proper funding and technological challenges caused by the shift from manual to digital.
Other Expenses Kenya National DT SACCO Incurred
The SACCO incurred a fees and commission income of Ksh284 million while other operating income amounted to Ksh851.5 million.
Other expenses were as follows: personnel expenses (Ksh1 billion), administrative expenses (Ksh2.1 billion), depreciation and amortization (Ksh242.9 million) and other expenses (Ksh87.9 million).
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Other Comprehensive Income
Kenya National DT SACCO’s comprehensive income rose from Ksh2.2 billion in 2023 to Khs3 billion in 2024.
Comprehensive income consists of items that are not classified to profit or loss added to the profit of the year (Ksh2.5 billion).
The net gain (loss) on equity instruments designated at fair value through other comprehensive income stood at Ksh271 million.
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The SACCO spent Ksh34 million on deferred income tax and Ksh266 million on items that may be reclassified subsequently to profit or loss valuation gain (/loss) through OCI.
Other items included changes in allowance for expected credit loss on government securities at FVOCI (Ksh43 million) and other comprehensive income for the year net of taxation (Ksh547.6 million).
Assets & Liability
The total assets stood at Ksh59.8 billion up from Ksh54.2 billion in 2023 while the SACCO’s total liabilities are Ksh38.4 billion compared to Ksh35.3 billion in 2023.
The total equity and liabilities stand at Ksh59.8 billion from Ksh54.2 billion the previous year.
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