Polymed Savings and Credit Cooperative (Sacco) says membership growth and sound investments have helped the organisation post a K62 million surplus for the year ending December 31 2021.
During the same period last year, the Sacco posted a K28 million surplus.
Speaking during its annual general meeting last week, Polymed Sacco president Albu Mkomadzinja said they have grown the membership from 3 344 to 4 862.
He said: “We are planning to grow our membership by 60 percent, profitability by 50 percent, increase our loan portfolio to 90 percent of total assets and reduce delinquency to four percent.”
Guest of honour, Phat Mughogho, who was representing Malawi College of Accountancy principal, hailed the Sacco for its performance, which he said has motivated his institution to join the Sacco.
“We have about 300 members of staff and we hope about 200 members will join this Sacco which will help to increase the numbers the management desire,” he said.
The Sacco has since grown its assets to K1. 045 billion from K883 million in 2020.
