NAIROBI, Kenya, Jan 30 – Ports Deposit Taking Sacco has classified Sh167.4 million previously lost through the Kenya Union of Savings and Credit Co-operatives (KUSCCO) as a receivable, even as the Mombasa-based lender reported strong earnings for the year ended December 2025.
The amount is recorded under receivables and prepayments in the Sacco’s statement of financial position, indicating an expectation of recovery despite the funds having been impaired following exposure to KUSCCO.
The accounting treatment mirrors steps taken by other saccos affected by the KUSCCO crisis, which has shaken confidence across the cooperative sector.
Despite the exposure, Ports DT Sacco posted a profit after tax of Sh455.3 million in 2025, slightly higher than Sh444.2 million recorded the previous year, supported by solid interest income and controlled operating costs.
Total interest income declined to Sh1.18 billion from Sh1.39 billion in 2024, reflecting tighter credit conditions and asset repricing. As a result, net interest income fell to Sh510.7 million from Sh615.1 million, although interest expenses eased to Sh665.6 million from Sh771.9 million.
Other operating income rose to Sh389.4 million, helping to cushion profitability.
Operating costs increased during the year, with administrative, governance and staff-related expenses rising. Staff costs stood at Sh194.8 million, reflecting remuneration adjustments and operational restructuring.
The Sacco’s balance sheet expanded significantly, with total assets growing to Sh12.39 billion, up from Sh10.54 billion a year earlier.
Cash and cash equivalents nearly doubled to Sh1.94 billion, while loans and advances increased to Sh6.94 billion, pointing to sustained credit demand from members.
Investments in government securities and other financial assets also rose, signalling a more conservative investment strategy amid heightened risk scrutiny in the cooperative sector.
Ports Sacco reported total comprehensive income of Sh721.6 million, boosted by fair value gains on government bonds and other financial assets, despite ongoing market volatility.
The decision to classify the Sh167 million KUSCCO-related amount as a receivable is expected to remain under regulatory and member scrutiny, with recovery dependent on the resolution of KUSCCO’s broader financial challenges.
