The United Civil Servants Savings and Credit Co-operative Society Limited has registered a drop of about 24 Million Kwacha in profit from 92.9 Million Kwacha in 2015 to 69 Million Kwacha in 2016.
This was revealed in Mzuzu during the institution Twenty Second (22nd) Annual General Meeting.
United Civil Servants SACCO President, Fletcher Mhango told the delegates that the drop emanates from the institution's earlier decision to take over operations of Tikwere SACCO among others.
"You may recall as a SACCO we made huge investments in taking over Tikwere SACCO operations and since then our finances took time to stabilize; the problem is now over we are no longer overspending rather earning a lot," noted Mhango.
Despite the drop, Mhango said the institution membership has reached over 12 000 which is a great boost and hope for good fortune.
"We are optimistic of reviving our financial status, we have invested a lot and it’s now time to reap and 2017 looks more promising than all other past years. We have a vibrant team, its active in borrowing and repayment of loans," he said.
During the past year the institution expenditure jumped to 360, 706, 290 Million Kwacha from 179, 812, 807 Million Kwacha in 2015, its operating income rose from 273, 458, 782 million Kwacha in 2015 to 428, 383, 865 Million Kwacha in 2016.
The institution reserves and liabilities are at over MK 1.3 trillion.
Meanwhile, one of the economic experts in the country, Harrison Kalua said SACCOs are crucial in development of the country.
"Such organisations are driven by a very good sense of ownership and through that members freely borrow, pay back, and invest in tangible development in their life, how i wish we had many of these institutions," said Kalua who is also Chief Executive Officer for Mzuzu Coffee Planters and Cooperative Limited.
Kalua also hailed government for creating an enabling environment for SACCO operations hence their productivity and expansion.
During the meeting the Civil Servants SACCO elected its new Board of Directors.