Last year’s net income for Umwalimu Sacco, a teachers’ savings and credit cooperative rose by a record 321 per cent, to Rwf 700 million up from Rwf166 earnings recorded the previous year.Its Managing Director, Joseph Museruka, made the disclosure during the Sacco’s general assembly as he highlighted last year’s achievements and plans for this year.  According to him, the huge leap in profits was made possible after the launch of new products that also enabled the Sacco to give out loans to more members compared to the previous year."We increased the maximum amount that our members can get as loans to Rwf 15 million up from Rwf 5 million that we were giving out (previously),” Museruka stated.He explained that this saw members team up and work in cooperatives with bigger projects that require much capital thereby lending out more funds."Last year, we gave out about Rwf19 billion to 35,000 members; yet in 2009, about Rwf2 billion was given out to 4,727members,” he disclosed.The Sacco targets a profit of Rwf1 billion this year by reducing its interest rate from 14 to 12 percent thereby bringing new members on board.Umwalimu Sacco will also open up more branches to increase on the 20 districts it currently operates in.Among other products, it also introduced a mortgage facility that lends out funds to teachers to enable them to own houses in three categories; Rwf4.4m, Rwf6.5m and Rwf10m.The Head of Finance department, Emmanuel Karuranga, told The New Times that reducing on expenses is also another remarkable measure the Sacco put in place to limit spending.