November 4, 2026
Dolla Financial Services Limited (DOLLA)
Unaudited Interim Financials for the Nine Months Ended September 30, 2026
Dolla Financial Services Limited (DOLLA), for the nine months ended September 30, 2026, reported a 7% increase in Total Interest Income to J$1.60 billion, compared to J$1.50 billion in the corresponding period in 2025. For the third quarter, Total Interest Income was J$585.2 million (Q3 2025: J$502.7 million), a 16% increase year-over-year. The growth came from a larger loan book, which was boosted by the July 1 acquisition of the Evolve loan portfolio. Interest income from loans reached J$1.59 billion (9M 2025: J$1.49 billion). Non-interest income more than doubled to J$61.1 million (9M 2025: J$24.1 million), driven by fees and other income of J$60.0 million (9M 2025: J$24.1 million).
Interest Expense rose 25% to J$378.3 million (9M 2025: J$302.3 million). This reflects a full nine months of servicing the J$1.5 billion bond issued in January 2026 and, from July 1, interest on the promissory note issued to acquire the Evolve portfolio. For the quarter, Interest Expense climbed 29% to J$132.3 million (Q3 2025: J$102.6 million). Even so, Net Interest Income before Expected Credit Losses (ECL) rose 2% year-to-date to J$1.22 billion (9M 2025: J$1.19 billion). For the quarter it grew a stronger 13% to J$452.8 million (Q3 2025: J$400.1 million), as bond proceeds were increasingly put to work in loans that earn interest.
The Provision for Expected Credit Losses fell 50% to J$126.3 million (9M 2025: J$250.6 million), as the Group lapped the prior year’s provisions and write-offs tied to fraudulent loans. As a result, Net Interest Income after Loan Impairment improved 16% to J$1.09 billion (9M 2025: J$944.1 million). For the third quarter, however, the ECL provision rose 30% to J$56.8 million (Q3 2025: J$43.8 million), in line with the larger portfolio.
Administrative Expenses rose 6% year-to-date to J$557.0 million (9M 2025: J$526.4 million). Management’s efficiency ratio, which compares operating expenses including ECL to total interest income, improved to 43% from 52% in the comparable period. For the quarter, Administrative Expenses rose 18% to J$203.6 million (Q3 2025: J$172.9 million).
Profit Before Taxation for the nine months ended September 30, 2026 was J$597.6 million, up 35% from J$441.8 million in 9M 2025. For the third quarter, Profit Before Taxation was J$216.3 million (Q3 2025: J$189.7 million), a 14% improvement. The gains came from revenue growth and lower credit provisioning year-to-date.
The Group reported an Income Tax charge of J$24.9 million (9M 2025: J$7.1 million), leaving a Net Profit of J$572.7 million for the nine-month period. That is a 32% increase from J$434.8 million in 9M 2025. Net Profit for the third quarter was J$216.3 million (Q3 2025: J$186.5 million), up 16%, with no tax charge recorded in the quarter.
Total Comprehensive Income for the nine-month period was J$571.1 million (9M 2025: J$435.4 million). The gap from net profit is a J$1.7 million foreign exchange translation loss on the Group’s overseas operations.
Earnings Per Stock Unit for the nine months was J$0.23 (9M 2025: J$0.17), a 32% increase. For the third quarter it was J$0.09 (Q3 2025: J$0.07). Twelve-month trailing EPS was J$0.30, and the share count used in these calculations was 2,500,000,000.
Notably, DOLLA’s stock price closed on November 4, 2026, at J$3.58, a P/E ratio of 11.83x.
Balance Sheet Highlights
Total assets grew 35% to J$6.49 billion as at September 30, 2026, up from J$4.81 billion at September 30, 2025. Loan book expansion was the main driver. Net loans grew 30% year-over-year to J$5.94 billion (September 2025: J$4.58 billion), about 91% of total group assets. This includes the Evolve portfolio of 1,738 loans, acquired with a net carrying amount of J$367.2 million and paid for with a promissory note rather than upfront cash.
Cash and cash equivalents were J$173.0 million (September 2025: J$16.6 million), and short-term deposits were J$95.5 million. The Group generated J$290.3 million of operating cash during the period, compared with an outflow of J$286.5 million a year earlier.
Total Shareholders’ Equity rose 41% to J$2.04 billion as at September 30, 2026, from J$1.45 billion at September 30, 2025. That gives a book value per share of J$0.82 (2025: J$0.58) and a price-to-book ratio of 4.39x.
Total debt, measured as loans payable, stood at J$4.09 billion (September 2025: J$3.16 billion), including the Evolve promissory note. Debt to equity was 2.00 times.
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