March 16, 2023
Dolla Financial Services Limited (DOLLA) for the year ended December 31, 2022, reported a 95% increase in Interest income to $739.74 million (2021: $379.05 million). For the fourth quarter (Q4), interest income closed at $264.52 million (2021: $202.74 million).
Net Interest income for the period rose 103% year over year to $660.91 million (2021: $325.47 million), while interest expense amounted to $78.83 million (2021: $53.58 million). For the quarter , Net interest income closed at $225 million ( 2021: $186.27 million)
Provision for Expected Credit Losses (ECL) for the period amount to $29.63 million (2021: $20.42 million). For Q4, Provision for ECL amounted to $8.05 million (2021: $3.51 million).
As a result, net interest income after loan impairment for the year end and Q4 amounted to $631.28 million (2021: $305.04 million) and $216.96 million (2021: $182.76 million) respectively.
Non-Interest income for the period:
- Fees and Other Income amounted to $6.74 million (2021: $16.23 million)
- Foreign Exchange Losses totalled $2.66 million (2021: loss of $33,000)
Consequently, total net interest income and other revenue stood at $635.28 million (2021: $321.24 million), while for Q4, it stood at $215.07 million (2021: $157.17 million)
Administrative Expenses rose 121% year over year to $339.72 million (2021: $153.44 million). For Q4, it rose to $120.78 million (2021: $45.73 million).
This resulted in profit before taxation of $295.64 million (2021: $167.80 million).
After accounting for taxation of $15.17 million (2021: $38.25 million), net profit for the year end totalled $280.47 million, an increase of 116% compared to $129.55 million for the corresponding period of 2021. For the quarter, net profit closed at $92.42 million (2021: $86.35 million).
Total Comprehensive Income for the period was $275.67 million (2021: $128.96 million).
Earnings per share (EPS) for the year ended December 31, 2022 totalled $0.11 relative to $0.05 booked for the comparable period of 2021. For the quarter, EPS closed at $0.04 (2021: $0.03). The number of shares used in our calculations amounted to 2,500,000,000 units. Notably, DOLLA stock price closed the trading period on March 16, 2023 at a price of $2.74 with a corresponding P/E ratio of 24.42 times.
Balance Sheet at a glance:
As at December 31, 2022, the Company’s total asset base amounted to $2.24 billion (2021: $861.09 million). The increase was mainly due to ‘Loans, Net of Provision for Credit Losses’ which closed at $1.73 billion (2021: $750.50 million).
Equity attributable to stockholders of parent amounted to $720.98 million (2021: $314.98 million) with book value per share amounting to $0.29 (2021: $0.13).
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