November 11, 2024

Dolla Financial Services Limited (Dolla)
Unaudited financials for the nine months ended September 30, 2024:

Dolla Financial Services Limited (Dolla) reported a 23% increase in interest income totaling $1.10 billion for the nine months ended September 30, 2024, compared to $887.44 million in the corresponding period last year. Interest Income for the third quarter increased 18% to $353.38 million compared to $300.25 million for the comparable quarter of 2023.

Interest Expenses amounted to $194.24 million (2023: 154.00 million), an increase of 26% year over year. Consequently, net interest income increased by 22% to $903.52 million compared to $737.99 million for the nine months ended September 30, 2023. The company booked a net interest income of $280.96 million for the third quarter versus $248.55 million reported for the similar quarter of 2023.

Net Interest Income After Loan Impairment increased by 20% to close at $872.04 million (2023: $724.01 million), while Fees and Other Income decreased by 100% from $37.99 million in 2023 to $57,000 in the period under review. As a result, foreign exchange losses for the nine months ended September 30, 2024, amounted to $3.55 million, a 40% decrease relative to a loss of $5.87 million reported in 2023.
Total Net Interest Income and Other Revenue for the nine months ended September 30, 2024, amounted to $868.55 million, a 15% increase relative to $756.13 million reported in 2023. Total Net Interest Income and Other Revenue for the third quarter amounted to $255.61 million (2023: $255.30 million).

Administrative Expenses totalled $499.52 million, a 19% increase from last year’s corresponding period. (2023: $420.15 million) while Profit before Taxation totalled $369.03 million, a 10% increase from last year’s corresponding period. (2023: $335.98 million)
Income Tax for the nine months ended September 30, 2024, amounted to $29.39 million, a 273% increase relative to $7.87 million reported in 2023. Income Tax for the third quarter amounted to $9.99 million (2023: $2.63 million). Net Profit for the nine months ending September 30, 2024, had a 4% increase to $339.64 million (2023: $328.11 million). Total Comprehensive Income for the nine months amounted to $332.99 million, a 2% increase from the $327.10 million reported in 2023. For the third quarter, Total Comprehensive Income was $51.86 million (2023: $103.07 million).
Consequently, Earnings Per Share for the nine months amounted to $0.14 (2023: EPS: $0.13), while Earnings Per Share for the quarter totalled $0.02 (2023: EPS: $0.04). The twelve-month trailing EPS was $0.17, and the number of shares used in these calculations was 2,500,000,000.

Notably, Dolla’s stock closed the trading period on November 08, 2024, at $2.54, with a corresponding P/E ratio of 14.74x.

Balance Sheet Highlights

The company’s assets totalled $3.57 billion (2023: $2.95 billion). The growth in the company’s total balance sheet is driven by a 228% year-over-year increase in “Cash and Cash Equivalents,” which closed the quarter at $202.03 million (compared to $61.57 million in 2023) and a 19% year-over-year rise in “Loans, Net of Provision for Credit Losses,” ending the quarter at $3.15 billion (up from $2.64 billion in 2023).
Shareholder’s equity was $1.05 billion (2023: $937.60 million), representing a book value per share of $0.42 (2023: $0.38).

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