August 13, 2026
Dolla Financial Services Limited (DOLLA)
Unaudited Interim Financials for the Six Months Ended June 30, 2026
Dolla Financial Services Limited (DOLLA), for the six months ended June 30, 2026, reported a 2% increase in Total Interest Income to J$1.01 billion, compared to J$993.8 million recorded in the corresponding period in 2025. For the second quarter, Total Interest Income amounted to J$514.5 million (Q2 2025: J$491.7 million), a 5% increase year-over-year. The growth was supported by an expanded loan book, with interest income from loans reaching J$1.01 billion (H1 2025: J$991.9 million), while non-interest income more than doubled to J$37.3 million (H1 2025: J$17.9 million), driven by higher fee and other income.
Interest Expense rose 23% to J$245.9 million (H1 2025: J$199.7 million), reflecting a full six months of servicing the J$1.5 billion bond issued in January 2026. As a result, Net Interest Income before Expected Credit Losses (ECL) was 3% lower year-to-date at J$767.0 million (H1 2025: J$794.1 million), though management expects this margin compression to unwind as bond proceeds are deployed into earning loan assets.
The Provision for Expected Credit Losses fell sharply by 66% to J$69.7 million (H1 2025: J$206.8 million), as the Group lapped the prior year provisions and write-offs associated with fraudulent loans and continued to benefit from strengthened underwriting, verification and collections practices. Consequently, Net Interest Income after Loan Impairment improved 19% to J$697.4 million (H1 2025: J$587.3 million). For the second quarter, the ECL provision amounted to J$34.4 million, down from J$101.8 million in Q2 2025.
Administrative Expenses were held broadly flat year-to-date at J$352.7 million (H1 2025: J$353.5 million), reflecting continued cost discipline, with the efficiency ratio improving markedly to 42% from 56% in the comparable period. For the quarter, Administrative Expenses rose a modest 6% to J$186.3 million (Q2 2025: J$176.3 million), as staff costs and legal fees edged upward.
Profit Before Taxation for the six months ended June 30, 2026 closed at J$381.9 million, a 52% increase relative to J$251.8 million in H1 2025. For the second quarter, Profit Before Taxation amounted to J$194.1 million (Q2 2025: J$131.7 million), a 47% improvement, driven by revenue growth, materially lower credit provisioning, and disciplined cost management.
The Group reported an Income Tax charge of J$24.9 million (H1 2025: J$3.9 million), resulting in a Net Profit of J$357.1 million for the six-month period, a 44% increase relative to J$247.9 million in H1 2025. Net Profit for the second quarter amounted to J$169.2 million (Q2 2025: J$131.9 million), a 28% increase.
Total Comprehensive Income for the six-month period was J$355.2 million (H1 2025: J$249.7 million), with the difference from net profit attributable to a foreign exchange translation loss of J$1.9 million on the Group’s overseas operations.
Consequently, Earnings Per Stock Unit for the six months amounted to J$0.14 (H1 2025: J$0.10), a 40% increase, while Earnings Per Stock Unit for the second quarter totalled J$0.07 (Q2 2025: J$0.05). The twelve-month trailing EPS was $0.29, and the number of shares used in these calculations was 2,500,000,000.
Notably, DOLLA’s stock price closed on August 12, 2026, at J$2.89, with a corresponding P/E ratio of 9.93x.
Balance Sheet Highlights
Total assets grew 28% to J$6.07 billion as at June 30, 2026, compared to J$4.73 billion as at June 30, 2025. The primary driver was continued loan book expansion, with net loans growing 15% year-over-year to J$5.13 billion (June 2025: J$4.46 billion), representing approximately 85% of total group assets. Cash and cash equivalents strengthened materially to J$593.2 million from J$47.5 million at June 30, 2025, reflecting the deployment of proceeds from the January 2026 bond issuance and positive operating cash generation of J$599.9 million during the period.
Total Shareholders’ Equity increased 35% to J$1.82 billion as at June 30, 2026, compared to J$1.35 billion as at June 30, 2025. This represents a book value per share of J$0.73 (2025: J$0.54).
Total debt stood at J$3.74 billion (June 2025: J$3.15 billion), with debt to equity of 2.05 times, providing sufficient headroom to support continued portfolio growth without recourse to additional equity.
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