May 7, 2026
Dolla Financial Services Limited (DOLLA)
Unaudited financials for the three months ended March 31, 2026:
Dolla Financial Services Limited (DOLLA), for the three months ended March 31, 2026, reported a 2% increase in total interest income, amounting to J$513.5 million, compared to J$502.7 million recorded for the corresponding period in 2025. Interest income from loans grew marginally to J$513.5 million (Q1 2025: J$502.1 million), reflecting a more measured pace of loan book expansion following the aggressive origination cycle of 2025 and a sharper underwriting posture in the wake of the elevated provisioning experienced in the prior year.
Interest expenses totalled J$124.6 million (Q1 2025: J$100.3 million), representing a 24% year-over-year increase, reflecting the full-quarter impact of the J$1.50 billion public bond which closed in January 2026 and a higher average debt balance relative to the prior period. Consequently, net interest income declined by 3% to J$388.9 million, compared to J$402.4 million earned for the three months ended March 31, 2025, as funding costs outpaced loan yield growth in the quarter.
Provision for expected credit losses for the three months amounted to J$35.3 million, a 66% reduction relative to J$105.0 million recorded in Q1 2025, reflecting a normalisation of provisioning following the hurricane-related portfolio stress and macro-driven build that characterised the prior comparative period. As a result, net interest income after credit losses increased by 19% to J$353.6 million (Q1 2025: J$297.3 million).
Fees and Other Income rose by 197%, moving from J$0.5 million in Q1 2025 to J$1.6 million in Q1 2026, while the foreign exchange line swung from a marginal gain of J$3 thousand in Q1 2025 to a loss of J$1.0 million in Q1 2026.
Total Net Revenue and Other Income for the three months ended March 31, 2026, amounted to J$354.2 million, a 19% increase compared to J$297.9 million reported in Q1 2025.
Administrative expenses declined 6% year-over-year, totalling J$167.1 million (Q1 2025: J$177.2 million), as the full-period benefit of the Dolla Guyana wind-down and tighter discretionary cost controls offset wage and operating inflation.
Driven by lower provisioning and disciplined cost management, profit before taxation rose by 55% to J$187.1 million compared to J$120.7 million in the prior year.
The income tax line moved from a charge of J$4.1 million in Q1 2025 to nil in Q1 2026, reflecting the utilisation of available tax shields and the residual benefit of the deferred tax position recognised at year-end 2025. Consequently, net profit for the three months grew by 60%, reaching J$187.1 million (Q1 2025: J$116.6 million).
Total Comprehensive Income for the three months ended March 31, 2026, amounted to J$187.3 million, a 60% increase relative to J$116.9 million reported in Q1 2025.
Consequently, Earnings Per Share for the three months amounted to J$0.07 (Q1 2025: J$0.05). The twelve-month trailing EPS was $0.28, and the number of shares used in these calculations was 2,500,000,000.
Notably, Dolla’s stock price closed on May 6, 2026, at J$2.41, corresponding with a trailing twelve-month P/E ratio of 8.75x.
Balance Sheet Highlights
The group’s total assets grew 30% year-over-year to J$5.99 billion (March 2025: J$4.63 billion), and 13% relative to the J$5.30 billion reported at December 31, 2025. The primary driver of the sequential expansion was a substantial build in cash and cash equivalents — up J$659.7 million to J$802.2 million from J$142.5 million at year-end — reflecting the inflow of J$1.50 billion from the second tranche of the public bond that closed in January 2026, partially deployed in repaying the J$500 million Mayberry Investments Limited note on January 6, 2026 and the technical settlement of related short-term facilities. Net loans grew modestly by J$61.9 million in the quarter to J$4.90 billion (December 2025: J$4.84 billion), and 15% year-over-year, representing 82% of total group assets — a reduction in concentration relative to the 91% reported at year-end as the cash buffer was rebuilt.
Total borrowings stood at J$3.77 billion (March 2025: J$3.15 billion; December 2025: J$3.27 billion), a 15% sequential increase and 20% year-over-year increase, comprising the company’s outstanding secured corporate notes following the close of the J$1.50 billion public bond in January 2026 and the repayment of the J$500 million Mayberry note. Following these capital markets actions, the company entered the quarter with a materially strengthened liquidity position and a more diversified maturity profile.
Shareholders’ equity strengthened by 44% year-over-year to J$1.75 billion (March 2025: J$1.21 billion), and 2% relative to J$1.71 billion at December 31, 2025, representing a book value per share of J$0.70 (March 2025: J$0.48). At the May 6, 2026, closing price of J$2.41, the stock trades at a price-to-book multiple of 3.45x.
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