Dolla Financial Services Limited announced its financial results for the third quarter ending September 30, 2024, reporting strong growth across all key financial metrics.

According to Trevene McKenzie CFO at Dolla, this achievement reflects Dolla’s continued commitment to strategic expansion, market responsiveness, and community-driven initiatives, even in a challenging economic environment. “The financial results underscore Dolla’s ability to balance sustainable growth with its dedication to positive social impact, providing value to shareholders and contributing to national development,” McKenzie said at the recent Mayberry Investor Forum.

Key financial highlights from the quarter included:

• Total Income:Reached $1.1 billion, a 23% increase year-over-year. This growth was primarily driven by higher loan demand and expanded lending activities across key segments.
• Net Interest Income (NII):Achieved $904 million, representing a 22% growth year-over-year before expected credit losses.
• Operating Expenses:Increased by 22% to $531 million, reflecting Dolla’s commitment to strengthening its staff capacity, meeting regulatory requirements, and implementing targeted marketing campaigns to reach a broader audience.
• Profit Before Tax:Totaled $369 million, a 10% increase from the same period in the previous year.
• Loan Portfolio:Expanded by 19% to $3.1 billion, primarily supported by growth in business loans, which continue to be a significant segment of the company’s operations.
• Total Assets:Increased by 21% year-over-year, reaching $3.6 billion.
• Cash and Cash Equivalents:Jumped to $202 million, marking a 228% increase over the previous year, reflecting strong liquidity and operational flexibility.
• Total Debt:Reached $2.5 billion, a 25% increase from last year, supporting expanded lending capabilities and business growth.

In Q3, Dolla Financial launched the Dolla Schola campaign and the "One N Ready, Two N Drive" loan promotion, both of which were successful in driving customer engagement and loan demand. The Dolla Schola campaign, focused on educational financing, has empowered families to access back-to-school resources, while the "One N Ready, Two N Drive" promotion eliminated upfront costs for customers seeking vehicle loans. “These initiatives have not only expanded Dolla’s customer base but also helped reinforce Dolla’s position as a trusted provider of accessible financial solutions across Jamaica,” McKenzie disclosed.

Dolla Financial’s commitment to community support has been equally strong this quarter. The company sponsored the Senior Citizen Spelling Bee Competition, demonstrating its commitment to Jamaica’s diverse community members, and also introduced scholarship opportunities as part of its back-to-school programs. These initiatives, alongside accessible back-to-school loans, reflect Dolla’s focus on building resilient communities and promoting education as a cornerstone of economic empowerment.

Reflecting its solid financial performance and commitment to shareholder value, Dolla Financial declared $247.5 million in dividends during the period. This approach to shareholder returns aligns with the company’s long-term growth strategy and its dedication to creating value for investors.

Dolla Financial remains focused on sustainable growth, strategic initiatives, and the empowerment of Jamaican communities. As it continues to expand its lending portfolio and community engagement activities, the company is poised for continued success in delivering shareholder value and fostering positive social impact across the island.