1 hrs ago - Updated
Dolla Financial's office in Barbican, St Andrew.
Dolla Financial Services' profit declined to $55 million for the September third quarter of 2024, or half-year earlier levels.
Over nine-months the company's profit totalled $340 million compared to $328 million a year earlier.
Rising costs played a role in the hit to Dolla’s profitability.
"The higher expenses stemmed from ongoing investments in staff capacity to manage increased demand, along with regulatory and professional and advisory fees," stated the company.
Despite the quarterly profit dip, the company's loan portfolio showed resilience, with a 19 per cent year-on-year increase, reaching $3.1 billion.
Business loans made up 88 per cent of the total loan book, reflecting the company’s focus on corporate clients. Secured loans accounted for 85 per cent of the portfolio, which Dolla emphasised as part of its "well-balanced, risk-conscious" lending approach.
“We continue to pride ourselves in our collateralised loan strategy and its importance in upholding the integrity of our loan portfolio. Amidst a backdrop of market turbulence, we've effectively maintained our non-performing loans (NPLs) at a steadfast 9.7 per cent, with expected credit losses (ECL) at 3.9 per cent. These figures not only align with our projected targets but also stand notably below industry norms, reinforcing our dedication to robust risk management protocols,” stated the company.
Dolla also maintained a solid capital structure, with shareholders' equity rising by 12 per cent to $1.1 billion, driven by improved profitability in earlier periods.
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