Dolla profits surge as it closes in on bond
Published:Wednesday | November 12, 2025 | 12:10 AM
Dolla Financial Services Limited tripled its profit in the third quarter to $186 million, setting the stage for a new yearly record.
The company’s earnings year to date, January-September, have already surpassed yearly profit for 2024, notwithstanding provisions for a $170-million fraud incident earlier this year.
Nine-month profit amounted to $434.8 million, up from nearly $340 million in the comparative period in 2024, and outpacing the $410.5 million of annual profit earned for the past financial year.
The microfinance firm expects the proceeds of a bond it is in the process of raising will further fuel its growth in coming periods.
Its current performance is largely attributed to aggressive loan distributions, made possible by other funds raised in 2024 – a $1-billion bond arranged by Mayberry Investments. The capital injection enabled the company to grow its net interest income by 42 per cent year-on-year.
Dolla’s loan portfolio now stands at $4.58 billion, up from $3.1 billion a year ago. But it needs cash to continue the growth momentum, its net cash position having diminished from over $202 million a year ago to just $16.5 million as at September.
The new bond is also seeking to raise another $1 billion in two tranches priced at 11 per cent for the three-year tenor and 12 per cent per annum for the five-year tenor, with the possibility of upsizing the offer to $1.5 billion. The bond offer was set to close on November 13 but has now been extended to December 31, due to market conditions in the wake of Hurricane Melissa, as noted in a market filing on Tuesday.
“When they get these proceeds from this new bond raise, you’re looking again at another exponential jump in their profits,” said Gary Peart, CEO of Mayberry Group Limited, but he declined to offer a projection. Mayberry affiliates hold the largest stake in Dolla Financial. Peart is also Executive Chairman of Supreme Ventures Limited, which holds a big stake in Dolla as well.
Peart also expects new opportunities to emerge in the wake of Hurricane Melissa when the country moves into recovery mode from the devastation of the Category 5 storm.
“Melissa, for a microfinance business, can produce huge opportunities,” he said. “People are going to want to rebuild, and Dolla is well-positioned to meet that demand.”
In a market update on Monday, Dolla said its exposure to Melissa represents four per cent of its loan portfolio, based on a preliminary assessment.
“While this represents a modest portion of the overall portfolio, management has already taken steps to assess exposure, support affected clients, and implement appropriate recovery and risk mitigation measures,” the company said.