Dolla Financial Services gained a signal of confidence from the capital markets as its public bond offering was upsized earlier this week from $1 billion to $1.5 billion. The bond was initially scheduled to close on November 13 but was extended to December 31 because of the impact from Hurricane Melissa. Following the upsize, the offer period has been extended again, to January 9, though the company can close earlier if desired.

The proceeds of the bond were meant to address a recent $570.12 million bond maturity and fuel the growing loan portfolio. Mayberry Investments Limited is the lead arranger and broker for the bond. VM Wealth Management Limited and JMMB Securities Limited are selling agents.

“This intended acquisition meaningfully expands our microcredit footprint and reinforces our commitment to inclusive financing. We believe it will have a positive and far-reaching impact on our loan book by improving balance, scale, and growth potential,” said Dolla Chief Executive Officer (CEO) Kenroy Kerr. The bond proceeds are poised to help fund the acquisition of Evolve Loan Co.’s loan portfolio and digital lending solutions, a deal disclosed on Tuesday.

Kerr’s comment comes against Dolla’s loan demand which has outstripped its normal cash generation capacity. Dolla’s consolidated loan portfolio grew 15 per cent from $3.995 billion in December 2024 to $4.58 billion by September 2025. However, its cash and short-term deposits fell from $443.99 million to $107.51 million.

Dolla has also had to contend with the impact of Hurricane Melissa and other issues during 2025. The company initially disclosed that it had six per cent exposure in the affected areas before revising it to four per cent or an estimated $183.20 million. Dolla’s consolidated loan book was impacted by fraudulent activity related to impaired loan security documentation in the first half of 2025. This was equivalent to 3.5 per cent of the company’s loan portfolio or $170 million and resulted in increased credit loss provisions which lowered its earnings.

Dolla has also been challenged by the rise in its non-performing loan ratio which peaked at 12.8 per cent in the June quarter (Q2) before decreasing to 12.5 per cent for the September quarter (Q3). Dolla’s NPL ratio was 9.9 per cent in December 2024 and 6.5 per cent in December 2022.

Despite these hurdles, Dolla was able to grow its consolidated interest income by 36 per cent to $1.49 billion during the first nine months of 2025. Profit before taxation also grew 20 per cent to $441.83 million with net profit rising 28 per cent to $434.77 million, above 2024’s figure of $410.57 million. Dolla’s asset base also grew over that same time frame by five per cent to $4.81 billion with shareholder’s equity up 29 per cent to $1.45 billion. Dolla paid $0.012 in dividends during 2025 versus $0.107 in 2024.

Prior to listing in June 2022 on the Junior Market of the Jamaica Stock Exchange (JSE), Dolla’s consolidated asset base in December 2021 was $861.09 million with its loan portfolio at $750.50 million. This portfolio was responsible for delivering annualised total income of $395.28 million and profit before tax (PBT) of $167.80 million.

Dolla’s stock price increased 10.93 per cent on December 31 to $2.74, leaving the stock up 2.44 per cent in 2025 with a market capitalisation of $6.85 billion. Dolla’s stock price also hit a new 52-week high of $3.10 during intraday trading.

There was also a block trade on the Junior Market for 525 million shares for $1.63 billion or $3.10 per share. That volume is equivalent to Widebase Limited’s shareholding in Dolla which is 21 per cent of the company. Widebase is a St Lucian International Business Company (IBC) and a subsidiary of Mayberry Group Limited (MGL). Widebase acquired seven per cent of Dolla’s shares for $1.90 on May 26 which pushed it above the 20 per cent threshold and made it a substantial shareholder. Widebase via MGL disclosed that it intended to apply to the Bank of Jamaica to obtain regulatory approval for its stake in Dolla.

MGL held a combined 32.8 per cent stake in Dolla as of September 30 when its subsidiary Mayberry Jamaican Equities Limited (MJE) is accounted for. MJE also owns 19.3807 per cent of SVL. MGL’s CEO is Gary Peart.