Dolla Financial made a six-fold rise in profit of $59.2 million for its June quarter of 2022 compared to $9.1 million a year earlier.

“Dolla’s second-quarter ending June 30, marked a significant milestone in the company’s growth and development,” said Kadeen Mairs, CEO of Dolla in the financial results.

The company’s revenue totalled $144 million compared to $46.4 million a year earlier.

Dolla’s second quarter between April and June 2022 marked a significant milestone in the company’s growth and development.

The company successfully opened and closed its initial public offering (IPO) on May 27, exceeding the company’s target and breaking records in terms of interest and shareholder volumes on the junior market.

For the six months between January and June 30, Dolla reported a profit before tax of $132.3 million which represents a 368 per cent or $104 million increase earned over the prior period ended June 30, 2021.

Profit before tax for the quarter ended June 30, 2022, reflected an increase of $55 million of 490 per cent over the prior year.

Total income for the quarter stood at $156.8 million, an increase of $102.6 million or 189 per cent year on year and overall $298.3 million year to date (YTD).

Dolla recorded net interest income before expected credit losses (ECL) of $143.1 million in the second quarter, an increase of $14.5 million or 11 per cent over the prior quarter.

“This increase was driven by the expansion in our loan portfolio as is reflected in our balance sheet,” said the company.

Shareholder equity totaled $653.5 million from $373.1 million a year earlier.