Dolla Financial Services is reporting a 55 per cent increase in first quarter profit before tax, despite only modest growth in income.
The company posted profit before tax of $187 million for the quarter ending March 31, compared to the corresponding period last year.
Total income rose by 2 per cent to $514 million.
However, net interest income before tax and the expected credit losses declined 3 per cent to $389 million, due mainly to higher interest expenses linked to the company's $1.5 billion bond issue completed in January.
The company says this was largely due to a significant reduction in provisions for expected credit losses following last year's right off related to fraudulent loans.
Dolla Financial says its loan portfolio expanded by $642 million year-over-year to $4.9 billion.
Business loans accounted for 90 per cent of the portfolio, while secured loans represented 89 per cent.
comments powered by Disqus
All feeds
