CALGARY, Alberta, Aug. 11, 2017 (GLOBE NEWSWIRE) — Olympia Financial Group Inc. (TSX:OLY) today announced its operating and financial results for the three months ended June 30, 2017.
The unaudited condensed interim financial statements and notes, as well as management’s discussion and analysis, are now available on SEDAR (www.sedar.com).
Results from operations, include the following (compared to the three months ended June 30, 2016):
- Total revenue, including interest earned as trustee and interest, increased 7% to $11.04 million from $10.29 million due to an increase in service revenue in the Registered Plans division and interest earned as trustee.
- Service revenue increased 6% to $9.10 million from $8.62 million due to an increase in the number of mortgages being funded, as well as new client set-ups in the Registered Plans division.
- Interest revenue on monies held in trust and interest on Olympia’s own cash increased 17% to $1.95 million from $1.67 million as a result of an increase in off-balance sheet arrangements under administration.
- Direct and administrative expenses (excluding depreciation and amortization), increased 4% to $9.09 million from $8.77 million due to an increase in salaries, bonuses and commissions paid in the Registered Plans division and the Foreign Exchange division.
- Earnings before income tax increased 33% to $1.96 million from $1.47 million due to an increase in unrealized foreign exchange gains in the Foreign Exchange division.
About Olympia Financial Group Inc.
Olympia Financial Group Inc. (“OFGI”) conducts most of its operations through its wholly- owned subsidiary Olympia Trust Company, a non-deposit taking trust company. Olympia Trust Company is licensed to conduct trust activities in Alberta, British Columbia, Saskatchewan, Manitoba, Quebec, Newfoundland and Labrador, Prince Edward Island, New Brunswick and Nova Scotia. Olympia Trust Company administers self-directed registered accounts and offers foreign currency exchange services. OFGI also offers private health services plans through its wholly-owned subsidiary Olympia Benefits Inc., operates an ATM business through its wholly-owned subsidiary Olympia ATM Inc. and provides information technology services to the exempt market dealers, registrants and issuers through its subsidiary Exempt Edge Inc.
OFGI’s common shares are listed on the Toronto Stock Exchange under the symbol “OLY”.
CONTACT: For further information, please contact: Olympia Financial Group Inc. Rick Skauge, President and Chief Executive Officer Gerhard Barnard, Vice-President, Finance and Chief Financial Officer Phone: (403) 261-0900 Fax: (403) 265-1455