Olympia Financial Group Inc. (“Olympia”) (TSX: OLY) today announces its operating and financial results for the period ended September 30, 2022.
“Earnings continue to grow significantly,” said Craig Skauge, Olympia Executive Vice President, and President of Olympia Trust Company. “The value of the strategic acquisitions made by Olympia in 2021 is evident in the earning numbers announced today. Continuing to focus on fundamentals and improving efficiencies that will help us continue to grow Olympia’s earnings.”
Results from operations for the three months ended September 30, 2022, include the following (compared to operations for the three months ended September 30, 2021):
- Earnings before income tax increased more than 100% to $5.25 million from $2.03 million.
- Basic and diluted earnings per share attributable to shareholders of Olympia increased more than 100% to $1.65 per share from $0.64 per share.
- Total revenue increased 58% to $18.80 million from $11.89 million, due to increased service revenue within the Investment Account Services division as well as higher interest revenue.
- Service revenue increased 22% to $12.38 million from $10.13 million, mainly due to the Investment Account Services division having acquired a significant number of new clients and increasing its annual fees for the year 2022.
- Interest revenue and trust income increased more than 100% to $6.42 million from $1.76 million, due to a combination of higher interest rates on trust fund placements made over the previous 12 months, and greater amounts of trust funds placed for the three months ended September 30, 2022. The Canadian prime rate at September 30, 2022, was 5.45% (September 30, 2021 – 2.45%).
- Direct and administrative expenses (excluding depreciation and amortization) increased 36% to $12.38 million from $9.08 million, mainly due to higher salaries, bonuses, and management fees within the Investment Account Services division, resulting from client growth for the three months ended September 30, 2022. This was driven by the business combinations that occurred during the year ended December 31, 2021.
The unaudited condensed interim financial statements and notes, as well as management’s discussion and analysis, are now available on SEDAR (www.sedar.com).
About Olympia Financial Group Inc.
Olympia conducts most of its operations through its 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, provides foreign currency exchange services and Corporate and Shareholder Services. Olympia also offers private health services plans through its subsidiary Olympia Benefits Inc. and provides information technology services to exempt market dealers, registrants, and issuers through its Exempt Edge division.
Olympia’s common shares are listed on the Toronto Stock Exchange under the symbol “OLY”.
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