Olympia Financial Group Inc. Announces First Quarter results

- TSX Venture News
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CALGARY, ALBERTA–(Marketwired – May 11, 2017) – Olympia Financial Group Inc. (TSX:OLY) today announced its operating and financial results for the period ended March 31, 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 for the period ended March 31, 2017 include the following (compared to operations for the period ended March 31, 2016):

  • Total revenue, including interest earned as trustee and interest, increased 2% to $10.71 million from $10.46 million due to an increase in interest earned as trustee.
  • Service revenue decreased 1% to $8.87 million from $8.94 million due to a decrease in trade volume and transaction sizes in the Foreign Exchange division.
  • Interest revenue on monies held in trust and interest on Olympia’s own cash increased 21% to $1.84 million from $1.52 million as a result of an increase in off-balance sheet arrangements under administration.
  • Direct and administrative expenses (excluding depreciation and amortization), increased 2% to $8.59 million from $8.44 million due to an increase in salaries, bonuses and computer maintenance.
  • Earnings before income tax remained similar at $1.84 million.

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”.

Olympia Financial Group Inc.
Rick Skauge
President and Chief Executive Officer
(403) 261-0900

Gerhard Barnard
Vice-President, Finance and Chief Financial Officer
(403) 261-0900
(403) 265-1455 (FAX)