Calgary, Alberta–(Newsfile Corp. – May 9, 2024) – Calgary, Alberta, May 9, 2024 – Olympia Financial Group Inc. (“Olympia”) (TSX: OLY) announced today that it is closed for the current period. and announce financial results. Ended March 31, 2024.
Results of operations for the three months ended March 31, 2024 (as compared to operations for the three months ended March 31, 2023) include:
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Total net income and comprehensive income increased 10% from $5.23 million to $5.74 million.
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Total revenue increased 9% to $25.84 million from $23.62 million, primarily due to higher trust income in the Investment Account Services segment.
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Services revenue increased 3% to $12.25 million from $11.84 million primarily due to higher management renewal fees related to customer base growth.
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Trust, interest and other income increased 15%, from $11.78 million to $13.59 million, primarily due to increases in trust fund interest rates over the prior 12 months.
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Direct and administrative expenses (excluding depreciation and amortization) increased 6% from $16.1 million to $16.99 million, primarily due to higher salaries, bonuses and administrative fees paid within the Investment Account Servicing segment due to increased revenue. Did.
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Olympia's underlying earnings and diluted earnings per share attributable to shareholders increased 10% from $2.17 to $2.39 per share.
The unaudited condensed interim financial statements and notes, management's discussion and analysis are now available on SEDAR at www.sedarplus.ca. Historical and current information about Olympia's stock, financials, press releases, governance and more can be found at ir.olympiafinancial.com.
About Olympia Financial Group Co., Ltd.
Olympia Financial Group Inc. (“OFGI”) conducts the majority of its operations through its subsidiary, Olympia Trust Company, a non-deposit fiduciary 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. I am. Olympia Trust Company manages self-registered plan accounts, corporate trusts, and transfer services. OFGI also provides currency exchange and global payments services through its subsidiary Olympia Currency and Global Payments Inc., and private health service plans and information technology services to exempt market dealers, registrants, and issuers through its subsidiary Olympia Benefits Inc. We offer
Olympia's common shares are listed on the Toronto Stock Exchange under the symbol “OLY.”
For more information, please contact us below.
Olympia Financial Group Co., Ltd.
Rick Scouge, President and CEO
Jennifer Urscheler, Chief Financial Officer
Phone: (403) 261-0900
Fax: (403) 265-1455
Statement regarding forward-looking information
Certain parts of this press release and other public statements by Olympia contain “forward-looking information” within the meaning of applicable Canadian securities laws, which are also referred to as “forward-looking statements” and which include historical It may not be based on fact. fact. As far as possible ”, “intends”, and “may”. Also, similar words mean that a particular action, event, or result “may,” “could,” “will,” “could,” or “will be realized.” Expressions or statements are used to identify forward-looking information. Forward-looking statements contained in Olympia's public information include, but are not limited to, Olympia's revenue expectations, fee income, expense levels, general economic, political and market factors in North America and abroad, interest rates and foreign exchange rates, global including, but not limited to, stock and capital markets, business. competition, technological changes, changes in government regulations, unanticipated judicial or regulatory proceedings, catastrophes, Olympia's ability to complete strategic transactions and other factors; Additionally, this news release contains forward-looking statements regarding the payment of monthly dividends to holders of Olympia common stock.
All material assumptions used in forward-looking statements are based on management's knowledge of current business conditions, including knowledge of current interest rate and liquidity conditions affecting Olympia and the Canadian economy, and the expectations of future prospects. Based on forecasts of business conditions and trends. Olympia relies on certain important factors or assumptions when making forward-looking statements. These include, but are not limited to, factors and assumptions regarding interest rates and foreign currency exchange rates, the availability of key personnel, the effects of competition, governmental regulations on the business, computer failures or security. breaches, future capital requirements, market acceptance of its products, operating cost structure, current tax regime and Olympia's ability to obtain third party and governmental approvals as required;
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208690.
