CALGARY, Alberta--(BUSINESS WIRE)--Olympia Financial Group Inc. (“Olympia”) (TSX: OLY) today announces its operating and financial results for the year ended December 31, 2020.
The audited consolidated 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 year ended December 31, 2020 include the following (compared to operations for the year ended December 31, 2019):
- Earnings before income tax decreased 19% to $10.36 million from $12.86 million.
- Total revenue decreased 1% to $48.62 million from $49.08 million mainly due to a decrease in interest revenue, from both trust and receivables.
- Service revenue increased 2% to $36.36 million from $35.58 million mainly due to continued growth in the Corporate and Shareholder Services division throughout 2020 and an increase in service revenues in the Currency and Global Payments division, despite declines in Private Health Services Plans division revenues caused by the COVID-19 pandemic.
- Interest revenue and trust income decreased 9% to $12.26 million from $13.50 million, mainly due to the average Canadian prime rate for the year being lower at 2.45% compared to an average of 3.95% in 2019.
- Direct and administrative expenses (excluding depreciation and amortization) decreased 6% to $35.51 million from $37.79 million, mainly due to decreases in general and administration costs, including staff events, travel, and consulting fees.
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”.