CALGARY, Alberta--(BUSINESS WIRE)--Olympia Financial Group Inc. (“Olympia”) (TSX: OLY) today announces its operating and financial results for the period ended March 31, 2023.
“Both revenue and earnings continued to grow considerably in the first quarter,” said Craig Skauge, Olympia Executive Vice President, and President of Olympia Trust Company. “The combined value of the strategic acquisitions made by Olympia in 2021 and the impact of increases in interest rates over the past year continue to be shown in the numbers announced today.”
Results from operations for the three months ended March 31, 2023, include the following (compared to operations for the three months ended March 31, 2022):
- Total net earnings and comprehensive income increased more than 100% to $5.23 million from $2.28 million.
- Basic and diluted earnings per share attributable to shareholders of Olympia increased more than 100% to $2.17 per share from $0.95 per share.
- Total revenue increased 58% to $23.62 million from $14.92 million, mainly due to an increase in trust income in the Investment Account Services division.
- Service revenue decreased 4% to $11.84 million from $12.29 million, mainly due to the decreased annual fee for the 2023 year in the Investment Account Services division.
- Trust income and interest revenue increased more than 100% to $11.78 million from $2.63 million, due to higher interest rates on trust fund placements made over the previous 12 months, as well as increased funds held in trust.
- Direct and administrative expenses (excluding depreciation and amortization) increased 42% to $16.10 million from $11.34 million, mainly due to increased salaries, bonuses, and management fees paid within the Investment Account Services division resulting from increased revenues. The increase can also be attributed to a one-time management fee of $0.50 million paid by the Health division.
The unaudited condensed interim financial statements and notes, as well as management’s discussion and analysis, are now available on SEDAR (www.sedar.com). Both historical and current information on Olympia’s stock, financials, press releases, governance, and more can now be found at ir.olympiafinancial.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”.