Mr. Rick Skauge reports
OLYMPIA FINANCIAL GROUP INC. ANNOUNCES SECOND QUARTER 2022 RESULTS
Olympia Financial Group Inc. has released its operating and financial results for the period ended June 30, 2022.
The unaudited condensed interim financial statements and notes, as well as management's discussion and analysis, are available on SEDAR.
Results from operations for the three months ended June 30, 2022, include the following (compared with operations for the three months ended June 30, 2021):
Total revenue increased 46 per cent to $17.09-million from $11.73-million, mainly due to increased service revenues within the investment account services division, as well as higher interest revenues.
Service revenue increased 33 per cent to $13.17-million from $9.88-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 per cent to $3.92-million from $1.85-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 June 30, 2022. The Canadian prime rate at June 30, 2022, was 3.70 per cent (June 30, 2021: 2.45 per cent).
Direct and administrative expenses (excluding depreciation and amortization) increased 38 per cent to $12.97-million from $9.42-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 June 30, 2022. This was driven by the business combinations that occurred during the year ended Dec. 31, 2021. Legal fees increased $410,000, and consulting fees increased $810,000 for the three months ended June 30, 2022.
Earnings before income tax increased 81 per cent to $3.46-million from $1.91-million.
Basic and diluted earnings per share attributable to shareholders of Olympia increased 68 per cent to $1.04 per share from 62 cents per share.
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 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 administers self-directed registered accounts, and provides foreign currency exchange services and corporate and shareholder services. Olympia also offers private health service 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.
© 2022 Canjex Publishing Ltd. All rights reserved.