Olympia Financial Group Inc. Announces Second Quarter 2021 Results
CALGARY, Alberta–(BUSINESS WIRE)–Olympia Financial Group Inc. (“Olympia”) (TSX: OLY) today announces its operating and financial results for the period ended June 30, 2021.
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 three months ended June 30, 2021 include the following (compared to operations for the period ended June 30, 2020):
- Total revenue increased 5% to $11.73 million from $11.13 million, mainly due to an increase in service revenue across all divisions. This was partially offset by lower interest revenue.
- Service revenue increased 25% to $9.88 million from $7.91 million, mainly due to continued growth in the Corporate and Shareholder Services division, higher trading volumes in the Currency and Global Payments division. Comparatively lower revenues for the three months ended June 30, 2020, a consequence of the COVID-19 pandemic and the governments response.
- Interest revenue and trust income decreased 42% to $1.85 million from $3.22 million, mainly due to lower interest rates.
- Direct and administrative expenses (excluding depreciation and amortization) increased 11% to $9.49 million from $8.54 million, mainly due to increased direct expenses, which include commissions paid in the Currency and Global Payments division proportionate to increased service revenues.
- Earnings before income tax decreased 10% to $1.91 million from $2.12 million.
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”.
Contacts
Olympia Financial Group Inc.
Rick Skauge, President and Chief Executive Officer
Gerhard Barnard, Vice-President, Finance and Chief Financial Officer
Phone: (403) 261-0900
Fax: (403) 265-1455
