CALGARY, Alberta, Feb. 28, 2019 (GLOBE NEWSWIRE) -- Olympia Financial Group Inc. (“Olympia”) (TSX: OLY) today announces its operating and financial results for the year ending December 31, 2018.
The audited financial statements and notes, as well as management’s discussion and analysis, are now available on SEDAR (www.sedar.com).
Results from continuing operations for the year ending December 31, 2018 include the following (compared to continuing operations for the year ending December 31, 2017):
- Earnings before income tax increased 40% to $13.59 million from $9.73 million.
- Total revenue increased 20% to $50.03 million from $41.54 million due to an increase in interest revenue and trust income, and service revenue.
- Service revenue increased 17% to $38.60 million from $32.97 million mainly due increases in the Foreign Exchange division and the Registered Plans division. The increase in the Foreign Exchange division is due to an increase in spot trade volume and transaction sizes, while the increase in the Registered Plans division is mainly due to one time fees charged in connection with the restructuring of an exempt market issuer.
- Interest revenue and trust income is subject to fluctuations depending on account balances and changes in the Canadian prime rate. Interest revenue and trust income increased 33% to $11.43 million from $8.58 million as a result of increases in the Canadian prime rate.
- Direct and administrative expenses (excluding depreciation and amortization) increased 10% to $34.26 million from $31.02 million mainly due to an increase in salaries and bonuses, computer maintenance, enhanced cyber security measures and startup costs for the Corporate and Shareholder Services division.
- Other (losses)/gains, net, increased more than 100% to ($1.43) million from $0.02 million, mainly due to Olympia Trust’s FX division recording a $1.38 million unrealized forward exchange contract loss resulting from a reduction in the number of forward exchange contracts. This compares to a $0.03 million forward foreign exchange contract gain in the prior year.
As a result of the sale of the ATM division, Olympia has presented the ATM division as “Discontinued Operations,” and the remaining operations as “Continuing Operations”.
About Olympia Financial Group Inc.
Olympia conducts most of its operations through its wholly-owned subsidiary Olympia Trust Company, a non-deposit taking trust corporation. 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 and offers foreign currency exchange services as well as corporate and shareholder services. Olympia also offers private health services plans through its wholly-owned subsidiary Olympia Benefits Inc., and provides information technology services to the exempt market dealers, registrants and issuers through its subsidiary Exempt Edge Inc.
OFGI’s common shares are listed on the Toronto Stock Exchange under the symbol “OLY”.
For further information, please contact:
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