Olympia Financial Group Inc. Announces Year-End Results
CALGARY, Alberta--(BUSINESS WIRE)--Feb 27, 2020--
Olympia Financial Group Inc. (“Olympia”) (TSX: OLY) today announces its operating and financial results for the year ended December 31, 2019.
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 continuing operations for the year ended December 31, 2019 include the following (compared to continuing operations for the year ended December 31, 2018):
- Earnings before income tax decreased 5% to $12.86 million from $13.59 million.
- Total revenue decreased 2% to $49.08 million from $50.03 million mainly due to a decrease in spot trade volume and transaction sizes in the Foreign Exchange division.
- Service revenue decreased 8% to $35.58 million from $38.60 million mainly due to a decrease in Foreign Exchange spot trade volume and transaction sizes.
- Interest revenue and trust income increased 18% to $13.50 million from $11.43 million, mainly due to the average Canadian prime rate for the year being higher at 3.95% compared to an average of 3.58% in 2018.
- Direct and administrative expenses (excluding depreciation and amortization) increased 10% to $37.79 million from $34.26 million, mainly due to increases in salaries and wages, enhanced cyber security measures, computer consultant fees and computer maintenance fees.
- Other gains and losses, net, amounted to $3.10 million for the year ended December 31, 2019, compared to ($1.43) million, mainly due to Olympia Trust’s Foreign Exchange division recording a $2.23 million unrealized foreign exchange forward contract gain stemming from an increase in the number and sizes of forward exchange contracts. This compares to a ($1.38) million foreign exchange forward contract loss in the prior year. In addition, Olympia also recognized an insurance settlement of $0.84 million from the cyber incident claim.
About Olympia Financial Group Inc.
Olympia Financial Group Inc. (“OFGI”) conducts most of its operations through its wholly-owned 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 plan accounts, provides foreign currency exchange and corporate trust and transfer agency services. OFGI also offers private health services plans through its wholly-owned subsidiary Olympia Benefits Inc. and provides information technology services to 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”.
View source version on businesswire.com:https://www.businesswire.com/news/home/20200227006088/en/
CONTACT: For further information:
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
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE
SOURCE: Olympia Financial Group Inc.
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PUB: 02/27/2020 08:00 PM/DISC: 02/27/2020 08:00 PM