CST: 22/10/2016 14:36:54   

Olympia Financial Group Inc. Announces Year-End Results

239 Days ago

CALGARY, ALBERTA--(Marketwired - Feb 25, 2016) - Olympia Financial Group Inc. (TSX:OLY) today announced its operating and financial results for the year ending December 31, 2015.

The audited 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 year ending December 31, 2015 include the following (compared to continuing operations the year ending December 31, 2014):

  • Total revenue, including interest earned as trustee and interest, increased 11% to $40.86 million from $36.83 million due to an increase in both service and interest revenue earned as well as revenue of $1.79 million from the ATM division.
  • Service revenue increased 12% to $35.00 million from $31.33 million, primarily as a result of an increase in trade volumes and larger transaction sizes completed by the Foreign Exchange division, as well as revenue from the ATM division, which was established in late 2014.
  • Interest earned as trustee on monies held in trust and interest on Olympia's own cash increased 7% to $5.86 million from $5.50 million as a result of an increase in off-balance sheet arrangements under administration.
  • Direct and administrative expenses (excluding depreciation and amortization) increased 13% to $33.92 million from $29.90 million, largely as a result of an increase in expenses such as salaries, bonuses, commission expenses and ATM start-up costs incurred of $1.09 million as well as surcharge and interchange fees paid by Olympia ATM Inc. of $1.36 million.
  • Earnings before income tax increased 3% to $6.18 million from $5.99 million, primarily as a result of increased expenses and Olympia ATM Inc. start-up costs.

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 accounts and offers foreign currency exchange services. OFGI also offers private health services plans through its wholly-owned subsidiary Olympia Benefits Inc. and operates an ATM business through its wholly-owned subsidiary Olympia ATM Inc.

OFGI's common shares are listed on the Toronto Stock Exchange under the symbol "OLY".

Olympia Financial Group Inc.
Rick Skauge
President and Chief Executive Officer
(403) 261-0900
(403) 265-1455
Olympia Financial Group Inc.
Gerhard Barnard
Vice-President, Finance and Chief Financial Officer
(403) 261-0900
(403) 265-1455