Olympia Financial Group Inc. Announces First Quarter 2024 Results

Calgary, Alberta–(Newsfile Corp. – May 9, 2024) – May 9, 2024, Calgary, Alberta – Olympia Financial Group Inc. (“Olympia”) (TSX: OLY) today announces its operating and financial results for the period ending March 31, 2024.

Results of operations for the three months ended March 31, 2024 include the following (compared to operations for the three months ended March 31, 2023):

• Total net income and comprehensive income increased 10% to $5.74 million from $5.23 million.

• Total revenue increased 9% to $25.84 million from $23.62 million, primarily due to an increase in fiduciary revenue in the Investment Account Services division.

• Services revenue increased 3% to $12.25 million from $11.84 million, primarily due to an increase in administrative renewal fees related to a growing customer base.

• Trust funds, interest and other income increased 15% to $13.59 million from $11.78 million, primarily due to higher interest rates on trust fund placements made in the prior 12 months.

• Direct and administrative expenses (excluding depreciation and amortization) increased 6% to $16.99 million from $16.10 million, primarily due to increased salaries, bonuses and management fees paid in the Account Services division of Investment, resulting mainly from increased revenue.

• Basic and diluted earnings per share attributable to Olympia shareholders increased 10% to $2.39 per share from $2.17 per share.

The unaudited condensed interim financial statements and notes, as well as management’s discussion and analysis, are now available on SEDAR (www.sedarplus.ca). Historical and current information about Olympia’s stock, financials, press releases, governance and more can now be found at ir.olympiafinancial.com.

About Olympia Financial Group Inc.

(“OFGI”) conducts most of its operations through its subsidiary Olympia Trust Company, a non-deposit 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 manages self-directed registered plan accounts, corporate trusts and transfer agency services. OFGI also provides foreign exchange and global payments services through its subsidiary Olympia Currency and Global Payments Inc., and offers private healthcare service plans and information technology services to exempt market dealers, registrants and issuers through its subsidiary Olympia Benefits Inc.

Olympia common shares are listed on the Toronto Stock Exchange under the symbol “OLY”.

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For more information, please contact:

Olympia Financial Group Inc.
Rick Skauge, President and CEO
Jennifer Urscheler, Chief Financial Officer
Phone: (403) 261-0900
Fax: (403) 265-1455

Forward-Looking Information Statements

Certain portions of this press release as well as Olympia’s other public statements contain “forward-looking information” within the meaning of applicable Canadian securities legislation, which is also referred to as “forward-looking statements”, which may not be based on historical fact. Whenever possible, words such as “will”, “plans”, “expects”, “goals”, “continues”, “estimates”, “scheduled”, “anticipates”, “believes”, “intends”, “may”, and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, have been used to identify forward-looking information. Forward-looking statements contained in Olympia’s public release include, without limitation, Olympia’s expected earnings, fee income, expense levels, general economic, political and market factors in North America and internationally, interest and exchange rates , global equity and capital markets, business competition, technological changes, changes in government regulations, unexpected legal or regulatory proceedings, catastrophic events and Olympia’s ability to complete strategic transactions and other factors. Additionally, this press release contains forward-looking statements regarding the monthly payment of dividends to holders of Olympia common stock.

All material assumptions used in making forward-looking statements are based on management’s knowledge of current business conditions and expectations of future business conditions and trends, including its knowledge of the current interest rate and liquidity conditions affecting Olympia and the Canadian economy. Certain material factors or assumptions are applied by Olympia in making forward-looking statements, including, without limitation, factors and assumptions relating to interest and foreign exchange rates, availability of key personnel, effect of competition, government regulation of its business, computer failure or security breaches, future capital requirements, market acceptance of its products, its operating cost structure, the current tax regime and Olympia’s ability to obtain necessary governmental and third-party approvals, as applicable.

To view the original version of this press release, please visit https://www.newsfilecorp.com/release/208690

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