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Olympia Financial Group Inc. Announces Second Quarter 2024 Results
Calgary, Alberta--(Newsfile Corp. - August 14, 2024) - Olympia Financial Group Inc. (TSX: OLY) ("...
About this update from Olympia Financial Group Inc.
[{"type":"text","content":"Olympia Financial Group Inc. Announces Second Quarter 2024 ResultsCalgary, Alberta--(Newsfile Corp. - August 14, 2024) - Olympia Financial Group Inc. (TSX: OLY) (\"Olympia\") today announces its operating and financial results for the period ended June 30, 2024.Results from operations for the six months ended June 30, 2024, include the following (compared to operations for the six months ended June 30, 2023):Total net earnings and comprehensive income increased 4% to $11.63 million from $11.20 million.Total revenue increased 7% to $52.08 million from $48.72 million, mainly due to an increase in trust income in the Investment Account Services division. Service revenue increased 3% to $24.42 million from $23.76 million, mainly due to an increase in monthly and transaction fees.Trust, interest, and other income increased 11% to $27.66 million from $24.96 million, due to higher interest rates on trust fund placements made over the previous 12 months. Direct and administrative expenses (excluding depreciation and amortization) increased 8% to $34.56 million from $32.03 million, mainly due to increased bonuses and management fees paid within the Investment Account Services division.Basic and diluted earnings per share attributable to shareholders of Olympia increased 4% to $4.83 per share from $4.65 per share. Results from operations for the three months ended June 30, 2024, include the following (compared to operations for the three months ended June 30, 2023):Total net earnings and comprehensive income decreased 1% to $5.89 million from $5.97 million.Total revenue increased 5% to $26.25 million from $25.10 million, mainly due to an increase in trust income in the Investment Account Services division. Service revenue increased 2% to $12.19 million from $11.92 million, mainly due to an increase in monthly and transaction fees.Trust, interest, and other income increased 7% to $14.06 million from $13.18 million, due to higher interest rates on trust fund placements made over the previous 12 months. Direct and administrative expenses (excluding depreciation and amortization) increased 10% to $17.57 million from $15.93 million, mainly due to increased bonuses and management fees paid within the Investment Account Services division.Basic and diluted earnings per share attributable to shareholders of Olympia decreased 1% to $2.45 per share ...