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RETRANSMISSION: Olympia Financial Group Inc. Announces Second Quarter 2023 Results
Calgary, Alberta--(Newsfile Corp. - August 23, 2023) - Olympia Financial Group Inc. (TSX: OLY) ("...
About this update from Olympia Financial Group Inc.
[{"type":"text","content":"RETRANSMISSION: Olympia Financial Group Inc. Announces Second Quarter 2023 ResultsCalgary, Alberta--(Newsfile Corp. - August 23, 2023) - Olympia Financial Group Inc. (TSX: OLY) (\"Olympia\") today announces its operating and financial results for the period ended June 30, 2023.Results from operations for the three months ended June 30, 2023, include the following (compared to operations for the three months ended June 30, 2022):Total net earnings and comprehensive income increased more than 100% to $5.97 million from $2.49 million.Total revenue increased 47% to $25.10 million from $17.09 million, mainly due to an increase in trust income in the Investment Account Services division. Service revenue decreased 10% to $11.92 million from $13.17 million, mainly due to the decreased annual fee for the 2023 year in the Investment Account Services division. Trust, interest, and other income increased more than 100% to $13.18 million from $3.92 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 23% to $15.93 million from $12.97 million, mainly due to higher bonuses and management fees in line with the financial performance in the Investment Account Services division.Basic and diluted earnings per share attributable to shareholders of Olympia increased more than 100% to $2.48 per share from $1.04 per share. The unaudited condensed interim financial statements and notes, as well as management's discussion and analysis, are now available on SEDAR (www.sedar.com). Both historical and current information on Olympia's stock, financials, press releases, governance, and more can now be found at ir.olympiafinancial.comAbout Olympia Financial Group Inc.Olympia Financial Group Inc. (\"OFGI\") conducts most of its operations through its 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 currency exchange and payment services, corporate trust, and transfer agency services. OFGI also offers private health services plans...