Mr. Rick Skauge reports
OLYMPIA FINANCIAL GROUP INC. ANNOUNCES THIRD QUARTER 2019 RESULTS
Olympia Financial Group Inc. has released its operating and financial results for the three months ended Sept. 30, 2019.
The unaudited condensed interim financial statements and notes, as well as management's discussion and analysis, are now available on SEDAR.
Results from continuing operations for the period ended Sept. 30, 2019, include the following (compared with continuing operations for the period ended Sept. 30, 2018):
Earnings before income tax increased 8 per cent to $3.27-million from $3.02-million.
- Total revenue decreased 3 per cent to $12.09-million from $12.41-million, mainly due to a decrease in service revenue.
- Service revenue decreased 8 per cent to $8.67-million from $9.45-million, mainly due to a decrease in foreign exchange spot trade volume and transaction sizes.
Interest revenue and trust income are subject to fluctuations depending on account balances and changes in the Canadian prime rate. Interest revenue and trust income increased 16 per cent to $3.42-million from $2.96-million, mainly due increases in the Canadian prime rate, which was 3.95 per cent on Sept. 30, 2019, compared with 3.70 per cent on Sept. 30, 2018.
- Direct and administrative expenses (excluding depreciation and amortization) increased 6 per cent to $8.90-million from $8.40-million, due to an increase in salaries and wages, computer consultant fees, and maintenance fees.
- Other gains and losses, net, increased more than 100 per cent to $490,000 from negative $810,000 million, mainly due to the recognition of a settlement amount relating to an insurance claim. The insurance claim stems from the cyberincident disclosed in the news release on Feb. 2, 2019.
About Olympia Financial Group Inc.
Olympia Financial 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.
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