CALGARY, Alberta–(BUSINESS WIRE)–Olympia Financial Group Inc. (“Olympia”) (TSX: OLY) today announces its operating and financial results for the year ended December 31, 2021.
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 ended December 31, 2021, include the following (compared to operations for the year ended December 31, 2020):
- Total revenue increased 1% to $49.00 million from $48.62 million, mainly due to an increase in service revenue across all operating divisions. This was partially offset by lower interest revenues earned on funds held in trust.
- Service revenue increased 14% to $41.38 million from $36.36 million, mainly due to continued growth in the Corporate and Shareholder Services division, higher trading volumes in the Currency and Global Payments division, and comparatively lower revenues for the year ended December 31, 2020, for the Investment Account Services and Private Health Services Plan divisions, attributable in part to the effects of the COVID-19 pandemic.
- Interest revenue and trust income decreased 38% to $7.61 million from $12.26 million, mainly due to lower interest rates on trust funds held in trust over the previous 12 months. Many trust fund placements were made prior to the decrease in interest rates in early fiscal 2020 but have since matured and been renewed at a lower rate. The Canadian prime rate at December 31, 2021, was 2.45% (December 31, 2020 – 2.45%).
- Direct and administrative expenses (excluding depreciation and amortization) increased 5% to $37.25 million from $35.51 million, mainly due to increased direct expenses, which includes an increase in commissions paid in the Currency and Global Payments division and overall growth in the Corporate Shareholder Services division’s direct costs proportionate to revenue growth. Legal fees and computer maintenance increased $0.20 million and $0.24 million, respectively.
- Earnings before income tax decreased 18% to $8.50 million from $10.36 million.
About Olympia Financial Group Inc.
Olympia 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 accounts, provides foreign currency exchange services and Corporate and Shareholder Services. Olympia also offers private health services plans through its subsidiary Olympia Benefits Inc. and provides information technology services to exempt market dealers, registrants, and issuers through its Exempt Edge division.
Olympia’s common shares are listed on the Toronto Stock Exchange under the symbol “OLY”.
Rick Skauge, President and Chief Executive Officer
Gerhard Barnard, Chief Financial Officer and Senior Vice President
Phone: (403) 261-0900
Fax: (403) 265-1455