Olympia Financial Group Inc. Announces 60% Increase in Earnings for the First Quarter 2018 and Increase to Monthly Cash Dividend

CALGARY, Alberta, May 10, 2018 (GLOBE NEWSWIRE) -- Olympia Financial Group Inc. (“Olympia”) (TSX:OLY) announced today its operating and financial results for the three months ended March 31, 2018.

The unaudited condensed interim financial statements and notes, as well as management’s discussion and analysis, are now available on SEDAR (www.sedar.com).

Results from operations, include the following (compared to the three months ended March 31, 2017):

• Earnings before income tax increased 60% to $2.95 million from $1.84 million.
• Total revenue, including interest earned as trustee and interest, increased 17% to $12.38 million from $10.57 million due to an increase in service revenue in the Foreign Exchange division and interest earned as trustee in the Registered Plans division.  
• Service revenue increased 12% to $9.80 million from $8.73 million due to an increase in trade volume and transaction sizes in the Foreign Exchange division.
• Interest revenue on monies held in trust and interest on Olympia’s own cash increased 40% to $2.58 million from $1.84 million as a result of an increase in off-balance sheet arrangements under administration and increases in the Canadian prime rate.
• Direct and administrative expenses (excluding depreciation and amortization), increased 7% to $9.02 million from $8.45 million due to an increase in bonuses and commissions paid in the Foreign Exchange division.

Olympia also announced today that its board of directors has approved a 17.64% increase to its monthly cash dividend from $0.17 to $0.20 per common share. On an annualized basis, dividends will increase by $0.36 per common share from $2.04 to $2.40. Olympia’s new monthly dividend rate of $0.20 per common share will commence with the June 2018 monthly dividend. Olympia’s dividend payments to holders of Olympia common shares are designated as "eligible dividends" for Canadian tax purposes.

About Olympia Financial Group Inc.

Olympia 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.  Olympia Trust Company administers self-directed registered accounts and offers foreign currency exchange services.  Olympia also offers private health services plans through its wholly-owned subsidiary Olympia Benefits Inc., operates an ATM business through its wholly-owned subsidiary Olympia ATM Inc. and provides information technology services to the exempt market dealers, registrants and issuers through its subsidiary Exempt Edge Inc.

OFGI’s common shares are listed on the Toronto Stock Exchange under the symbol “OLY”.

For further information, please contact:

Olympia Financial Group Inc.
Rick Skauge, President and Chief Executive Officer
Gerhard Barnard, Vice-President, Finance and Chief Financial Officer
Phone: (403) 261-0900
Fax: (403) 265-1455

Statements Regarding Forward Looking Information

Certain portions of this press release as well as other public statements by Olympia 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. Wherever possible, words such as “will”, “plans,” “expects,” “targets,” “continue”, “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 disclosure include, without limitation, Olympia’s earnings expectations, fee income, expense levels, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, catastrophic events, and Olympia’s ability to complete strategic transactions and other factors. In addition, this news release contains forward-looking statements relating to the monthly dividend payments to holders of Olympia common shares.

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 their 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 regarding interest and foreign exchange rates, availability of key personnel, the effect of competition, government regulation of its business, computer failure or security breaches, future capital requirements, acceptance of its products in the marketplace, its operating cost structure, the current tax regime and the ability of Olympia to obtain necessary third-party and governmental approvals, as applicable.