Olympia Financial Group (OLY) Q3 2024 earnings summary

Executive summary

• 9M 2024 net earnings and comprehensive income rose 3% YoY to $17.91 million; revenue increased 3% to $76.87 million, primarily on higher trust income.

• Q3 2024 net earnings and comprehensive income increased 1% YoY to $6.28 million, while revenue fell 1% to $25.19 million.

Financial highlights

• 9M service revenue declined 1% YoY to $35.53 million; trust, interest, and other income rose 8% to $41.34 million.

• 9M direct and administrative expenses, excluding depreciation and amortization, increased 6% YoY to $51.19 million, mainly on higher computer licensing and wages.

• Q3 service revenue decreased 5% YoY to $11.50 million; trust, interest, and other income increased 2% to $13.69 million.

• Q3 direct and administrative expenses, excluding depreciation and amortization, rose 1% YoY to $16.63 million.

Segment performance

• Lower trading volumes in the CGP division contributed to service revenue declines of 1% for 9M and 5% for Q3 YoY.

• Trust, interest, and other income benefited from higher interest rates on trust fund placements, increasing 8% for 9M and 2% for Q3 YoY.

• Operations include self-directed registered plan accounts, corporate trust, transfer agency, currency exchange and global payments, private health services plans, and IT services.