Olympia Financial Group (OLY) Q4 2024 earnings summary

Executive summary

• FY 2024 net earnings and comprehensive income edged down to $23.92 million; revenue rose 3% to $102.92 million, mainly on higher trust income.

Financial highlights

• Revenue increased to $102.92 million from $100.21 million; earnings before income tax fell 2% to $31.00 million from $31.59 million.

• Direct and administrative expenses, excluding depreciation and amortization, rose 5% to $68.75 million from $65.41 million, mainly on salaries, bonuses and computer network maintenance.

• Other gains, net, declined 60% to $0.02 million from $0.05 million, mainly due to lower unrealized foreign exchange forward contract gains.

Segment performance

• Service revenue decreased 1% to $47.78 million from $48.26 million, mainly due to lower trading profits and losses.

• Trust, interest and other income increased 6% to $55.14 million from $51.95 million as total funds held in trust increased over the prior 12 months.