MINNEAPOLIS, Jan. 28 /PRNewswire/ -- Olympic Financial Ltd. (NYSE: OLM)
("Olympic") reported fourth quarter and annual results for the year ended
December 31, 1996.  Fourth quarter net income increased 70 percent to
$17.4 million compared with $10.2 million in the 1995 fourth quarter,
resulting in fully diluted earnings per share of $0.45 for the quarter, an
increase of 32 percent from $0.34 one year ago.  Revenues for the quarter
totaled $62.9 million, compared to $36.0 million in the fourth quarter last
year, an increase of 74 percent.
    Net income for 1996 was $60.3 million, an increase of 106 percent over net
income of $29.3 million, before extraordinary items, in 1995.  Net income per
share on a fully diluted basis for 1996 rose 49 percent to $1.65, from
earnings per share of $1.11 before extraordinary items, reported one year ago.
Revenues for 1996 totaled $213.5 million, compared with $108.7 million in
1995, an increase of 96 percent.
    Olympic purchased $740.9 million in automobile loans during the fourth
quarter of 1996, a 26 percent increase from $588.7 million in loan purchases
during the fourth quarter of 1995.  Total loan purchases in 1996 reached
$2.8 billion, up 34 percent from $2.1 billion in 1995.
    Warren Kantor, Olympic's Chairman of the Board of Directors commented on
the financial results of the Company.  "Olympic is very pleased to report
another quarter and year of profitable results.  The Company has established
itself as a leader in the automobile finance industry and is well positioned
for the growth opportunities that lie ahead," said Kantor.
    At year end, the Company reported loans delinquent greater than 30 days at
2.64 percent, compared with 2.19 percent in the third quarter of 1996 and
1.33 percent reported at December 31, 1995.  Annualized net loan losses during
the fourth quarter of 1996 were 1.27 percent, up from 0.95 percent in the
previous quarter and 0.73 percent during the fourth quarter of 1995.  Net
losses for the year ended December 31, 1996, were 0.99 percent compared to
0.67 percent in the prior year.
    Loan loss reserves increased $13.7 million during the fourth quarter,
bringing total loan loss reserves to $95.0 million.  Olympic's loan loss
reserves accounted for 2.51 percent of the total servicing portfolio, compared
to 2.40 percent last quarter and 1.86 percent at December 31, 1995.
    Kantor commented, "Olympic recognizes the importance of adequately
reserving for potential loan losses.  The Company will continue to increase
its loan loss reserve levels as it has in the past; Olympic maintains such
reserve levels in excess of actual historical loan loss results.  Also, the
Company anticipates building additional reserves throughout 1997."
    Selected highlights for the fourth quarter and year ended December 31,
1996, include:

    --  Subsequent to year end 1996, Olympic appointed Richard A. Greenawalt
as President and Chief Executive Officer of the Company.  The Board of
Directors also elected Warren Kantor as Chairman of the Board of Directors for
Olympic;
    --  Revenues for the quarter totaled $62.9 million, an increase of
74 percent over $36.0 million in the fourth quarter of 1995.  Total revenues
for 1996 were $213.5 million, an increase of 96 percent from $108.7 million in
1995;
    --  Net income rose 70 percent to $17.4 million for the quarter compared
with $10.2 million one year ago.  For the year, net income increased
106 percent to $60.3 million compared with $29.3 million, before extraordinary
items, in 1995;
    --  Loan purchases totaled $740.9 million for the quarter, up 26 percent
over $588.7 million one year ago.  Total loan purchases for 1996 were
$2.8 billion, up 34 percent from $2.1 billion in loans purchased in 1995;
    --  Olympic's loan servicing portfolio totaled $3.8 billion at
December 31, 1996, up 67 percent from $2.3 billion at December 31, 1995;
    --  Securitizations for 1996 totaled $2.8 billion.  Total securitizations
in the Company's seven year history exceed $5.8 billion;
    --  In December, Olympic filed two universal shelf registrations with the
Securities and Exchange Commission, providing for the future issuances of up
to an aggregate of $500.0 million in debt or equity securities and
$4.0 billion in asset-backed securities;
    --  The Company successfully raised $148 million from the sale of
8,050,000 shares of Common Stock during the second quarter of 1996;
    --  Olympic opened four Regional Collection and Service Centers in 1996,
with locations in Minneapolis, Minn.; Dallas, Texas; Denver, Colo. and
Charlotte, N.C.;
    --  Two Regional Buying Centers were opened during 1996 in Buffalo, N.Y.
and San Antonio, Texas.  The Company now has 17 Regional Buying Centers
nationwide.

    Olympic Financial Ltd. is a Minneapolis-based consumer finance company
which purchases, sells and services prime retail installment contracts for new
and used automobiles originated by more than 7,700 dealers nationwide.
Olympic is the largest independent provider of automobile financing.  The
Company, which was founded in 1990, has Regional Buying Centers in Arizona,
Northern and Southern California, Colorado, Florida, Georgia, Massachusetts,
Minnesota, Missouri, New York, North Carolina, Ohio, Tennessee, North, South
and West Texas and Washington.  The Company acquires loans through 17 Regional
Buying Centers and has expanded its dealer network to include dealers in 40
states.

    Olympic Financial LTD
    Selected Financial and Other Operating Data
    December 31, 1996

                                 Three months ended       Twelve months ended
                               Dec. 3l,     Dec. 31,     Dec. 31,     Dec. 3l,
                                  1996         1995         1996         1995
    Dollars in thousands, except
     per share data
    REVENUES:
    Net interest margin        $17,499       $9,423      $62,963      $31,192
    Gain on sale of loans       34,979       21,235      115,773       62,182
    Servicing fee income         8,510        4,812       28,284       13,987
    Other non-interest income    1,896          569        6,475        1,371
    Total revenues              62,884       36,039      213,495      108,732
    EXPENSES:
    Operating expenses          28,952       13,444       92,298       42,727
    Long term debt and other
     interest expense            6,584        5,546       25,193       17,170
    Total expenses              35,536       18,990      117,491       59,897
    Operating income before
     income taxes and
     extraordinary items        27,348       17,049       96,004       48,835
    Provision for income taxes   9,982        6,820       35,688       19,518
    Net income before
     extraordinary items        17,366       10,229       60,316       29,317
    Extraordinary items             --           --           --       (3,856)
    Net income                 $17,366      $10,229      $60,316      $25,461

    Primary Earnings Per Share:
    Income per common share before
     extraordinary items         $0.46        $0.39        $1.79        $1.35
    Extraordinary items per
     common share                   --           --           --        (0.19)
    Net income per common share  $0.46        $0.39        $1.79        $1.16
    Fully Diluted Earnings Per Share:
    Income per share before
     extraordinary items         $0.45        $0.34        $1.65        $1.11
    Extraordinary items per share   --           --           --        (0.15)
    Net income per share         $0.45        $0.34        $1.65        $0.96
    Weighted average common
     and common equivalent
     shares outstanding
    Primary                 37,873,845   24,547,195   33,065,473   20,029,769
    Fully diluted           38,935,961   30,368,723   36,449,995   26,455,876

    Number of automobile
     dealers                                               7,727        5,110
    Number of buying centers                                  17           15
    Servicing portfolio
     (in millions)                                      $3,791.9     $2,267.1
    Automobile loan purchases
     (in millions)              $740.9       $588.7     $2,750.6     $2,052.4
    Delinquencies as a
     percentage of servicing
     portfolio                                              2.64%       1.33%
    Annualized net losses as a
     percentage of average
     servicing portfolio          1.27%        0.73%        0.99%       0.67%


    Dollars in thousands                 December 31,        December 3l,
    ASSETS                                      1996                1995
    Cash and cash equivalents                $16,057              $1,340
    Due from securitization trust            177,076                  --
    Auto loans held for sale                  36,285             118,556
    Finance income receivable                362,916             186,001
    Restricted cash in spread accounts       142,977              63,580
    Other assets                              42,919              28,317
                                            $778,230            $397,794

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Amounts due under warehouse facilities  $111,140             $26,530
    Senior term notes                        145,000             145,000
    Subordinated notes                        53,689              13,005
    Capital lease obligations                  7,729               3,924
    Deferred income taxes                     54,387              18,700
    Accounts payable and accrued
     liabilities                              13,192               9,822
    Shareholders' equity                     393,093             180,813
                                            $778,230            $397,794

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