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OLYMPIC FINANCIAL REPORTS RESULTS FOR SECOND QUARTER, FIRST HALF

 OLYMPIC FINANCIAL REPORTS RESULTS FOR SECOND QUARTER, FIRST HALF
 MINNEAPOLIS, March 18 /PRNewswire/ -- Olympic Financial Ltd. (NASDAQ: OLYM), today reported the following results of operations for the second quarter and first half ended Dec. 31, 1991:
 Three months ended Six months ended
 December 31, 1991 December 31, 1991
 Interest Income $ 980,048 $1,691,467
 Interest expense on
 financing of auto loans (868,558) (1,499,876)
 Provision for credit losses ( 32,100) ( 65,100)
 Net interest margin on auto
 loans 79,390 126,491
 Total expenses (747,414) (1,284,810)
 Net loss ($668,024) ($1,158,319)
 Net loss per common and
 common equivalent share ($0.23) ($0.41)
 Weighted average common and
 common equivalent shares
 outstanding 2,854,588 2,829,364
 (Comparisons with year-earlier periods are not considered meaningful, since the company did not begin significant lending operations until the fourth quarter of calendar year 1990.)
 Olympic Financial Ltd., based in Minneapolis, sells and services retail automobile installment loans originated from a large network of automobile dealers.
 In order to realize increased interest margins on the sale of its receivables, Olympic intends to securitize its loans to be sold to institutional investors at competitive rates. While acquiring contracts, the company realizes reduced interest spreads and less profitability prior to securitization.
 To date, the majority of Olympic's product has not been securitized. As a result, the company reported a net loss of $668,024, or 23 cents per share, for the three months ended Dec. 31, 1991. For the six months ended Dec. 31, the company reported a loss of $1,158,319, or 41 cents per share.
 Olympic expects to complete the securitization of the majority of its outstanding receivables during the current fiscal year, which ends June 30, 1992.
 "The company has been successful in signing a majority of the automobile dealerships in Minnesota, producing a volume of contracts that should ensure future profitability through the securitization of our product," said Jeffrey C. Mack, chairman and chief executive officer. "The company has achieved and maintained significantly lower delinquencies than industry standards, which will further enhance profitability as we enter the asset-backed securities market and sell our loans at more favorable interest rates."
 Following the close of the second quarter, the company completed an initial public offering of 1,600,000 shares of common stock, and its underwriter exercised its entire over-allotment option of 240,000 shares.
 In February, the company closed its first asset-backed security transaction -- the sale of automobile loan pass-through certificates totaling $8.28 million through Piper, Jaffray and Hopwood Incorporated.
 Earlier this month, Olympic named Kidder, Peabody and Company, Inc., as its financial advisor in connection with the future securitization of automobile receivables.
 -0- 3/18/92
 /CONTACT: Curt Swenson of Swenson Falker Eilertsen, 612-371-0000, for Olympic Financial, or Jeffrey Mack of Olympic Financial, 612-942-9880/
 (OLYM) CO: Olympic Financial, Ltd. ST: Minnesota IN: FIN SU: ERN


AL -- MN008 -- 9216 03/18/92 11:57 EST
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Date:Mar 18, 1992
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