Equitable Bank reports best-ever quarterly earnings

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“At a time when Canadians need more and better value from the banking industry, Equitable Bank is providing it. Whether it’s our no-fee, high interest EQ Bank digital services, our recently launched fully digital First Home Savings Account or the loans we make to build much-needed affordable housing, we are living our social purpose and in return rewarding our investors.

“Significant growth in our customer base, strong customer engagement and our plans to continue to bring innovation to the market give me well-founded confidence that we are set to thrive in the years ahead.”

Moor said the bank has been able to increase its 12-month earnings growth guidance, including diluted EPS guidance, from 10% to 15% to a range of 18% to 22% thanks to the year-to-date performance.

Adjusted revenue for the three months ended June 30 increased by 72% year over year to $284.6 million driven by lending growth, net interest margin expansion, and higher non-interest revenue.

“EQB’s standout performance relative to guidance and bank peers reflects our consistent long-term approach to allocating capital and generating leading ROE, anchored in exceptional credit, liquidity and capital management,” said Chadwick Westlake, Chief Financial Officer at EQB.

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