EQ Bank owner EQB Inc. sees earnings rise in second quarter, boosts guidance

TORONTO – EQB Inc., the company that owns EQ Bank, says it earned $130.9 million in the second quarter, up from $58.8 million a year earlier.

The Toronto-based firm says diluted earnings per share were $3.39, up from $1.67 during the same quarter last year.

EQB raised its guidance for 2023, putting its diluted earnings per share growth guidance to 18 to 22 per cent, up from 10 to 15 per cent.

Revenue for the quarter ended June 30 was $312.5 million, up from $164.1 million, while provisions for credit losses also rose to $13.0 million, up from $5.2 million.

EQB says net interest income was $251.7 million, up from $166.7 million last year, and the company says its customer base grew by 31 per cent to 367,790.

The company also announced its chief risk officer Ron Tratch is leaving at the end of August and that it will announce his replacement in due course.

This report by The Canadian Press was first published August 1, 2023.

Companies in this story: (TSX:EQB)