Equitable Bank earnings break record as alternative lenders thrive amid high interest rates

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Moor said EQB’s strong year-to-date performance allowed it to increase its 12-month earnings growth guidance, including diluted EPS guidance, to a range of 18 to 22 per cent from the previous guidance of 10 to 15 per cent. EQ Bank, the online-only offshoot of Equitable, also reported a 50 per cent year-over-year increase in adjusted net interest income to $251.7 million, exceeding analyst expectations. Its non-interest income of $33 million also significantly beat the street’s $26-million target, National Bank analyst Jaeme Gloyn wrote in a note to clients.Article content

EQ Bank said its customer base had grown to 367,790 at June 30 with a 133 per cent increase in sign-ups compared to the same quarter last year, while customer everyday engagement remained at a quarterly high of 51 per cent.

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