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EQ Bank posts record earnings as lending for apartment construction surges

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Alternative lender Equitable Group posted record earnings in the first quarter despite choppy conditions for North American banks. Read on.

EQ Bank advances funds to developers during apartment building construction in a lending segment insured by the Canada Mortgage Housing Corp. EQ Bank’s insured multi-unit residential loan book grew by six per cent quarter over quarter and 60 per cent over last year to $16.7 billion, according to the press release.

One of those is the significant flight of capital out of banks and into money market funds, which then bypasses the banking system, Moor said. He also pointed to stricter and “less adventurous” regulatory bodies, such as the Office of the Superintendent of Financial Institutions.Article content “In our earnings preview we predicted that ’s Q1 result would clearly show that the U.S. banking crisis did not cross the border, but we still didn’t expect the blowout quarter that we got,” the pair wrote in a May 3 note.

 

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EQ Bank posts record earnings as lending for apartment construction surgesAlternative lender Equitable Group posted record earnings in the first quarter despite choppy conditions for North American banks. Read on.
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