Likely would have done much better if the market wasn't so lousy. GLTA
EQB Inc, the company that owns EQ Bank, jumped following the release of stronger-than-anticipated quarterly results after the bell.
The Toronto-based firm said it earned $130.9-million in the second quarter, up from $58.8-million a year earlier. 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.