Equitable Group Inc. (TSX: EQB) (TSX: EQB.PR.C) ("Equitable," "Company" or "Bank") today announced that it set an all-time record for quarterly earnings during the three months ended September 30, 2020 while maintaining a strong capital position, credit reserves and liquidity and delivering on its purpose of driving change in banking to enrich people's lives.
"Canadians need their banks more than ever right now and I'm proud to say Equitable is answering the call to serve in ways that are making a difference to them, to liquidity in the economy and to our shareholders," said Andrew Moor, President and Chief Executive Officer. "During the quarter, our customers substantially increased their use of EQ Bank's digital banking services and drove deposits for our digital platform to $4.3 billion. Monthly average of account openings for the third quarter was over three times the average of 12 months before the COVID-19 pandemic. These very positive results illustrate that Canadians are rethinking their banking habits and choosing Canada's Challenger BankTM for a better experience. As a result of strong operating performance and lower funding costs, quarterly earnings were our best-ever, and we exceeded our traditionally high band for ROE. We expect these results to continue through the fourth quarter."