Andrew Moor, president and CEO of EQ Bank, discussed last month the company’s fourth-quarter earnings and provided guidance. EQB Inc. reported record financial results for the fiscal year ending October 31, 2024, driven by a 9% growth in loans under management, increased non-interest revenue, and a rise in EQ Bank customer accounts, which surpassed 500,000. The company raised its dividend and issued strong growth guidance for fiscal 2025, projecting a 15%+ return on equity (ROE).
Despite strong earnings, Q4 results were affected by higher credit provisions in the equipment financing portfolio. Looking ahead, EQB expects easing monetary policy to drive loan growth and further enhance its competitive position in Canadian banking.
This announcement was first published by The Canadian Press on January 2, 2025.
