EQB Inc (TSX:EQB)
C$ 108.17 0.55 (0.51%) Market Cap: 4.15 Bil Enterprise Value: 24.25 Bil PE Ratio: 13.24 PB Ratio: 1.36 GF Score: 86/100
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Q3 2024 EQB Inc Earnings Call Transcript

Aug 29, 2024 / 11:00AM GMT
Release Date Price: C$95.48 (-1.17%)

Key Points

Positve
  • Record quarterly revenue of $327 million, up 3% sequentially and 15% year over year.
  • EPS growth of 5% sequentially, with ROE well above 15%.
  • 24% year-over-year increase in dividends declared.
  • Strong customer growth in EQ Bank, with a 32% year-over-year increase in the customer base.
  • Successful launch of new products like EQ Bank's notice savings account and the Equitable Bank Laneway house mortgage.
Negative
  • Impaired loans increased by 20% from last quarter to $567 million.
  • Equipment financing impairments rose by 45% quarter over quarter, primarily in the long-haul transportation sector.
  • Commercial impaired loans increased by 25% quarter over quarter.
  • Stage 3 provisions were $20.5 million, down 15% from Q2 but still significant.
  • Challenges in the equipment finance business, particularly in the trucking sector, with expectations of continued elevated losses into 2025.
Operator

Good morning. Welcome to EQB's earnings call for the third quarter of 2024 on Thursday, August 29, 2024.

(Operator Instructions)

It is now my pleasure to turn the call over to Mike Rizvanovic, Managing Director of Investor Relations for EQB.

Please go ahead.

Mike Rizvanovic
EQB Inc - Managing Director of Investor Relations

Thank you, Ludy, and good morning, everyone, and welcome to EQB's Q3 fiscal 2024 earnings call.

Your host today will be Andrew Moor, President and Chief Executive Officer; and Chadwick Westlake, Chief Financial Officer. In addition, Marlene Lenarduzzi, EQB's Chief Risk Officer, will be available for the Q&A portion of this call.

For those on the phone lines only, we encourage you to also log into our webcast to view our presentation, which may be referenced during the prepared remarks. On slide 2 of our presentation, you'll find EQB's caution regarding forward-looking statements as well as the use of non-IFRS measures. All figures referenced today are on an adjusted basis where applicable

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