Latest news with #Québécois
Edmonton Journal
2 days ago
- Business
- Edmonton Journal
Spotify releases its annual music economics report: These Canadian artists came out on top
Article content The report also shared more interesting data about music streaming in Canada: Last year, 92 per cent of all royalties generated by Canadian artists on Spotify came from listeners outside of Canada. Nearly 15M hours of Canadian music are streamed every day around the world Canadian artists are featured on 2.4 billion user playlists globally, ranking as the third-most featured country in the world. Québécois artist Patrick Watson's 'Je te laisserai des mots' was the most popular Francophone track on Spotify in 2024. It was also the first French-language track to pass a billion streams. Over 40 per cent of the Canadian artists who broke the $1M mark in 2024 on Spotify are women, or perform in groups with both male and female members. Nearly 40 per cent of all royalties generated by Canadian artists on Spotify in 2024 were by independent artists or labels. Recorded music revenue in Canada grew 129 per cent between 2014 and 2024, from $397M CAD to $909M CAD. Audio streaming now accounts for nearly 79 per cent of total recorded music revenue, with the majority from paid subscriptions like Spotify Premium.
Montreal Gazette
30-05-2025
- Entertainment
- Montreal Gazette
Friday on My Mind: Blasts from the past with ‘Deux femmes en or' remake, Murray Head and Barry Manilow
Entertainment And Life By Friday on My Mind is a highly subjective, curated rundown of five of the cooler things happening in Montreal on the weekend. Deux femmes en or Playing in Montreal cinemas all weekend. Deux femmes en or is that rarest of Québécois films — it's a smart, very funny auteur film that is also a real crowd pleaser. This is not something that our local French-language cinema produces all too often — and when it happens, it usually turns into a big hit. Think Les invasions barbares or C.R.A.Z.Y. or Monsieur Lazhar, films that were hot at the box office here and made a major impact outside la belle province. Just to be clear. I'm not saying Deux femmes en or is as epic as those three films, which happen to be three of the best features made here during the past 50 years. But it is very, very good. On the phone a few days ago with director Chloé Robichaud, I told her that I thought her film was going to be real popular around these parts. Deux femmes en or is a most unusual film. Kind of meta, if you will. It was adapted by screenwriter Catherine Léger from her play of the same name, which I saw and loved at La Licorne two years ago, and the play in turn was inspired by the 1970 film, also titled Deux femmes en or. The original movie was savaged by the critics but was a phenomenon at the box office, selling more than 2 million tickets. It was part of a wave of erotic Québécois films at the time that were pushing the envelope of what could be seen on the big screen. The flick was the story of two bored housewives in the suburbs of Montreal who start having casual sex with guys, including deliverymen and repairmen. Léger's play and screenplay for the new remake brings the story into the present, giving it a high-IQ 2025 feminist perspective. Oh, and it's also often side-splittingly funny. This time round, the two women, Violette (Laurence Leboeuf) and Florence (Karine Gonthier-Hyndman), are just as frustrated and just as willing to embark on amorous adventures outside of their couples. But that's where the comparison ends. Robichaud's film tackles all kinds of contemporary issues, including depression, wilting libido, social media and #MeToo, and it's all from a female point of view, written and directed by women. 'I looked for similar kinds of films in contemporary cinema and I can't say I found many,' Robichaud said. 'Even just a film, especially a comedy, with two female leads. You don't see that often. I'm not saying it's a revolutionary film, but it is about women having the freedom of choice, and I haven't seen that often in recent cinema.' We also don't really see female sexuality often explored in mainstream cinema, I add. 'You also don't often see women who can have sexual desires and not feel guilty about it,' Robichaud said. 'I think the film can be liberating.' And the filmmaker has no issues if people think of her movie as a comedy. 'For me it's a dramatic comedy,' Robichaud said. 'It's a feel-good movie. What I like is that for some people it's just a comedy, and others say it really caused them to reflect about their lives.' Amy Millan Sunday at 4 p.m. at Phonopolis Records. Montreal singer Amy Millan, who is also in iconic local band Stars, launches her first solo album in 16 years on Friday, and she will be making an in-store appearance at Phonopolis, the so-hip-it-hurts vinyl record emporium on Bernard Ave. in Mile End on Sunday. She will do a short performance and will be signing albums. The record, called I Went To Find You, is fab. Her 'real' Montreal solo show will be Oct. 15 at Sala Rossa. Phonopolis Records is located at 207 Bernard Ave. W. Murray Head Friday at 8 p.m. at Théâtre Maisonneuve of Place des Arts. Murray Head, who is on his farewell tour, is another of those odd artists who is something of a footnote everywhere else in the world but for Quebecers of a certain age — guilty as charged! — he was a big part of our youth. His song Say It Ain't So, Joe was a staple on Montreal FM radio in the late '70s and bombed everywhere else. When I interviewed him 20 years ago, he still remembered the review of that song in London magazine Time Out. Their review was short and to the point: 'Say It Ain't So, by Murray Head: It Ain't So.' Hey, we're a distinct society, apparently. Tickets: Barry Manilow Friday at 7 p.m. at Bell Centre. If I am perplexed by the popularity of Murray Head ici, I am downright mystified by the success of Barry Manilow around the world. I just never got Mandy or Copacabana (At the Copa), but hey, each to their own, I guess. I'll take Say It Ain't So, Joe if the choice has to be made. This is apparently Manilow's last-ever show here. Tickets: Porchfest Verdun Saturday at various porches around Verdun. N.D.G. does not have a monopoly on Porchfest, and that's a good thing. There's also one in Hudson (Saturday Sept. 13), and Verdun is hosting theirs on Saturday. The concept is the same — locals playing music for free on their porches. The weather forecast ain't great, but it can't rain all day, right?
Cision Canada
28-05-2025
- Business
- Cision Canada
EQB releases Q2 results marked by continued loan growth as dividend increases 18% y/y and total AUM and AUA climb to $134 billion
TORONTO, May 28, 2025 /CNW/ - EQB Inc. (TSX: EQB) today reported earnings for the three and six months ended April 30, 2025, that reflected diversified, high-quality growth in loans under management, higher net interest income and core non-revenue from fees and multi-unit securitization, offset by credit provisions driven by the macroeconomic environment. Q2 2025 highlights compared to Q2 2024: Adjusted ROE 1 11.9% (reported 11.4%) Adjusted diluted EPS 1 $2.31, -18% y/y, -22% q/q (reported $2.21, -17% y/y, -20% q/q) Book value per share $80.99, +10% y/y, +2% q/q Revenue $316.0 million, -0.2% y/y, -2% q/q with non-interest revenue contributing 14% of total Adjusted PPPT 1,3 $160.1 million, -8% y/y, -6% q/q (reported $154.8 million, -7% y/y, -5% q/q) Adjusted net income 1 $94.2 million, -15% y/y, -19% q/q (reported $90.3 million, -15% y/y, -16% q/q) Net interest margin (NIM) 2: 2.20%, +9 bps y/y, +13 bps q/q Net interest income (NII): $271.1 million, +1% y/y, +3% q/q Total AUM + AUA 2 $134 billion, +8% y/y, +2% q/q EQ Bank customers, +23% y/y, +4% q/q to 560,000 Common share dividends declared $0.53 per share, +4% q/q, +18% y/y YTD 2025 (six months) highlights compared to YTD 2024: Adjusted ROE 1 13.6% (reported 12.8%) Adjusted diluted EPS 1 $5.29, -5% y/y (reported $4.98, -7% y/y) Adjusted net income 1 $ 210.4 million, -4% y/y (reported $198.0 million, -6% y/y) Total capital ratio 15.6% and CET1 ratio of 13.2% "Amid economic uncertainty globally and in Canada, EQB experienced one of our strongest quarters for uninsured single family loan originations, and we are pleased with notable increases in EQ Bank customers and deposits as we continued to flex our Challenger Bank muscles," said Andrew Moor, president and CEO. "Our fundamentals remain resilient despite credit provisions made necessary by tariff-driven changes in the economy and the residual impact of higher interest rates on certain borrowers. Our uncompromising focus on customer service and innovation that enriches people's lives, disciplined capital allocation to diversified market segments, dynamic risk management approach and proven loan resolution capabilities support our expectations of continued shareholder value creation in the second half of 2025 and positive outlook for 2026." EQ Bank welcomes 24,000 new customers, bringing total to 560,000 +23% y/y, 4% q/q The EQ Bank Notice Savings Account, an innovative and powerful alternative to GICs and traditional savings vehicles, continued to drive customer and deposit growth as it nears one year in market, bolstered by its Québécois debut as Banque EQ meets new demand for Challenger Bank offerings Increase in payroll customers continued to confirm EQ Bank's position as bank of choice and go-to source for innovative and valuable savings and spending options Strong customer response to recently refreshed CAD/USD foreign exchange rates within the no-fee, high interest US Dollar Account and the broader suite of international banking solutions including cost-effective global transfers with Wise and on-the-go spending with the EQ Bank Card Experienced Equitable Bank executive, Dan Broten, recently named to lead strategy, product, marketing and digital delivery in the new role of SVP and Head of EQ Bank, while Janet Lin, SVP and Chief Information Officer, will advance culture of innovation and technological excellence at Equitable Bank Residential Lending portfolio benefits from one of the strongest periods of originations and retention Consistent with Q1 momentum, single-family uninsured originations grew +28% y/y as application volumes translated into high-quality asset growth, supported by renewed market activity compared to a year ago and gains in share in the mortgage broker channel; Equitable Bank's approach to credit and risk management is rigorous, demonstrated by conservative average LTV for single-family uninsured loans of 63% and credit scores consistent at 711 Portfolio balances grew +4% y/y, +2% q/q to $20.6 billion on new originations and exceptional renewal rates on responsive customer service Decumulation lending (including reverse mortgages and insurance lending) reached $2.5 billion +45% y/y, +8% q/q; momentum reflected broker support, value to borrowers of choosing Equitable Bank's differentiated solutions and continued expansion of the available market as Canadians retire and realize the advantages of converting real asset-based equity into funds to live in place Commercial Banking portfolio driven by insured lending for multi-unit residential properties EQB continued to prioritize insured lending for multi-unit residential properties in major cities across the country with over 80% of total commercial LUM insured through various CMHC programs CMHC-insured multi-unit residential LUM grew +29% y/y, +6% q/q to $29.1 billion, while the commercial portfolio's uninsured businesses also delivered healthy growth despite subdued market conditions EQB's insured commercial construction lending grew +31% y/y, +10% q/q to $3.3 billion, driven by both new originations and construction draws on existing commitments Provisions reflect change in macroeconomic environment, new formation rate slowing EQB's provision for credit losses (PCL) of $30.2 million was split almost equally across each of its business lines and reflects the impacts of evolving macroeconomic forecasts, expected credit loss modelling and Stage 3 provisions of $24.5 million, 1% y/y, 77% q/q Net impaired loans increased by $58.5 million in Q2 to $741.5 million, or 156 bps of total loan assets compared to 147 bps at Q1, 132 bps at Q4 2024 and 92 bps at Q2 2024; the increase, despite slowing formations, was driven by two newly impaired commercial loans and a decelerating pace of resolution The Bank is appropriately reserved for credit losses with net allowances as a percentage of total loan assets of 29 bps, compared to 28 bps at Q1 2025 and 23 bps at Q2 2024; the increase in net allowance rate was across all segments and driven by a deterioration in forecasts for GDP and employment as a result of economic uncertainty related to tariffs and their potential impact Focus remains on de-risking the equipment financing portfolio in light of challenges in the long-haul transportation market; reflecting EQB's risk appetite and a new management approach, exposure to long-haul transportation is down to 33% from Q1 while higher-quality prime leases now account for 51% of the portfolio EQB increases common share dividend, buys back shares and reaffirms capital management guidance EQB's Board of Directors declared a dividend of $0.53 per common share payable on June 30, 2025, to shareholders of record as of June 13, 2025, representing a 4% increase from the dividend paid in March 2025 and 18% above the payment made in June 2024 As part of management's plan to continually optimize its capital structure to support strategic objectives and maintain strong overall capital levels, the Bank also completed a $200 million subordinated debt issuance to EQB, bringing Equitable Bank's Total Capital Ratio to 15.6%; this is consistent with the Bank's intention to operate above 15% Total Capital with expectations that up to 300 bps of Total Capital could be contributed by Alternative Tier 1 and Tier 2 capital in 2027 onward and CET1 guidance for 2025 reaffirmed at 13%+ Equitable Bank's consistent organic capital generation and strength in CET1 enabled it to make a $200 million dividend to parent EQB in Q2; inclusive of dividends and the semi-annual $4.4 million payment to holders of the Bank's Limited Recourse Capital Notes, the Bank's CET1 ratio was 13.2% In Q2, EQB repurchased 271,117 common shares through its NCIB, which allows for the repurchase and cancellation of up to 2,300,000 common shares or 8.4% of the public float of common shares outstanding at January 2, 2025 EQ Bank Tower unveiled, marking new chapter for Canada's Challenger Bank New Toronto-based national headquarters opened subsequent to quarter end, bringing talented employees together for more effective collaboration supported by sustainable design and intentional use of Canadian furniture and fittings "In the second quarter, we responded to an increasingly volatile environment by focusing on unique, high-quality market opportunities that are available to Canada's Challenger Bank by growing our uninsured and insured loan portfolios in a risk-managed way and adding strength and depth to our cost-effective funding sources," said David Wilkes, VP and head of finance. "Recent strength in loan originations will benefit future revenue while gains from insured multi-unit securitizations are expected to contribute to performance in the second half of fiscal 2025. By focusing on our fundamentals, which are strong, and investing through the business cycle, we are well-positioned to navigate uncertain economic conditions, target growth opportunities and sustain EQB's long track record as an industry performance leader." Analyst conference call and webcast: 10:30 a.m. ET May 29, 2025 EQB's Andrew Moor, president and CEO, Marlene Lenarduzzi, CRO, and David Wilkes, VP and head of finance, will host EQB's second quarter earnings call and webcast. The listen-only webcast with accompanying slides will be available at To access the conference call with operator assistance, dial 416-945-7677 five minutes prior to the start time. Consolidated balance sheet (unaudited) ($000s) As at April 30, 2025 October 31, 2024 April 30, 2024 Assets: Cash and cash equivalents 500,747 591,641 657,219 Restricted cash 996,591 971,987 783,148 Securities purchased under reverse repurchase agreements 2,100,037 1,260,118 1,399,955 Investments 1,450,879 1,627,314 1,817,916 Loans – Personal 32,524,324 32,273,551 32,823,421 Loans – Commercial 14,703,818 14,760,367 15,085,481 Securitization retained interests 919,910 813,719 663,593 Deferred tax assets 20,874 36,104 14,921 Other assets 1,088,160 899,120 694,542 Total assets 54,305,340 53,233,921 53,940,196 Liabilities and Shareholders' Equity Liabilities: Deposits 35,036,491 33,739,612 34,123,703 Securitization liabilities 13,548,609 14,594,304 15,181,341 Obligations under repurchase agreements 84,092 - - Deferred tax liabilities 190,905 177,933 148,549 Funding facilities 1,410,370 946,956 839,841 Other liabilities 776,711 636,931 630,954 Total liabilities 51,047,178 50,095,736 50,924,388 Shareholders' Equity: Preferred shares - - 181,411 Common shares 510,973 505,876 495,707 Other equity instruments 147,360 147,440 - Contributed deficit (19,177) (17,374) (24,811) Retained earnings 2,607,001 2,483,309 2,359,116 Accumulated other comprehensive income (loss) 2,344 8,555 (7,804) Total equity attributable to equity holders of EQB 3,248,501 3,127,806 3,003,619 Non-controlling interests 9,661 10,379 12,189 Total equity 3,258,162 3,138,185 3,015,808 Total liabilities and shareholders' equity 54,305,340 53,233,921 53,940,196 Consolidated statement of income (unaudited) Three months ended Six months ended ($000s, except per share amounts) April 30, 2025 April 30, 2024 April 30, 2025 April 30, 2024 Interest income: Loans – Personal 461,337 482,299 942,707 951,253 Loans – Commercial 211,991 257,842 434,108 520,723 Investments 12,258 16,879 25,658 34,755 Other 19,912 27,209 45,282 49,308 705,498 784,229 1,447,755 1,556,039 Interest expense: Deposits 317,391 366,002 665,200 724,564 Securitization liabilities 112,213 131,776 237,645 259,029 Funding facilities 4,765 13,521 10,312 28,804 Other 70 5,592 153 20,294 434,439 516,891 913,310 1,032,691 Net interest income 271,059 267,338 534,445 523,348 Non-interest revenue: Fees and other income 22,713 20,564 45,633 37,179 Net gains on loans and investments 1,029 7,129 3,333 12,122 Gain on sale and income from retained interests 20,090 23,177 44,962 42,586 Net gains (losses) on securitization activities and derivatives 1,059 (1,548) 10,212 197 44,891 49,322 104,140 92,084 Revenue 315,950 316,660 638,585 615,432 Provision for credit losses 30,234 22,217 48,912 37,752 Revenue after provision for credit losses 285,716 294,443 589,673 577,680 Non-interest expenses: Compensation and benefits 74,280 66,961 150,214 132,330 Other 86,910 83,459 170,231 157,575 161,190 150,420 320,445 289,905 Income before income taxes 124,526 144,023 269,228 287,775 Income taxes: Current 26,218 32,734 42,957 71,268 Deferred 8,016 5,573 28,269 6,409 34,234 38,307 71,226 77,677 Net income 90,292 105,716 198,002 210,098 Dividends on preferred shares - 2,346 - 4,703 Distribution to LRCN holders 4,410 - 4,410 - Net income available to common shareholders and non- controlling interests 85,882 103,370 193,592 205,395 Net income attributable to: Common shareholders 85,533 103,041 192,935 204,916 Non-controlling interests 349 329 657 479 85,882 103,370 193,592 205,395 Earnings per share: Basic 2.23 2.70 5.02 5.38 Diluted 2.21 2.67 4.98 5.33 Consolidated statement of comprehensive income (unaudited) Three months ended Six months ended ($000s) April 30, 2025 April 30, 2024 April 30, 2025 April 30, 2024 Net income 90,292 105,716 198,002 210,098 Other comprehensive income – items that will be reclassified subsequently to income: Debt instruments at Fair Value through Other Comprehensive Income: Net change in gains (losses) on fair value 3,587 (16,240) 16,027 25,321 Reclassification of net (gains) losses to income (1,523) 17,187 (11,589) (18,640) Other comprehensive income – items that will not be reclassified subsequently to income: Equity instruments designated at Fair Value through Other Comprehensive Income: Net change in (losses) gains on fair value (203) 3,132 868 1,552 Reclassification of net gains to retained earnings (490) - (868) - 1,371 4,079 4,438 8,233 Income tax expense (372) (1,090) (1,289) (2,233) 999 2,989 3,149 6,000 Cash flow hedges: Net change in unrealized (losses) gains on fair value (8,979) 11,961 (13,189) (269) Reclassification of net gains to income (5,937) (5,070) (9,361) (11,764) (14,916) 6,891 (22,550) (12,033) Income tax recovery (expense) 4,049 (1,879) 6,080 3,282 (10,867) 5,012 (16,470) (8,751) Total other comprehensive (loss) income (9,868) 8,001 (13,321) (2,751) Total comprehensive income 80,424 113,717 184,681 207,347 Total comprehensive income attributable to: Common shareholders 75,665 111,042 179,614 202,165 Other equity and preferred shareholders 4,410 2,346 4,410 4,703 Non-controlling interests 349 329 657 479 80,424 113,717 184,681 207,347 Consolidated statement of changes in shareholders' equity (unaudited) ($000s) Three-month period ended April 30, 2025 Common Shares Other equity instruments Contributed Deficit Retained Earnings Accumulated other comprehensive income (loss) Cash Flow Hedges Financial Instruments at FVOCI Total Attributable to equity holders Non- controlling interests Total Balance, beginning of period 506,160 147,360 (17,437) 2,564,315 16,014 (4,814) 11,200 3,211,598 9,838 3,221,436 Net Income - - - 89,943 - - - 89,943 349 90,292 Realized loss on sale of shares, net of tax - - - (659) - - - (659) - (659) Transfer of AOCI losses to retained earnings, net of tax - - - - - 1,012 1,012 1,012 - 1,012 Other comprehensive loss, net of tax - - - - (10,867) 999 (9,868) (9,868) - (9,868) Exercise of stock options 6,677 - - - - - - 6,677 - 6,677 Common shares repurchased and cancelled (3,465) - - (22,600) - - - (26,065) - (26,065) Limited recourse capital note distributions, net of tax - - - (4,410) - - - (4,410) - (4,410) Dividends: Common shares - - - (19,588) - - - (19,588) (526) (20,114) Put option – non-controlling interest - - (1,203) - - - - (1,203) - (1,203) Stock-based compensation - - 1,064 - - - - 1,064 - 1,064 Transfer relating to the exercise of stock options 1,601 - (1,601) - - - - - - - Balance, end of period 510,973 147,360 (19,177) 2,607,001 5,147 (2,803) 2,344 3,248,501 9,661 3,258,162 ($000s) Three-month period ended April 30, 2024 Preferred Shares Common Shares Contributed deficit Retained Earnings Accumulated other comprehensive income (loss) Cash Flow Hedges Financial Instruments at FVOCI Total Attributable to equity holders Non- controlling interests Total Balance, beginning of period 181,411 489,944 (23,055) 2,272,116 29,855 (45,681) (15,826) 2,904,590 12,460 2,917,050 Net Income - - - 105,387 - - - 105,387 329 105,716 Transfer of AOCI losses to income, net of tax - - - - - 21 21 21 - 21 Other comprehensive income, net of tax - - - - 5,012 2,989 8,001 8,001 - 8,001 Exercise of stock options - 4,881 - - - - - 4,881 - 4,881 Dividends: Preferred shares - - - (2,346) - - - (2,346) - (2,346) Common shares - - - (16,041) - - - (16,041) (600) (16,641) Put option – non-controlling interest - - (1,974) - - - - (1,974) - (1,974) Stock-based compensation - - 1,100 - - - - 1,100 - 1,100 Transfer relating to the exercise of stock options - 882 (882) - - - - - - - Balance, end of period 181,411 495,707 (24,811) 2,359,116 34,867 (42,671) (7,804) 3,003,619 12,189 3,015,808 ($000s) Six month period ended April 30, 2025 Common Shares Other equity instruments Contributed Deficit Retained Earnings Accumulated other comprehensive income (loss) Cash Flow Hedges Financial Instruments at FVOCI Total Attributable to equity holders Non controlling interests Total Balance, beginning of period 505,876 147,440 (17,374) 2,483,309 21,617 (13,062) 8,555 3,127,806 10,379 3,138,185 Net Income - - - 197,345 - - - 197,345 657 198,002 Realized loss on sale of shares, net of tax - - - (6,377) - - - (6,377) - (6,377) Transfer of AOCI losses to retained earnings, net of tax - - - - - 7,016 7,016 7,016 - 7,016 Transfer of AOCI losses to income, net of tax - - - - - 94 94 94 - 94 Other comprehensive loss, net of tax - - - - (16,470) 3,149 (13,321) (13,321) - (13,321) Exercise of stock options 7,137 - - - - - - 7,137 - 7,137 Common shares repurchased and cancelled (3,740) - - (24,432) - - - (28,172) - (28,172) Issuance costs, net of tax - (80) - - - - - (80) (80) Limited recourse capital note distributions, net of tax - - - (4,410) - - - (4,410) - (4,410) Dividends: Common shares - - - (38,434) - - - (38,434) (1,375) (39,809) Put option – non-controlling interest - - (2,334) - - - - (2,334) - (2,334) Stock-based compensation - - 2,231 - - - - 2,231 - 2,231 Transfer relating to the exercise of stock options 1,700 - - - - - - - - Balance, end of period 510,973 147,360 (19,177) 2,607,001 5,147 (2,803) 2,344 3,248,501 9,661 3,258,162 ($000s) Six-month period ended April 30, 2024 Preferred Shares Common Shares Contributed Surplus/ (deficit) Retained Earnings Accumulated other comprehensive income (loss) Cash Flow Hedges Financial Instruments at FVOCI Total Attributable to equity holders Non- controlling interests Total Balance, beginning of period 181,411 471,014 12,795 2,185,480 43,618 (48,775) (5,157) 2,845,543 - 2,845,543 Non-controlling interest on acquisition - - - - - - - - 12,310 12,310 Net Income - - - 209,619 - - - 209,619 479 210,098 Transfer of AOCI losses to income, net of tax - - - - - 104 104 104 - 104 Other comprehensive income, net of tax - - - - (8,751) 6,000 (2,751) (2,751) - (2,751) Common share issued - 11,000 - - - - - 11,000 - 11,000 Exercise of stock options - 11,839 - - - - - 11,839 - 11,839 Dividends: Preferred shares - - - (4,703) - - - (4,703) - (4,703) Common shares - - - (31,280) - - - (31,280) (600) (31,880) Put option – non-controlling interest - - (37,865) - - - - (37,865) - (37,865) Stock-based compensation - - 2,113 - - - - 2,113 - 2,113 Transfer relating to the exercise of stock options - 1,854 - - - - - - - Balance, end of period 181,411 495,707 (24,811) 2,359,116 34,867 (42,671) (7,804) 3,003,619 12,189 3,015,808 Consolidated statement of cash flows (unaudited) Three months ended Six months ended ($000s) April 30, 2025 April 30, 2024 April 30, 2025 April 30, 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income 90,292 105,716 198,002 210,098 Adjustments for non-cash items in net income: Financial instruments at fair value through income (157,852) (5,177) (178,350) 11,360 Amortization of premiums/discount (2,753) (34,159) (5,583) (31,029) Amortization of capital and intangible costs 17,571 11,679 32,394 23,120 Provision for credit losses 30,234 22,217 48,912 37,752 Securitization gains (13,010) (17,486) (30,626) (32,002) Stock-based compensation 1,064 1,100 2,231 2,113 Income taxes 34,234 38,307 71,226 77,677 Securitization retained interests 41,741 30,701 81,698 58,634 Changes in operating assets and liabilities: Restricted cash (179,566) (120,389) (24,604) (15,953) Securities purchased under reverse repurchase agreements (300,023) (594,342) (839,919) (491,122) Loans receivable, net of securitizations (891,443) (222,907) (266,146) (715,022) Other assets 21,821 (7,205) 81 (8,531) Deposits 406,679 1,887,780 1,255,415 2,089,142 Securitization liabilities (174,739) (205,820) (1,067,985) 677,411 Obligations under repurchase agreements 84,092 (482,574) 84,092 (1,128,238) Funding facilities 641,557 (493,062) 463,414 (891,746) Other liabilities 13,726 47,598 65,399 41,636 Income taxes paid (28,528) (23,962) (67,759) (50,074) Cash flows used in operating activities (364,903) (61,985) (178,108) (134,774) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of common shares 6,677 4,881 7,137 22,839 Common share repurchased and cancelled (26,065) (28,172) Limited recourse capital notes - - (80) - Distribution to other equity holders (4,410) - (4,410) - Dividends paid on preferred shares - (2,346) - (4,703) Dividends paid on common shares (20,114) (16,041) (39,809) (31,280) Cash flows used in financing activities (43,912) (13,506) (65,334) (13,144) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments (12,689) (8,004) (16,419) (344,423) Acquisition of subsidiary - 45 - (75,483) Proceeds on sale or redemption of investments 128,107 191,245 159,473 656,646 Net change in Canada Housing Trust re-investment accounts 11,623 28,954 53,032 46,959 Purchase of capital assets and system development costs (27,495) (23,289) (43,538) (28,036) Cash flows from investing activities 99,546 188,951 152,548 255,663 Net (decrease) increase in cash and cash equivalents (309,269) 113,460 (90,894) 107,745 Cash and cash equivalents, beginning of period 810,016 543,759 591,641 549,474 Cash and cash equivalents, end of period 500,747 657,219 500,747 657,219 Supplemental statement of cash flows disclosures: Interest received 668,744 846,075 1,378,441 1,534,404 Interest paid (410,679) (443,052) (827,115) (814,672) Dividends received 132 564 350 1,113 About EQB Inc. EQB Inc. (TSX: EQB) is a leading digital financial services company with $134 billion in combined assets under management and administration (as at April 30, 2025). It offers banking services through Equitable Bank, a wholly owned subsidiary and Canada's seventh largest bank by assets, and wealth management through ACM Advisors, a majority owned subsidiary specializing in alternative assets. As Canada's Challenger Bank™, Equitable Bank has a clear mission to drive change in Canadian banking to enrich people's lives. It leverages technology to deliver exceptional personal and commercial banking experiences and services to over 742,000 customers and more than six million credit union members through its businesses. Through its digital EQ Bank platform ( its customers have named it one of Canada's top banks on the Forbes World's Best Banks list since 2021. Please visit for more details. Investor contact: David Wilkes VP and Head of Finance [email protected] Media contact: Maggie Hall Director, PR & Communications [email protected] Cautionary Note Regarding Forward-Looking Statements Statements made by EQB in the sections of this news release, in other filings with Canadian securities regulators and in other communications include forward-looking statements within the meaning of applicable securities laws (forward-looking statements). These statements include, but are not limited to, statements about EQB's objectives, strategies and initiatives, financial performance expectation, statements with respect to EQB's intention to renew and/or make share repurchases under its NCIB, and other statements made herein, whether with respect to EQB's businesses or the Canadian economy. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "intends", "scheduled", "planned", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases which state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", or other similar expressions of future or conditional verbs. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of EQB to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to capital markets and additional funding requirements, fluctuating interest rates and general economic conditions including, without limitation global geopolitical risk, uncertainty arising from ongoing United States/Canada tariff concerns and related impacts, business acquisition, legislative and regulatory developments, changes in accounting standards, the nature of our customers and rates of default, and competition as well as those factors discussed under the heading "Risk Management" in EQB's Q2 MD&A and in EQB's documents filed on SEDAR+ at All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends, including their knowledge of the current credit, interest rate and liquidity conditions affecting EQB and the Canadian economy. Although EQB believes the assumptions used to make such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Certain material assumptions are applied by EQB in making forward-looking statements, including without limitation, assumptions regarding its continued ability to fund its mortgage business, a continuation of the current level of economic uncertainty that affects real estate market conditions, continued acceptance of its products in the marketplace, as well as no material changes in its operating cost structure and the current tax regime. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. EQB does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws. Non-Generally Accepted Accounting Principles (GAAP) Financial Measures and Ratios In addition to GAAP prescribed measures, this news release references certain non-GAAP measures, including adjusted financial results, that we believe provide useful information to investors regarding EQB's financial condition and results of operations. Readers are cautioned that non-GAAP measures often do not have any standardized meaning, and therefore, are unlikely to be comparable to similar measures presented by other companies. Adjustments listed below are presented on a pre-tax basis: Q2 2025 $3.4 million new office lease related expenses prior to occupancy, and $2.0 million intangible asset amortization. Q1 2025 $2.8 million new office lease related expenses prior to occupancy, $1.8 million non-recurring operational effectiveness expenses and acquisition and integration-related costs, $2.0 million intangible asset amortization, and $5.0 million provision for credit losses associated with an equipment financing purchase facility. Q2 2024 $5.7 million non-recurring operational effectiveness expenses and acquisition and integration-related costs; and $1.6 million intangible asset amortization. The following table presents a reconciliation of GAAP reported financial results to non-GAAP adjusted financial results (unaudited). R econciliation of reported and adjusted financial results For the three months ended For the six months ended ($000, except share and per share amounts) 30-Apr-25 31-Jan-25 30-Apr-24 30-Apr-25 30-Apr-24 Reported results Net interest income 271,059 263,386 267,338 534,445 523,348 Non-interest revenue 44,891 59,249 49,322 104,140 92,084 Revenue 315,950 322,635 316,660 638,585 615,432 Non-interest expense 161,190 159,255 150,420 320,445 289,905 Pre-provision pre-tax income (3) 154,760 163,380 166,240 318,140 325,527 Provision for credit loss 30,234 18,678 22,217 48,912 37,752 Income tax expense 34,234 36,992 38,307 71,226 77,677 Net income 90,292 107,710 105,716 198,002 210,098 Net income available to common shareholders 85,533 107,402 103,041 192,935 204,916 Adjustments Non-interest expenses – new office lease related expenses (3,363) (2,789) - (6,152) - Non-interest expenses – non-recurring operational effectiveness and acquisition-related costs (1) - (1,782) (5,710) (1,782) (7,763) Non-interest expenses – intangible asset amortization (1,969) (1,969) (1,599) (3,938) (4,997) Provision for credit loss – equipment financing - (5,018) - (5,018) - Pre-tax adjustments 5,332 11,558 7,309 16,890 12,760 Income tax expense – tax impact on above adjustments (2) 1,414 3,039 1,983 4,453 3,466 Post-tax adjustments – net income 3,918 8,519 5,326 12,437 9,294 Adjustments attributed to minority interests (259) (261) (190) (520) (314) Post-tax adjustments – net income to common shareholders 3,659 8,258 5,136 11,917 8,980 Adjusted results Net interest income 271,059 263,386 267,338 534,445 523,348 Non-interest revenue 44,891 59,249 49,322 104,140 92,084 Revenue 315,950 322,635 316,660 638,585 615,432 Non-interest expense 155,858 152,715 143,111 308,573 277,145 Pre-provision pre-tax income (3) 160,092 169,920 173,549 330,012 338,287 Provision for credit loss 30,234 13,660 22,217 43,894 37,752 Income tax expenses 35,649 40,030 40,290 75,679 81,143 Net income 94,209 116,230 111,042 210,439 219,392 Net income available to common shareholders 89,190 115,662 108,177 204,852 213,896 Diluted earnings p er share Weighted average diluted common shares outstanding 38,662,002 38,781,523 38,522,025 38,725,808 38,434,002 Diluted earnings per share – reported 2.21 2.77 2.67 4.98 5.33 Diluted earnings per share – adjusted 2.31 2.98 2.81 5.29 5.57 Diluted earnings per share – adjustment impact 0.10 0.21 0.14 0.31 0.24 (1) Includes non-recurring operational effectiveness and acquisition and integration-related costs associated with Concentra Bank and ACM. (2) Income tax expense associated with non-GAAP adjustment was calculated based on the statutory tax rate applicable for that period. (3) This is a non-GAAP measure, see Non-GAAP financial measures and ratios section. Other non-GAAP financial measures and ratios: Adjusted return on equity (ROE) is calculated on an annualized basis and is defined as adjusted net income available to common shareholders as a percentage of weighted average common shareholders' equity (reported) outstanding during the period. Assets under administration (AUA): is sum of (1) assets over which EQB's subsidiaries have been named as trustee, custodian, executor, administrator, or other similar role; (2) loans held by credit unions for which EQB's subsidiaries act as servicer. Assets under management (AUM): is the sum of total balance sheet assets, loan principal derecognized but still managed by EQB, and assets managed on behalf on investors. Loans under management (LUM): is the sum of loan principal reported on the consolidated balance sheet and loan principal derecognized but still managed by EQB. Net interest margin (NIM): this profitability measure is calculated on an annualized basis by dividing net interest income by the average total interest earning assets for the period. Pre-provision pre-tax income (PPPT): this is the difference between revenue and non-interest expenses. Total loan assets: this is calculated on a gross basis (prior to allowance for credit losses) as the sum of both Loans – Personal and Loans – Commercial on the balance sheet and adding their associated allowance for credit losses.
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28-05-2025
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EQB releases Q2 results marked by continued loan growth as dividend increases 18% y/y and total AUM and AUA climb to $134 billion
TORONTO, May 28, 2025 /CNW/ - EQB Inc. (TSX: EQB) today reported earnings for the three and six months ended April 30, 2025, that reflected diversified, high-quality growth in loans under management, higher net interest income and core non-revenue from fees and multi-unit securitization, offset by credit provisions driven by the macroeconomic environment. Q2 2025 highlights compared to Q2 2024: Adjusted ROE1 11.9% (reported 11.4%) Adjusted diluted EPS1 $2.31, -18% y/y, -22% q/q (reported $2.21, -17% y/y, -20% q/q) Book value per share $80.99, +10% y/y, +2% q/q Revenue $316.0 million, -0.2% y/y, -2% q/q with non-interest revenue contributing 14% of total Adjusted PPPT1,3 $160.1 million, -8% y/y, -6% q/q (reported $154.8 million, -7% y/y, -5% q/q) Adjusted net income1 $94.2 million, -15% y/y, -19% q/q (reported $90.3 million, -15% y/y, -16% q/q) Net interest margin (NIM)2: 2.20%, +9 bps y/y, +13 bps q/q Net interest income (NII): $271.1 million, +1% y/y, +3% q/q Total AUM + AUA2 $134 billion, +8% y/y, +2% q/q EQ Bank customers, +23% y/y, +4% q/q to 560,000 Common share dividends declared $0.53 per share, +4% q/q, +18% y/y YTD 2025 (six months) highlights compared to YTD 2024: Adjusted ROE1 13.6% (reported 12.8%) Adjusted diluted EPS1 $5.29, -5% y/y (reported $4.98, -7% y/y) Adjusted net income1 $ 210.4 million, -4% y/y (reported $198.0 million, -6% y/y) Total capital ratio 15.6% and CET1 ratio of 13.2% "Amid economic uncertainty globally and in Canada, EQB experienced one of our strongest quarters for uninsured single family loan originations, and we are pleased with notable increases in EQ Bank customers and deposits as we continued to flex our Challenger Bank muscles," said Andrew Moor, president and CEO. "Our fundamentals remain resilient despite credit provisions made necessary by tariff-driven changes in the economy and the residual impact of higher interest rates on certain borrowers. Our uncompromising focus on customer service and innovation that enriches people's lives, disciplined capital allocation to diversified market segments, dynamic risk management approach and proven loan resolution capabilities support our expectations of continued shareholder value creation in the second half of 2025 and positive outlook for 2026." EQ Bank welcomes 24,000 new customers, bringing total to 560,000 +23% y/y, 4% q/q The EQ Bank Notice Savings Account, an innovative and powerful alternative to GICs and traditional savings vehicles, continued to drive customer and deposit growth as it nears one year in market, bolstered by its Québécois debut as Banque EQ meets new demand for Challenger Bank offerings Increase in payroll customers continued to confirm EQ Bank's position as bank of choice and go-to source for innovative and valuable savings and spending options Strong customer response to recently refreshed CAD/USD foreign exchange rates within the no-fee, high interest US Dollar Account and the broader suite of international banking solutions including cost-effective global transfers with Wise and on-the-go spending with the EQ Bank Card Experienced Equitable Bank executive, Dan Broten, recently named to lead strategy, product, marketing and digital delivery in the new role of SVP and Head of EQ Bank, while Janet Lin, SVP and Chief Information Officer, will advance culture of innovation and technological excellence at Equitable Bank Residential Lending portfolio benefits from one of the strongest periods of originations and retention Consistent with Q1 momentum, single-family uninsured originations grew +28% y/y as application volumes translated into high-quality asset growth, supported by renewed market activity compared to a year ago and gains in share in the mortgage broker channel; Equitable Bank's approach to credit and risk management is rigorous, demonstrated by conservative average LTV for single-family uninsured loans of 63% and credit scores consistent at 711 Portfolio balances grew +4% y/y, +2% q/q to $20.6 billion on new originations and exceptional renewal rates on responsive customer service Decumulation lending (including reverse mortgages and insurance lending) reached $2.5 billion +45% y/y, +8% q/q; momentum reflected broker support, value to borrowers of choosing Equitable Bank's differentiated solutions and continued expansion of the available market as Canadians retire and realize the advantages of converting real asset-based equity into funds to live in place Commercial Banking portfolio driven by insured lending for multi-unit residential properties EQB continued to prioritize insured lending for multi-unit residential properties in major cities across the country with over 80% of total commercial LUM insured through various CMHC programs CMHC-insured multi-unit residential LUM grew +29% y/y, +6% q/q to $29.1 billion, while the commercial portfolio's uninsured businesses also delivered healthy growth despite subdued market conditions EQB's insured commercial construction lending grew +31% y/y, +10% q/q to $3.3 billion, driven by both new originations and construction draws on existing commitments Provisions reflect change in macroeconomic environment, new formation rate slowing EQB's provision for credit losses (PCL) of $30.2 million was split almost equally across each of its business lines and reflects the impacts of evolving macroeconomic forecasts, expected credit loss modelling and Stage 3 provisions of $24.5 million, 1% y/y, 77% q/q Net impaired loans increased by $58.5 million in Q2 to $741.5 million, or 156 bps of total loan assets compared to 147 bps at Q1, 132 bps at Q4 2024 and 92 bps at Q2 2024; the increase, despite slowing formations, was driven by two newly impaired commercial loans and a decelerating pace of resolution The Bank is appropriately reserved for credit losses with net allowances as a percentage of total loan assets of 29 bps, compared to 28 bps at Q1 2025 and 23 bps at Q2 2024; the increase in net allowance rate was across all segments and driven by a deterioration in forecasts for GDP and employment as a result of economic uncertainty related to tariffs and their potential impact Focus remains on de-risking the equipment financing portfolio in light of challenges in the long-haul transportation market; reflecting EQB's risk appetite and a new management approach, exposure to long-haul transportation is down to 33% from Q1 while higher-quality prime leases now account for 51% of the portfolio EQB increases common share dividend, buys back shares and reaffirms capital management guidance EQB's Board of Directors declared a dividend of $0.53 per common share payable on June 30, 2025, to shareholders of record as of June 13, 2025, representing a 4% increase from the dividend paid in March 2025 and 18% above the payment made in June 2024 As part of management's plan to continually optimize its capital structure to support strategic objectives and maintain strong overall capital levels, the Bank also completed a $200 million subordinated debt issuance to EQB, bringing Equitable Bank's Total Capital Ratio to 15.6%; this is consistent with the Bank's intention to operate above 15% Total Capital with expectations that up to 300 bps of Total Capital could be contributed by Alternative Tier 1 and Tier 2 capital in 2027 onward and CET1 guidance for 2025 reaffirmed at 13%+ Equitable Bank's consistent organic capital generation and strength in CET1 enabled it to make a $200 million dividend to parent EQB in Q2; inclusive of dividends and the semi-annual $4.4 million payment to holders of the Bank's Limited Recourse Capital Notes, the Bank's CET1 ratio was 13.2% In Q2, EQB repurchased 271,117 common shares through its NCIB, which allows for the repurchase and cancellation of up to 2,300,000 common shares or 8.4% of the public float of common shares outstanding at January 2, 2025 EQ Bank Tower unveiled, marking new chapter for Canada's Challenger Bank New Toronto-based national headquarters opened subsequent to quarter end, bringing talented employees together for more effective collaboration supported by sustainable design and intentional use of Canadian furniture and fittings "In the second quarter, we responded to an increasingly volatile environment by focusing on unique, high-quality market opportunities that are available to Canada's Challenger Bank by growing our uninsured and insured loan portfolios in a risk-managed way and adding strength and depth to our cost-effective funding sources," said David Wilkes, VP and head of finance. "Recent strength in loan originations will benefit future revenue while gains from insured multi-unit securitizations are expected to contribute to performance in the second half of fiscal 2025. By focusing on our fundamentals, which are strong, and investing through the business cycle, we are well-positioned to navigate uncertain economic conditions, target growth opportunities and sustain EQB's long track record as an industry performance leader." Analyst conference call and webcast: 10:30 a.m. ET May 29, 2025 EQB's Andrew Moor, president and CEO, Marlene Lenarduzzi, CRO, and David Wilkes, VP and head of finance, will host EQB's second quarter earnings call and webcast. The listen-only webcast with accompanying slides will be available at To access the conference call with operator assistance, dial 416-945-7677 five minutes prior to the start time. 1 Adjusted measures and ratios are Non-Generally Accepted Accounting Principles (GAAP) measures and ratios. Adjusted measures and ratios are calculated in the same manner as reported measures and ratios, except that financial information included in the calculation of adjusted measures and ratios is adjusted to exclude the impact of one-time acquisition and integration related costs, and certain items which management determines would have a significant impact on a reader's assessment of business performance. For additional information and a reconciliation of reported results to adjusted results, see the "Non-GAAP financial measures and ratios" section. 2 These are non-GAAP measures, see the "Non-GAAP financial measures and ratios" section. 3 PPPT represents pre-provision-pre-tax income, a non-GAAP measure of financial performance. INTERIM CONSOLIDATED FINANCIAL STATEMENTS Consolidated balance sheet (unaudited) ($000s) As at April 30, 2025 October 31, 2024 April 30, 2024 Assets: Cash and cash equivalents 500,747 591,641 657,219 Restricted cash 996,591 971,987 783,148 Securities purchased under reverse repurchase agreements 2,100,037 1,260,118 1,399,955 Investments 1,450,879 1,627,314 1,817,916 Loans – Personal 32,524,324 32,273,551 32,823,421 Loans – Commercial 14,703,818 14,760,367 15,085,481 Securitization retained interests 919,910 813,719 663,593 Deferred tax assets 20,874 36,104 14,921 Other assets 1,088,160 899,120 694,542 Total assets 54,305,340 53,233,921 53,940,196 Liabilities and Shareholders' EquityLiabilities: Deposits 35,036,491 33,739,612 34,123,703 Securitization liabilities 13,548,609 14,594,304 15,181,341 Obligations under repurchase agreements 84,092 - - Deferred tax liabilities 190,905 177,933 148,549 Funding facilities 1,410,370 946,956 839,841 Other liabilities 776,711 636,931 630,954 Total liabilities 51,047,178 50,095,736 50,924,388 Shareholders' Equity: Preferred shares - - 181,411 Common shares 510,973 505,876 495,707 Other equity instruments 147,360 147,440 - Contributed deficit (19,177) (17,374) (24,811) Retained earnings 2,607,001 2,483,309 2,359,116 Accumulated other comprehensive income (loss) 2,344 8,555 (7,804) Total equity attributable to equity holders of EQB 3,248,501 3,127,806 3,003,619 Non-controlling interests 9,661 10,379 12,189 Total equity 3,258,162 3,138,185 3,015,808 Total liabilities and shareholders' equity 54,305,340 53,233,921 53,940,196 Consolidated statement of income (unaudited)Three months ended Six months ended ($000s, except per share amounts) April 30, 2025 April 30, 2024 April 30, 2025 April 30, 2024 Interest income: Loans – Personal 461,337 482,299 942,707 951,253 Loans – Commercial 211,991 257,842 434,108 520,723 Investments 12,258 16,879 25,658 34,755 Other 19,912 27,209 45,282 49,308705,498 784,229 1,447,755 1,556,039 Interest expense: Deposits 317,391 366,002 665,200 724,564 Securitization liabilities 112,213 131,776 237,645 259,029 Funding facilities 4,765 13,521 10,312 28,804 Other 70 5,592 153 20,294434,439 516,891 913,310 1,032,691 Net interest income 271,059 267,338 534,445 523,348 Non-interest revenue: Fees and other income 22,713 20,564 45,633 37,179 Net gains on loans and investments 1,029 7,129 3,333 12,122 Gain on sale and income from retained interests 20,090 23,177 44,962 42,586 Net gains (losses) on securitization activities and derivatives 1,059 (1,548) 10,212 19744,891 49,322 104,140 92,084 Revenue 315,950 316,660 638,585 615,432 Provision for credit losses 30,234 22,217 48,912 37,752 Revenue after provision for credit losses 285,716 294,443 589,673 577,680 Non-interest expenses: Compensation and benefits 74,280 66,961 150,214 132,330 Other 86,910 83,459 170,231 157,575161,190 150,420 320,445 289,905 Income before income taxes 124,526 144,023 269,228 287,775 Income taxes: Current 26,218 32,734 42,957 71,268 Deferred 8,016 5,573 28,269 6,40934,234 38,307 71,226 77,677 Net income 90,292 105,716 198,002 210,098 Dividends on preferred shares - 2,346 - 4,703 Distribution to LRCN holders 4,410 - 4,410 - Net income available to common shareholders and non- controlling interests 85,882 103,370 193,592 205,395 Net income attributable to: Common shareholders 85,533 103,041 192,935 204,916 Non-controlling interests 349 329 657 47985,882 103,370 193,592 205,395 Earnings per share: Basic 2.23 2.70 5.02 5.38 Diluted 2.21 2.67 4.98 5.33 Consolidated statement of comprehensive income (unaudited)Three months ended Six months ended ($000s) April 30, 2025 April 30, 2024 April 30, 2025 April 30, 2024 Net income 90,292 105,716 198,002 210,098 Other comprehensive income – items that will bereclassified subsequently to income: Debt instruments at Fair Value through OtherComprehensive Income: Net change in gains (losses) on fair value 3,587 (16,240) 16,027 25,321 Reclassification of net (gains) losses to income (1,523) 17,187 (11,589) (18,640) Other comprehensive income – items that will not bereclassified subsequently to income: Equity instruments designated at Fair Value throughOther Comprehensive Income: Net change in (losses) gains on fair value (203) 3,132 868 1,552 Reclassification of net gains to retained earnings (490) - (868) -1,371 4,079 4,438 8,233 Income tax expense (372) (1,090) (1,289) (2,233)999 2,989 3,149 6,000 Cash flow hedges: Net change in unrealized (losses) gains on fair value (8,979) 11,961 (13,189) (269) Reclassification of net gains to income (5,937) (5,070) (9,361) (11,764)(14,916) 6,891 (22,550) (12,033) Income tax recovery (expense) 4,049 (1,879) 6,080 3,282(10,867) 5,012 (16,470) (8,751) Total other comprehensive (loss) income (9,868) 8,001 (13,321) (2,751) Total comprehensive income 80,424 113,717 184,681 207,347 Total comprehensive income attributable to: Common shareholders 75,665 111,042 179,614 202,165 Other equity and preferred shareholders 4,410 2,346 4,410 4,703 Non-controlling interests 349 329 657 47980,424 113,717 184,681 207,347 Consolidated statement of changes in shareholders' equity (unaudited) ($000s) Three-month period ended April 30, 2025CommonShares Other equityinstruments ContributedDeficit RetainedEarnings Accumulated othercomprehensive income (loss)Cash FlowHedges FinancialInstrumentsat FVOCI Total Attributableto equityholders Non-controllinginterests Total Balance, beginning of period 506,160 147,360 (17,437) 2,564,315 16,014 (4,814) 11,200 3,211,598 9,838 3,221,436 Net Income - - - 89,943 - - - 89,943 349 90,292 Realized loss on sale of shares, net of tax - - - (659) - - - (659) - (659) Transfer of AOCI losses toretained earnings, net of tax - - - - - 1,012 1,012 1,012 - 1,012 Other comprehensive loss, net of tax - - - - (10,867) 999 (9,868) (9,868) - (9,868) Exercise of stock options 6,677 - - - - - - 6,677 - 6,677 Common shares repurchased and cancelled (3,465) - - (22,600) - - - (26,065) - (26,065) Limited recourse capital note distributions, net of tax - - - (4,410) - - - (4,410) - (4,410) Dividends: Common shares - - - (19,588) - - - (19,588) (526) (20,114) Put option – non-controlling interest - - (1,203) - - - - (1,203) - (1,203) Stock-based compensation - - 1,064 - - - - 1,064 - 1,064 Transfer relating to the exercise of stock options 1,601 - (1,601) - - - - - - - Balance, end of period 510,973 147,360 (19,177) 2,607,001 5,147 (2,803) 2,344 3,248,501 9,661 3,258,162 ($000s) Three-month period ended April 30, 2024PreferredShares CommonShares Contributeddeficit RetainedEarnings Accumulated other comprehensive income (loss)CashFlowHedges FinancialInstrumentsat FVOCI Total Attributableto equityholders Non-controllinginterests Total Balance, beginning of period 181,411 489,944 (23,055) 2,272,116 29,855 (45,681) (15,826) 2,904,590 12,460 2,917,050 Net Income - - - 105,387 - - - 105,387 329 105,716 Transfer of AOCI losses to income, net of tax - - - - - 21 21 21 - 21 Other comprehensive income, net of tax - - - - 5,012 2,989 8,001 8,001 - 8,001 Exercise of stock options - 4,881 - - - - - 4,881 - 4,881 Dividends: Preferred shares - - - (2,346) - - - (2,346) - (2,346) Common shares - - - (16,041) - - - (16,041) (600) (16,641) Put option – non-controlling interest - - (1,974) - - - - (1,974) - (1,974) Stock-based compensation - - 1,100 - - - - 1,100 - 1,100 Transfer relating to the exercise of stock options - 882 (882) - - - - - - - Balance, end of period 181,411 495,707 (24,811) 2,359,116 34,867 (42,671) (7,804) 3,003,619 12,189 3,015,808 ($000s) Six month period ended April 30, 2025Common Shares Other equityinstruments ContributedDeficit RetainedEarnings Accumulated othercomprehensive income (loss)Cash FlowHedges FinancialInstrumentsat FVOCI Total Attributableto equityholders Noncontrollinginterests Total Balance, beginning of period 505,876 147,440 (17,374) 2,483,309 21,617 ... (13,062) 8,555 3,127,806 10,379 3,138,185 Net Income - - - 197,345 - - - 197,345 657 198,002 Realized loss on sale of shares, net of tax - - - (6,377) - - - (6,377) - (6,377) Transfer of AOCI losses to retained earnings, net of tax - - - - - 7,016 7,016 7,016 - 7,016 Transfer of AOCI losses to income, net of tax - - - - - 94 94 94 - 94 Other comprehensive loss, net of tax - - - - (16,470) 3,149 (13,321) (13,321) - (13,321) Exercise of stock options 7,137 - - - - - - 7,137 - 7,137 Common shares repurchased and cancelled (3,740) - - (24,432) - - - (28,172) - (28,172) Issuance costs, net of tax - (80) - - - - - (80)(80) Limited recourse capital note distributions, net of tax - - - (4,410) - - - (4,410) - (4,410) Dividends: Common shares - - - (38,434) - - - (38,434) (1,375) (39,809) Put option – non-controlling interest - - (2,334) - - - - (2,334) - (2,334) Stock-based compensation - - 2,231 - - - - 2,231 - 2,231 Transfer relating to the exercise of stock options 1,700 - (1,700) - - - - - - - Balance, end of period 510,973 147,360 (19,177) 2,607,001 5,147 (2,803) 2,344 3,248,501 9,661 3,258,162 ($000s) Six-month period endedApril 30, 2024 PreferredShares CommonShares ContributedSurplus/ (deficit) RetainedEarnings Accumulated othercomprehensive income (loss)CashFlowHedges FinancialInstrumentsat FVOCI Total Attributableto equityholders Non-controllinginterests Total Balance, beginning of period 181,411 471,014 12,795 2,185,480 43,618 (48,775) (5,157) 2,845,543 - 2,845,543 Non-controlling interest on acquisition - - - - - - - - 12,310 12,310 Net Income - - - 209,619 - - - 209,619 479 210,098 Transfer of AOCI losses to income, net of tax - - - - - 104 104 104 - 104 Other comprehensive income, net of tax - - - - (8,751) 6,000 (2,751) (2,751) - (2,751) Common share issued - 11,000 - - - - - 11,000 - 11,000 Exercise of stock options - 11,839 - - - - - 11,839 - 11,839 Dividends: Preferred shares - - - (4,703) - - - (4,703) - (4,703) Common shares - - - (31,280) - - - (31,280) (600) (31,880) Put option – non-controlling interest - - (37,865) - - - - (37,865) - (37,865) Stock-based compensation - - 2,113 - - - - 2,113 - 2,113 Transfer relating to the exercise of stock options - 1,854 (1,854) - - - - - - - Balance, end of period 181,411 495,707 (24,811) 2,359,116 34,867 (42,671) (7,804) 3,003,619 12,189 3,015,808 Consolidated statement of cash flows (unaudited)Three months ended Six months ended ($000s) April 30, 2025 April 30, 2024 April 30, 2025 April 30, 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income 90,292 105,716 198,002 210,098 Adjustments for non-cash items in net income: Financial instruments at fair value through income (157,852) (5,177) (178,350) 11,360 Amortization of premiums/discount (2,753) (34,159) (5,583) (31,029) Amortization of capital and intangible costs 17,571 11,679 32,394 23,120 Provision for credit losses 30,234 22,217 48,912 37,752 Securitization gains (13,010) (17,486) (30,626) (32,002) Stock-based compensation 1,064 1,100 2,231 2,113 Income taxes 34,234 38,307 71,226 77,677 Securitization retained interests 41,741 30,701 81,698 58,634 Changes in operating assets and liabilities: Restricted cash (179,566) (120,389) (24,604) (15,953) Securities purchased under reverse repurchase agreements (300,023) (594,342) (839,919) (491,122) Loans receivable, net of securitizations (891,443) (222,907) (266,146) (715,022) Other assets 21,821 (7,205) 81 (8,531) Deposits 406,679 1,887,780 1,255,415 2,089,142 Securitization liabilities (174,739) (205,820) (1,067,985) 677,411 Obligations under repurchase agreements 84,092 (482,574) 84,092 (1,128,238) Funding facilities 641,557 (493,062) 463,414 (891,746) Other liabilities 13,726 47,598 65,399 41,636 Income taxes paid (28,528) (23,962) (67,759) (50,074) Cash flows used in operating activities (364,903) (61,985) (178,108) (134,774) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of common shares 6,677 4,881 7,137 22,839 Common share repurchased and cancelled (26,065)(28,172) Limited recourse capital notes - - (80) - Distribution to other equity holders (4,410) - (4,410) - Dividends paid on preferred shares - (2,346) - (4,703) Dividends paid on common shares (20,114) (16,041) (39,809) (31,280) Cash flows used in financing activities (43,912) (13,506) (65,334) (13,144) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments (12,689) (8,004) (16,419) (344,423) Acquisition of subsidiary - 45 - (75,483) Proceeds on sale or redemption of investments 128,107 191,245 159,473 656,646 Net change in Canada Housing Trust re-investment accounts 11,623 28,954 53,032 46,959 Purchase of capital assets and system development costs (27,495) (23,289) (43,538) (28,036) Cash flows from investing activities 99,546 188,951 152,548 255,663 Net (decrease) increase in cash and cash equivalents (309,269) 113,460 (90,894) 107,745 Cash and cash equivalents, beginning of period 810,016 543,759 591,641 549,474 Cash and cash equivalents, end of period 500,747 657,219 500,747 657,219 Supplemental statement of cash flows disclosures: Interest received 668,744 846,075 1,378,441 1,534,404 Interest paid (410,679) (443,052) (827,115) (814,672) Dividends received 132 564 350 1,113 About EQB Inc. EQB Inc. (TSX: EQB) is a leading digital financial services company with $134 billion in combined assets under management and administration (as at April 30, 2025). It offers banking services through Equitable Bank, a wholly owned subsidiary and Canada's seventh largest bank by assets, and wealth management through ACM Advisors, a majority owned subsidiary specializing in alternative assets. As Canada's Challenger Bank™, Equitable Bank has a clear mission to drive change in Canadian banking to enrich people's lives. It leverages technology to deliver exceptional personal and commercial banking experiences and services to over 742,000 customers and more than six million credit union members through its businesses. Through its digital EQ Bank platform ( its customers have named it one of Canada's top banks on the Forbes World's Best Banks list since 2021. Please visit for more details. Investor contact: David WilkesVP and Head of Financeinvestor_enquiry@ Media contact: Maggie Hall Director, PR & Cautionary Note Regarding Forward-Looking Statements Statements made by EQB in the sections of this news release, in other filings with Canadian securities regulators and in other communications include forward-looking statements within the meaning of applicable securities laws (forward-looking statements). These statements include, but are not limited to, statements about EQB's objectives, strategies and initiatives, financial performance expectation, statements with respect to EQB's intention to renew and/or make share repurchases under its NCIB, and other statements made herein, whether with respect to EQB's businesses or the Canadian economy. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "intends", "scheduled", "planned", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases which state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", or other similar expressions of future or conditional verbs. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of EQB to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to capital markets and additional funding requirements, fluctuating interest rates and general economic conditions including, without limitation global geopolitical risk, uncertainty arising from ongoing United States/Canada tariff concerns and related impacts, business acquisition, legislative and regulatory developments, changes in accounting standards, the nature of our customers and rates of default, and competition as well as those factors discussed under the heading "Risk Management" in EQB's Q2 MD&A and in EQB's documents filed on SEDAR+ at All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends, including their knowledge of the current credit, interest rate and liquidity conditions affecting EQB and the Canadian economy. Although EQB believes the assumptions used to make such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Certain material assumptions are applied by EQB in making forward-looking statements, including without limitation, assumptions regarding its continued ability to fund its mortgage business, a continuation of the current level of economic uncertainty that affects real estate market conditions, continued acceptance of its products in the marketplace, as well as no material changes in its operating cost structure and the current tax regime. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. EQB does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws. Non-Generally Accepted Accounting Principles (GAAP) Financial Measures and Ratios In addition to GAAP prescribed measures, this news release references certain non-GAAP measures, including adjusted financial results, that we believe provide useful information to investors regarding EQB's financial condition and results of operations. Readers are cautioned that non-GAAP measures often do not have any standardized meaning, and therefore, are unlikely to be comparable to similar measures presented by other companies. Adjustments listed below are presented on a pre-tax basis: Q2 2025 $3.4 million new office lease related expenses prior to occupancy, and $2.0 million intangible asset amortization. Q1 2025 $2.8 million new office lease related expenses prior to occupancy, $1.8 million non-recurring operational effectiveness expenses and acquisition and integration-related costs, $2.0 million intangible asset amortization, and $5.0 million provision for credit losses associated with an equipment financing purchase facility. Q2 2024 $5.7 million non-recurring operational effectiveness expenses and acquisition and integration-related costs; and $1.6 million intangible asset amortization. The following table presents a reconciliation of GAAP reported financial results to non-GAAP adjusted financial results (unaudited). Reconciliation of reported and adjusted financial results For the three months endedFor the six months ended ($000, except share and per share amounts) 30-Apr-25 31-Jan-25 30-Apr-2430-Apr-25 30-Apr-24 Reported results Net interest income 271,059 263,386 267,338534,445 523,348 Non-interest revenue 44,891 59,249 49,322104,140 92,084 Revenue 315,950 322,635 316,660638,585 615,432 Non-interest expense 161,190 159,255 150,420320,445 289,905 Pre-provision pre-tax income(3) 154,760 163,380 166,240318,140 325,527 Provision for credit loss 30,234 18,678 22,21748,912 37,752 Income tax expense 34,234 36,992 38,30771,226 77,677 Net income 90,292 107,710 105,716198,002 210,098 Net income available to common shareholders 85,533 107,402 103,041192,935 204,916 Adjustments Non-interest expenses – new office lease related expenses (3,363) (2,789) -(6,152) - Non-interest expenses – non-recurring operational effectiveness and acquisition-related costs(1) - (1,782) (5,710)(1,782) (7,763) Non-interest expenses – intangible asset amortization (1,969) (1,969) (1,599)(3,938) (4,997) Provision for credit loss – equipment financing - (5,018) -(5,018) - Pre-tax adjustments 5,332 11,558 7,30916,890 12,760 Income tax expense – tax impact on above adjustments(2) 1,414 3,039 1,9834,453 3,466 Post-tax adjustments – net income 3,918 8,519 5,32612,437 9,294 Adjustments attributed to minority interests (259) (261) (190)(520) (314) Post-tax adjustments – net income to common shareholders 3,659 8,258 5,13611,917 8,980 Adjusted results Net interest income 271,059 263,386 267,338534,445 523,348 Non-interest revenue 44,891 59,249 49,322104,140 92,084 Revenue 315,950 322,635 316,660638,585 615,432 Non-interest expense 155,858 152,715 143,111308,573 277,145 Pre-provision pre-tax income(3) 160,092 169,920 173,549330,012 338,287 Provision for credit loss 30,234 13,660 22,21743,894 37,752 Income tax expenses 35,649 40,030 40,29075,679 81,143 Net income 94,209 116,230 111,042210,439 219,392 Net income available to common shareholders 89,190 115,662 108,177204,852 213,896 Diluted earnings per share Weighted average diluted common shares outstanding 38,662,002 38,781,523 38,522,02538,725,808 38,434,002 Diluted earnings per share – reported 2.21 2.77 2.674.98 5.33 Diluted earnings per share – adjusted 2.31 2.98 2.815.29 5.57 Diluted earnings per share – adjustment impact 0.10 0.21 0.140.31 0.24 (1) Includes non-recurring operational effectiveness and acquisition and integration-related costs associated with Concentra Bank and ACM. (2) Income tax expense associated with non-GAAP adjustment was calculated based on the statutory tax rate applicable for that period. (3) This is a non-GAAP measure, see Non-GAAP financial measures and ratios section. Other non-GAAP financial measures and ratios: Adjusted return on equity (ROE) is calculated on an annualized basis and is defined as adjusted net income available to common shareholders as a percentage of weighted average common shareholders' equity (reported) outstanding during the period. Assets under administration (AUA): is sum of (1) assets over which EQB's subsidiaries have been named as trustee, custodian, executor, administrator, or other similar role; (2) loans held by credit unions for which EQB's subsidiaries act as servicer. Assets under management (AUM): is the sum of total balance sheet assets, loan principal derecognized but still managed by EQB, and assets managed on behalf on investors. Loans under management (LUM): is the sum of loan principal reported on the consolidated balance sheet and loan principal derecognized but still managed by EQB. Net interest margin (NIM): this profitability measure is calculated on an annualized basis by dividing net interest income by the average total interest earning assets for the period. Pre-provision pre-tax income (PPPT): this is the difference between revenue and non-interest expenses. Total loan assets: this is calculated on a gross basis (prior to allowance for credit losses) as the sum of both Loans – Personal and Loans – Commercial on the balance sheet and adding their associated allowance for credit losses. View original content to download multimedia: SOURCE EQB Inc. View original content to download multimedia: Sign in to access your portfolio
Yahoo
28-05-2025
- Entertainment
- Yahoo
Close, but Different: A New Tourism Campaign for Abitibi-Témiscamingue Blurs the Line Between Familiar and Fascinating
ABITIBI-TÉMISCAMINGUE, QC, May 28, 2025 /CNW/ - Just across the provincial border from Northern Ontario lies a region both familiar and wildly different. Abitibi-Témiscamingue is proud to unveil its newest tourism campaign: "Close, but different" — a playful look at the quirks, contrasts, and curiosities that set two neighbours apart, even if they're only divided by a line on the map. Aimed at Ontario travellers who might hesitate to cross the provincial divide, the campaign presents Abitibi-Témiscamingue as a close, yet uniquely distinct destination. At its centre is a groundbreaking (and completely serious) field study led by the region's most questionably credentialed researcher: Dr. David DeValdorien. A self-proclaimed anthropologist, explorer, and part-time sports administrator, Dr. DeValdorien has devoted his life to investigating humanity's oddest cultural contrasts—from the Andes to the chip stands of Northern Québec. His latest research confirms what few have dared to suggest: while Northern Québec and Northern Ontario may look similar on a map, they are, in fact, profoundly, unscientifically, undeniably different. At curious travellers can explore his findings: insights into bilingual lakes, unusually expressive turtles, and human migration patterns tied to music festivals and rizz. "This campaign isn't just about landscapes, drone shots, and dramatic voiceovers—though yes, we've got those too," says Martin Poitras, Director of Marketing at Tourisme Abitibi-Témiscamingue. "It's about curiosity. It's about crossing borders that feel bigger than they really are. We wanted to make people smile, spark their interest, and invite them into the personality of our region—where even the lakes are fluent in both official languages." Borderline Bizarre Discoveries According to Dr. DeValdorien's highly questionable research: Lake Témiscamingue speaks French French fries contain 60% more French Turtles roll their R's Festival's je-ne-sais-quoi trigger migratory behaviour And campsites, unlike in Ontario, are surprisingly easy to book All field notes, videos, and "peer-reviewed" insights are available at Dive into the data. Question everything. Then maybe plan your trip. Closer than you think. Just far enough. Abitibi-Témiscamingue is just a few hours from Ottawa, Sudbury, North Bay, and closer to the GTA than most expect. Close enough for a weekend escape, yet far enough to feel like a real adventure. Every kilometre brings you closer to something wilder, freer, and unmistakably Québécois. And while the findings on might raise eyebrows, the region offers the real deal: Go underground and explore the region's mining legacy Hike, bike, or paddle through Québec's most pristine wilderness. Camp under the stars in Opémican, Aiguebelle, or La Vérendrye Escape to a remote outfitter for comfort and quiet Or join thousands this summer for Our Lady Peace, Smash Mouth, and Bran Van 3000 at Osisko en lumière in Rouyn-Noranda No need to speak French to explore the vast, majestic, yet strangely familiar land next door. Start packing. We'll see you on the other side. SOURCE Tourisme Abitibi-Témiscamingue View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
