EQB Stock

EQB Inc., through its subsidiary, Equitable Bank, provides personal and commercial banking services to retail and commercial customers in Canada.

Equitable Bank and its subsidiaries offer savings and lending products to personal and commercial customers across Canada.

The company directly serves 488,000 Canadians and 200 Canadian credit unions that serve their nearly 5 million members. The company operates through two main divisions each with multiple diverse business lines - Personal Banking and Commercial Banking, with recognized brands, including Equitable Bank, EQ Bank, Bennington Financial and Concentra Trust.

The company is a member of the S&P/TSX Composite, the S&P/TSX Bank, S&P/ e Toronto Stock Exchange (TSX) Dividend Aristocrats, S&P/TSX Small Cap, S&P Canada BMI, and MSCI Small Cap (Canada) indices.

Canadians choose Equitable Bank for smarter products, unmatched value, and exceptional service. To deliver all three, the company specializes in market segments where the company can improve the banking experience and deliver unique value. The company’s challenger bank mindset has allowed it to become the leading alternative single-family residential lender in Canada and the country's largest multi-residential insured securitizer.

The company’s EQ Bank digital platform is the first-born all-digital bank in Canada and the first to move to a cloud-based platform. The company has adopted a fintech mindset and collaborate with partners to innovate with a view to providing best-in-class digital services to Canadian consumers. The company’s relationships with market leaders like Wise, Nesto, Ratehub, Flinks, Borrowell, Neo Financial, FinanceIT, ClearEstate and other fintechs continue to help it reach new customers and deliver value to Canadians. As of February 1,2023, EQ Bank served more than 318,000 Canadians.

Personal Banking

Personal Banking operates through five businesses lines - EQ Bank, Residential Lending, Wealth Decumulation, and consumer lending through partnerships, a segment added with the Concentra Bank acquisition, and payments as a service supporting the company’s fintech partners. The company’s businesses provide innovative products and services that disrupt the status quo in banking by giving customers better financial value and a superior end-to-end experience. The company’s customer segments are diverse: it serves students, the self-employed, entrepreneurs, high-net worth individuals, Canadians planning retirement and retirees. The company looks for opportunities to create better banking experiences and to address segments underserved by other financial institutions.

Commercial Banking

The company’s Commercial Banking operates through seven business lines - Business Enterprise Solutions, Commercial Finance Group, Multi-unit Insured, Specialized Finance, and Equipment Financing, Credit Union and Concentra Trust - serving over 23,000 business customers.

EQB businesses compete based on service excellence, the breadth and strength of the company’s partnerships, and its in-depth market knowledge.

Deposits

The company’s deposits provide a reliable and diversified base of funding that can be effectively matched against loan maturities. As of December 31, 2022, the company’s deposits included brokered deposits (term and demand); EQ Bank deposits (term and demand); credit union deposits (term and demand); corporate and institution deposits; strategic partnerships; deposit notes; and covered bonds. Deposits consists of Guaranteed Investment Certificates (GIC), High Interest Savings Accounts (HISA), institutional deposit notes and covered bonds.

Strategy

The company’s strategy is to maintain a diverse portfolio of loan assets to optimize return on equity (ROE) and maintain credit risk at an acceptable level.

Acquisitions

On November 1,2022, the company acquired 100% ownership in Concentra Bank (Concentra). Concentra provides commercial and retail banking and trust services to Canadian credit unions and retail and commercial clients. Concentra provides fiduciary and trustee services to registered plans, corporate trusts and personal trusts and estates through its federally regulated subsidiary, Concentra Trust.

Regulations

Equitable Bank is a Schedule I Bank under the Bank Act (Canada) and is regulated by the Office of the Superintendent of Financial Institutions Canada (OSFI). Equitable Bank and Concentra Bank are regulated by the OSFI.

History

The company was founded in 1970. The company was formerly known as Equitable Group Inc. and changed its name to EQB Inc. in 2022.