EQ Bank-owner shares rise as it reports earnings rise in Q3 results
Posted November 9, 2022 2:51 pm.
Last Updated November 9, 2022 3:02 pm.
TORONTO — Shares of EQ Bank owner Equitable Group Inc. were up more than 10 per cent Wednesday on the Toronto Stock Exchange as it reported a rise in third-quarter earnings.
The company’s shares were trading up $5.21, or 11.49 per cent, at $50.54 as of mid-afternoon while markets were generally lower.
The jump came after the bank reported a net income of $77.6 million for the quarter ending Sept. 30, up from $72.5 million for the same quarter last year.
Earnings worked out to $2.22 per diluted share, up from $2.07 per share last year, while adjusted diluted earnings were $2.35 per share.
Analysts had been expecting adjusted earnings of $2.11 per diluted share, according to financial markets data form Refinitiv.
Scotiabank analyst Meny Grauman said in a note that results were boosted by a very significant margin expansion and elevated securitization revenue that surprised.
This report by The Canadian Press was first published Nov. 9, 2022.
Companies in this story: (TSX:EQB)
The Canadian Press
