About 80 per cent of EQ customers had already renewed their mortgage at a higher rate without a major uptick in delinquencies, chief executive officer
The bank's fourth quarter spanned four months, and its 2023 fiscal year ran 10 months, as it skipped the third quarter in a one-time move to align its fiscal year with its bigger banking peers.
The shift will allow a more direct comparison with other banks from now on. Before, EQB was sometimes grouped in with other financial services, Moor said.
"It probably gives better exposure with the investors who are interested in investing in banks."
The company said
Moor said while he's pleased with the growth in customers, he still sees lots of potential to lure customers away from the big banks because it offers no fees and higher interest rates on accounts.
Adjusted earnings for the quarter worked out to
The bank set aside
Moor said while some people are certainly struggling, it feels surprisingly comfortable with the health of the company's client base.
"Certainly so far, we're not seeing the kind dramatic shift that you might expect as people reset to the high interest rates," he said.
"A small segment, it's certainly affecting more, that's for sure."
This report by The Canadian Press was first published
Companies in this story: (TSX:EQB)
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