Equitable Group Reports Record Quarterly Results

TORONTO, Aug. 13, 2015 /CNW/ - Equitable Group Inc. (TSX: EQB and EQB.PR.C) ("Equitable" or the "Company") today reported record financial results for the three and six months ended June 30, 2015 on consistently strong growth and performance by its wholly owned subsidiary, Equitable Bank (the "Bank").

SECOND QUARTER HIGHLIGHTS

  • Net income was a record $33.5 million and diluted earnings per share were $2.06, both up 25% from Q2 2014 and 14% from the first quarter of 2015.
  • In addition to strong operating performance, results included an investment gain from a securities transaction that increased net income by $1.5 million and diluted EPS by $0.10.
  • Single Family Lending originations were a second quarter record $641 million, up 28% from $501 million a year ago.
  • Return on Equity ("ROE") was 19.8%, up from 18.0% in Q2 2014 and 17.9% in the first quarter of 2015.

FIRST SIX MONTHS HIGHLIGHTS

  • Net income was a record $63.0 million, up 21% from $52.1 million in the first half of 2014.
  • Diluted earnings per share were $3.87, up 20% from $3.22 in the first half of 2014.
  • ROE was 18.4%, up from 18.0% in the first half of 2014.
  • Book value per common share was $43.80 at June 30, 2015, up 15% from $38.16 at June 30, 2014.

DIVIDEND DECLARATIONS

The Board of Directors declared a quarterly dividend in the amount of $0.19 per common share, payable on October 5, 2015, to common shareholders of record at the close of business on September 15, 2015.  This dividend represents a 12% increase over the dividend declared in August 2014.  In addition, the Board declared a quarterly dividend in the amount of $0.396875 per preferred share, payable on September 30, 2015, to preferred shareholders of record at the close of business on September 15, 2015.

COMMENTARY

"Equitable Bank's record results reflect continued strength in the fundamental drivers of our long-term performance, most importantly our ability to deliver great service to our customers and their professional advisors," said Andrew Moor, President and Chief Executive Officer. "We grew total mortgage originations to $1.4 billion, mortgages under management to over $15 billion, and deposits to over $8 billion – and these new high watermarks allowed us to achieve our best ever quarterly earnings and an ROE well above our long-term average of 17.5%. Credit results were also outstanding on ongoing adherence to our disciplined risk management approach. The Equitable team has done an outstanding job executing on our strategic plan and delivering results."

OPERATING HIGHLIGHTS

  • Single Family Lending mortgage principal at June 30, 2015 reached $5.9 billion, up 30% from $4.6 billion a year ago, on record second quarter originations of $641 million.  
  • Commercial Lending originations in the second quarter were $200 million, up 7% from $187 million a year ago, as a result of strong partnerships in a competitive market. Reflecting the Bank's ongoing commitment to pricing discipline and prudent risk parameters, commercial mortgage principal was $2.3 billion, just slightly above last year.
  • Securitization Financing Mortgages under Management amounted to $6.8 billion, up 25% from $5.5 billion at June 30, 2014, driven by the Bank's entry into the prime single family mortgage market.
  • Deposit principal outstanding increased 27% year over year to a record $8.1 billion at June 30, 2015 reflecting strong demand for the Bank's diverse savings products.  

CREDIT

As an indicator of the high quality of the Bank's mortgage portfolio, credit metrics in the second quarter remained strong and well in line with the Bank's long-term experience. The Impairment Provision was less than one basis point in the second quarter. Net impaired mortgage assets were 0.18% of total mortgages as impaired mortgages decreased by 32% over the quarter, largely as the result of one large commercial loan becoming current. Management believes arrears rates and impairment provisions will remain low in 2015 at a national level assuming that Canadian economic conditions remain within the range of broad market expectations and that arrears rates in Alberta and Saskatchewan will rise in future quarters from currently low levels, although a stress test shows the risk of incurring any significant credit losses in these areas is also low.

CAPITAL

Equitable Bank's capital ratios exceeded minimum regulatory standards and most industry benchmarks.  At June 30, 2015:

  • Common Equity Tier 1 capital ratio was 13.5%, surpassing the Basel III minimum of 7.0%, most competitive benchmarks and last year's ratio of 13.4%.
  • Total capital ratio was 17.2%, well above the regulatory minimum of 10.5% and up from 17.0% a year ago.
  • Leverage Ratio was 5.3% and as such the Bank was fully compliant with the target that OSFI sets on a confidential, institution-by-institution basis.

STRATEGIC UPDATE

The Bank's growth and diversification initiatives are progressing well. In the prime single family market where the Bank continues to build its market presence, Equitable funded $380 million of mortgages during the second quarter, up from $191 million in the first quarter of 2015. This new business complements Equitable's growing leadership position in the alternative residential mortgage market.

To support both prime and alternative single family lending, the Bank continued to establish deeper relationships with mortgage brokers in communities coast to coast, and late in the second quarter opened a dedicated single family mortgage underwriting centre in Vancouver to better serve mortgage brokers and customers in the Lower Mainland.

After surpassing the half billion dollar mark at the end of the first quarter, Equitable Bank High Interest Savings Account ("HISA") balances reached $653 million at June 30, 2015, up 30% in just three months as Canadians took advantage of the competitively superior rate of interest available on this safe and secure product, which is available on the FundSERV platform (codes EQB100 and EQB200).

In addition, to further diversify and increase its funding capacity, the Bank implemented two new funding programs during the quarter: a $350 million revolving credit facility for insured single family mortgages prior to securitization; and, access to a large bank sponsored Asset-Backed Commercial Paper program that provides matched funding for uninsured single family mortgages.

BUSINESS OUTLOOK

Management expects Equitable to achieve high returns on shareholders' equity throughout 2015.

"After a record start to the year, we expect to follow up in the second half of 2015 with continued positive results for our shareholders and customers based on the strength of our diversified franchise, devotion to service excellence and all around solid execution of our strategies, " said Mr. Moor.  "We also plan to take advantage of recent market share gains as well as geographic and product expansion to keep single family originations high.  We're enthusiastic about what our business model, strategies and market share momentum mean for long-term performance".

Other key items on the Bank's growth agenda include the launch of its digital banking platform planned for the fourth quarter, supported by a broad consumer awareness campaign. Management reiterated its plan to invest an additional $3-5 million in the latter part of this year to reinforce customer service and increase consumer awareness in support of the Bank's digital banking launch.  This initiative will make Equitable a more effective and recognized branchless bank throughout Canada.

"From a profitability perspective, net interest income should increase year-over-year at low double-digit rates in the remaining quarters of 2015 on the continued growth of the Bank's assets, even though we continue to expect our net interest margin to decrease slightly on a change in mix," said Tim Wilson, Vice President and Chief Financial Officer.  "In the meantime, the low level of interest rate risk in our book remains a positive given the two rate cuts introduced by the Bank of Canada to date this year.  As the interest rate and economic environments continue to evolve, our diversified business model can be counted on to generate strong results for the foreseeable future."

The full text of Equitable's business outlook can be found in Management's Discussion and Analysis for the three months ended June 30, 2015, which is available on SEDAR and on the Company's website.

CONFERENCE CALL AND WEBCAST

The Company will hold its second quarter conference call and webcast with accompanying slides at 10:00 a.m. ET August 14, 2015.  To access the call live, please dial 416-847-6330 five minutes prior.  The listen-only webcast with accompanying slides is available at www.equitablebank.ca under Investor Relations.

A replay of the call will be available until August 20, 2015 and it can be accessed by dialing 647-436-0148 and entering passcode 2762130 followed by the number sign. Alternatively, the call will be archived on the Company's website for three months.

INTERIM CONSOLIDATED FINANCIAL STATEMENTS












CONSOLIDATED BALANCE SHEETS (unaudited)







AS AT JUNE 30, 2015







With comparative figures as at December 31, 2014 and June 30, 2014

($ THOUSANDS)
















June 30, 2015


December 31, 2014


June 30, 2014








Assets: 







Cash and cash equivalents 

$

631,917

$

230,063

$

294,894

Restricted cash 


107,338


67,690


59,061

Securities purchased under reverse repurchase agreements 


102,025


18,117


9,999

Investments 


163,390


187,664


231,249

Mortgages receivable – Core Lending


8,229,510


7,684,425


6,824,141

Mortgages receivable – Securitization Financing


4,986,757


4,585,520


4,304,254

Securitization retained interests


56,982


44,983


35,471

Other assets 


51,905


36,441


26,319


$

14,329,824

$

12,854,903

$

11,785,388








Liabilities and Shareholders' Equity 







Liabilities: 








Deposits

$

8,236,361

$

7,489,418

$

6,510,114


Securitization liabilities


4,870,987


4,355,328


4,374,999


Obligations under repurchase agreements


167,767


52,413


-


Deferred tax liabilities


20,747


14,843


12,122


Other liabilities


57,011


61,971


41,353


Bank facilities


141,802


92,236


117,941


Debentures


85,000


85,000


92,483



13,579,675


12,151,209


11,149,012








Shareholders' equity: 








Preferred shares


72,557


72,412


48,494


Common shares


141,794


140,657


139,784


Contributed surplus


4,640


4,331


5,542


Retained earnings


550,979


496,097


449,644


Accumulated other comprehensive loss


(19,821)


(9,803)


(7,088)



750,149


703,694


636,376









$

14,329,824

$

12,854,903

$

11,785,388

 

 

CONSOLIDATED STATEMENTS OF INCOME (unaudited)





FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2015





With comparative figures for the three and six month periods ended June 30, 2014





($ THOUSANDS, EXCEPT PER SHARE AMOUNTS) 



















Three months ended

Six months ended


June 30, 2015

June 30, 2014

June 30, 2015

June 30, 2014










Interest income: 










Mortgages – Core Lending

$

98,146

$

83,267

$

191,479

$

163,391


Mortgages – Securitization Financing


39,066


39,527


76,362


80,377


Investments


2,102


1,515


3,680


2,994


Other


1,726


1,947


2,991


3,532



141,040


126,256


274,512


250,294

Interest expense: 










Deposits


43,226


37,634


85,054


74,437


Securitization liabilities


34,120


36,622


67,122


73,245


Debentures


1,269


1,399


2,546


2,793


Bank facilities


885


699


1,499


1,212


Other


545


-


959


21



80,045


76,354


157,180


151,708

Net interest income 


60,995


49,902


117,332


98,586

Provision for credit losses 


830


545


1,644


1,052

Net interest income after provision for credit losses 


60,165


49,357


115,688


97,534

Other income: 










Fees and other income


2,534


2,168


4,842


3,634


Net (loss) gain on investments


(247)


591


(450)


608


Gains on securitization activities and income from securitization retained interests


2,268


737


3,970


1,603



4,555


3,496


8,362


5,845

Net interest and other income 


64,720


52,853


124,050


103,379

Non-interest expenses: 










Compensation and benefits


12,804


10,224


24,190


20,360


Other


8,906


6,656


17,220


12,965



21,710


16,880


41,410


33,325

Income before income taxes 


43,010


35,973


82,640


70,054

Income taxes:










Current


7,250


8,480


13,859


16,689


Deferred


2,240


715


5,800


1,296



9,490


9,195


19,659


17,985

Net income 

$

33,520

$

26,778

$

62,981

$

52,069










Earnings per share:










Basic

$

2.09

$

1.68

$

3.92

$

3.27


Diluted

$

2.06

$

1.65

$

3.87

$

3.22

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)





FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2015

With comparative figures for the three and six month periods ended June 30, 2014





($ THOUSANDS)



















Three months ended

Six months ended


June 30, 2015

June 30, 2014

June 30, 2015

June 30, 2014










Net income

$

33,520

$

26,778

$

62,981

$

52,069










Other comprehensive income – items that may be reclassified subsequently to income:


















Available for sale investments:









Net unrealized (losses) gains from change in fair value


(6,451)


2,258


(12,753)


3,831

Reclassification of net (gains) losses to income


(16)


(348)


359


(357)



(6,467)


1,910


(12,394)


3,474

Income tax recovery (expense)


1,707


(504)


3,272


(917)



(4,760)


1,406


(9,122)


2,557










Cash flow hedges:









Net unrealized gains (losses) from change in fair value


842


(1,326)


(2,674)


(3,384)

Reclassification of net losses to income


825


548


1,457


1,065



1,667


(778)


(1,217)


(2,319)

Income tax (expense) recovery


(440)


205


321


612



1,227


(573)


(896)


(1,707)

Total other comprehensive (loss) income


(3,533)


833


(10,018)


850

Total comprehensive income

$

29,987

$

27,611

$

52,963

$

52,919











 

 


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)

FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2015











With comparative figures for the three month period ended June 30, 2014











($ THOUSANDS)











































Accumulated other

comprehensive

income (loss)



June 30, 2015

Preferred

shares

Common

shares

Contributed

surplus

Retained

earnings

Cash flow

hedges

Available

for sale

investments


Total


Total


















Balance, beginning of period

$

72,557

$

141,245

$

4,505

$

521,587

$

(8,025)

$

(8,263)

$

(16,288)

$

723,606

Net income


-


-


-


33,520


-


-


-


33,520

Other comprehensive income (loss), net of tax


-


-


-


-


1,227


(4,760)


(3,533)


(3,533)

Issuance cost


-


-


-


-


-


-


-


-

Exercise of stock options


-


445


-


-


-


-


-


445

Dividends:


















Preferred shares


-


-


-


(1,190)


-


-


-


(1,190)


Common shares


-


-


-


(2,938)


-


-


-


(2,938)

Stock-based compensation


-


-


239


-


-


-


-


239

Transfer relating to the exercise of stock options


-


104


(104)


-


-


-


-


-

Balance, end of period

$

72,557

$

141,794

$

4,640

$

550,979

$

(6,798)

$

(13,023)

$

(19,821)

$

750,149












































Accumulated other

comprehensive

income (loss)



June 30, 2014

Preferred

shares

Common

shares

Contributed

surplus

Retained

earnings

Cash flow

hedges

Available

for sale

investments


Total


Total


















Balance, beginning of period

$

48,494

$

139,107

$

5,385

$

426,391

$

(4,498)

$

(3,423)

$

(7,921)

$

611,456

Net income


-


-


-


26,778


-


-


-


26,778

Other comprehensive income (loss), net of tax


-


-


-


-


(573)


1,406


833


833

Reinvestment of dividends


-


262


-


-


-


-


-


262

Exercise of stock options


-


342


-


-


-


-


-


342

Dividends:


















Preferred shares


-


-


-


(906)


-


-


-


(906)


Common shares


-


-


-


(2,619)


-


-


-


(2,619)

Stock-based compensation


-


-


230


-


-


-


-


230

Transfer relating to the exercise of stock options


-


73


(73)


-


-


-


-


-

Balance, end of period

$

48,494

$

139,784

$

5,542

$

449,644

$

(5,071)

$

(2,017)

$

(7,088)

$

636,376

 

 

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2015











With comparative figures for the six month period ended June 30, 2014











($ THOUSANDS)











































Accumulated other

comprehensive

income (loss)



June 30, 2015

Preferred

shares

Common

shares

Contributed

surplus

Retained

earnings

Cash flow

hedges

Available

for sale

investments


Total


Total


















Balance, beginning of period

$

72,412

$

140,657

$

4,331

$

496,097

$

(5,902)

$

(3,901)

$

(9,803)

$

703,694

Net income


-


-


-


62,981


-


-


-


62,981

Other comprehensive income (loss), net of tax


-


-


-


-


(896)


(9,122)


(10,018)


(10,018)

Issuance cost


145


-




-


-


-


-


145

Exercise of stock options


-


939


-


-


-


-


-


939

Dividends:


















Preferred shares


-


-


-


(2,381)


-


-


-


(2,381)


Common shares


-


-




(5,718)


-


-


-


(5,718)

Stock-based compensation


-


-


507


-


-


-


-


507

Transfer relating to the exercise of stock options


-


198


(198)


-


-


-


-


-

Balance, end of period

$

72,557

$

141,794

$

4,640

$

550,979

$

(6,798)

$

(13,023)

$

(19,821)

$

750,149












































Accumulated other

comprehensive

income (loss)



June 30, 2014

Preferred

shares

Common

shares

Contributed

surplus

Retained

earnings

Cash flow

hedges

Available

for sale

investments


Total


Total


















Balance, beginning of period

$

48,494

$

137,969

$

5,326

$

404,467

$

(3,364)

$

(4,574)

$

(7,938)

$

588,318

Net income


-


-


-


52,069


-


-


-


52,069

Other comprehensive income (loss), net of tax


-


-


-


-


(1,707)


2,557


850


850

Reinvestment of dividends


-


528


-


-


-


-


-


528

Exercise of stock options


-


1,054


-


-


-


-


-


1,054

Dividends:


















Preferred shares


-


-


-


(1,812)


-


-


-


(1,812)


Common shares


-


-


-


(5,080)


-


-


-


(5,080)

Stock-based compensation


-


-


449


-


-


-


-


449

Transfer relating to the exercise of stock options


-


233


(233)


-


-


-


-


-

Balance, end of period

$

48,494

$

139,784

$

5,542

$

449,644

$

(5,071)

$

(2,017)

$

(7,088)

$

636,376


















 

 


CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2015

With comparative figures for the three and six month periods ended June 30, 2014

($ THOUSANDS)



















Three months ended

Six months ended


June 30, 2015

June 30, 2014

June 30, 2015

June 30, 2014

CASH FLOWS FROM OPERATING ACTIVITIES









Net income for the period

$

33,520

$

26,778

$

62,981

$

52,069

Adjustments for non-cash items in net income:










Financial instruments at fair value through income


7,880


(432)


4,642


(899)


Amortization of premium/discount on investments


203


492


399


1,077


Amortization of capital assets


522


319


857


622


Amortization of deferred costs


389


541


800


1,097


Provision for credit losses


830


545


1,644


1,052


Securitization gains


(1,703)


(764)


(3,233)


(1,515)


Net loss (gain) on sale or redemption of investments


247


(591)


450


(608)


Stock-based compensation


239


230


507


449


Income taxes


9,490


9,195


19,659


17,985

Changes in operating assets and liabilities:










Restricted cash


(43,221)


(1,374)


(39,648)


28,258


Securities purchased under reverse repurchase

agreements


(91,490)


10,173


(83,908)


44,861


Mortgages receivable


(647,081)


(32,425)


(1,352,319)


(205,851)


Other assets


2,606


798


1,948


1,933


Deposits


487,317


(52,795)


744,018


39,113


Securitization liabilities


413,227


(96,955)


515,659


(216,405)


Obligations under repurchase agreements


(57,930)


-


115,354


(8,143)


Bank facilities


74,716


25,947


49,566


117,941


Other liabilities


(3,410)


(4,144)


(5,335)


(7,188)

Income taxes paid


(8,089)


(8,082)


(18,941)


(24,508)

Proceeds from loan securitizations


209,970


105,412


390,655


200,577

Securitization retained interests


2,594


1,490


4,867


2,829

Cash flows from (used in) operating activities


390,826


(15,642)


410,622


44,746

CASH FLOWS FROM FINANCING ACTIVITIES









Dividends paid on preferred shares


(1,190)


(906)


(2,381)


(1,812)

Dividends paid on common shares


(2,780)


(2,199)


(2,780)


(4,389)

Preferred share issuance cost


-


-


145


-

Proceeds from issuance of common shares


445


342


939


1,054

Cash flows used in financing activities


(3,525)


(2,763)


(4,077)


(5,147)

CASH FLOWS FROM INVESTING ACTIVITIES









Purchase of investments


(2,592)


(56,347)


(15,436)


(95,743)

Proceeds on sale or redemption of investments


5,307


96,898


8,805


142,087

Net change in Canada Housing Trust re-investment

   accounts


3,954


(30,688)


11,795


(34,321)

Purchase of capital assets and system development costs


(5,687)


(226)


(9,855)


(373)

Cash flows from (used in) investing activities


982


9,637


(4,691)


11,650

Net increase (decrease) in cash and cash equivalents


388,283


(8,768)


401,854


51,249

Cash and cash equivalents, beginning of period


243,634


303,662


230,063


243,645

Cash and cash equivalents, end of period

$

631,917

$

294,894

$

631,917

$

294,894










Cash flow from operating activities include:









Interest received

$

141,973

$

127,756

$

273,511

$

251,544

Interest paid


(88,838)


(87,745)


(147,968)


(136,056)

Dividends received


7,600


1,327


9,365


2,836

ABOUT EQUITABLE GROUP INC.

Equitable Group Inc. serves consumers and their advisors through Equitable Bank, a diversified financial institution that operates coast to coast. Equitable Bank provides residential (prime and alternative) single family lending services, commercial lending services and a variety of savings solutions including high-interest savings products and GICs for individual Canadians. Since its founding in 1970, Equitable has grown to become Canada's ninth largest independent Schedule I Bank and a recognized service leader through its proven branchless banking approach. For more information, visit the Company's website at www.equitablebank.ca and click on Investor Relations.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Statements made by the Company in the sections of this news release including those entitled "Commentary", "Operating Highlights", "Credit", "Strategic Update", "Business Outlook", 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 the Company's objectives, strategies and initiatives, financial result expectations and other statements made herein, whether with respect to the Company'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", "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."  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 the Company 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, legislative and regulatory developments, the nature of our customers and rates of default, and competition as well as those factors discussed under the heading "Risk Management" in the Management's Discussion and Analysis and in the Company's documents filed on SEDAR at www.sedar.com. 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 the Company and the Canadian economy.  Although the Company 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 the Company in making forward-looking statements, including without limitation, assumptions regarding its continued ability to fund its mortgage business at current levels, 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.  The Company 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

This news release references certain non-GAAP measures such as Return on Shareholders' Equity ("ROE"), Net Interest Margin ("NIM"), capital ratios, book value per share, impairment provision (recovery), and Mortgages Under Management that management believes provide useful information to investors regarding the Company's financial condition and results of operations.  The "Non-Generally Accepted Accounting Principles ("GAAP") Financial Measures" section of the Company's second quarter 2015 Management's Discussion and Analysis provides a detailed description of each non-GAAP measure and should be read in conjunction with this report.  The Management's Discussion and Analysis also provides a reconciliation between all non-GAAP measures and the most directly comparable GAAP measure, where applicable.  Readers are cautioned that non-GAAP measures do not have any standardized meaning, and therefore, may not be comparable to similar measures presented by other companies.

SOURCE Equitable Group Inc.

For further information: Andrew Moor, President and Chief Executive Officer, 416-515-7000; Tim Wilson, Vice President and Chief Financial Officer, 416-515-7000

RELATED LINKS
http://www.equitablebank.ca

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