TORONTO, Ontario — February 25, 2026 — Leads & Copy — EQB Inc. (TSX: EQB) has released its financial results for the first quarter and three months concluding January 31, 2026.
Key highlights include adjusted diluted earnings per share (EPS) of $2.26, reflecting a 48% increase quarter-over-quarter (q/q) but a 24% decrease year-over-year (y/y). Reported EPS was $2.11.
The company’s adjusted net income reached $85.2 million, marking a 34% q/q rise but a 27% y/y decline, compared to the reported $79.5 million.
Adjusted pre-provision pre-tax income (PPPT) stood at $156.2 million, up 9% q/q but down 8% y/y. The reported PPPT was $148.4 million.
EQB’s adjusted return on equity (ROE) was 11.1%, showing a 360 basis points (bps) q/q increase but a 410 bps y/y decrease, while the reported ROE was 10.4%.
Adjusted revenue remained flat q/q at $306.8 million but decreased by 5% y/y, matching the reported revenue.
The adjusted net interest margin (NIM) was 2.02%, a slight increase of 1 bp q/q but a decrease of 8 bps y/y, consistent with the reported NIM.
Book value per share increased by 1% q/q and 3% y/y to $81.75.
Total assets under management and administration (AUM + AUA) reached $142 billion, up 3% q/q and 8% y/y.
EQ Bank’s customer base grew to 633,000, a 4% q/q and 18% y/y increase.
Common share dividends declared were $0.59 per share, reflecting a 4% q/q and 16% y/y increase.
The company reported a Common Equity Tier 1 (CET1) ratio of 13.6% and a total capital ratio of 16.0%.
Chadwick Westlake, President and CEO, stated that the first quarter results reflect the company’s refreshed strategic focus and progress toward its ROE objectives. He highlighted strengthened execution, expanded loans under management, improved efficiency, and prudent credit provisioning.
EQB is progressing with its planned acquisition of PC Financial, having formally filed applications with the Office of the Superintendent of Financial Institutions (OSFI) and the Competition Bureau of Canada in January 2026. The company has also established an Integration Management Office to prepare for the integration and achieve strategic benefits.
Efficiency ratio improvements reflect disciplined expense management, with a strategic restructuring program in Q4 2025 delivering significant cost benefits. The adjusted efficiency ratio for Q1 improved to 49.1%, down from 53.6% in Q4 2025.
Commercial lending loans under management (LUM) grew 3% q/q and 19% y/y, driven by insured multi-unit residential mortgages. Personal lending LUM was flat q/q and declined 2% y/y, but excluding insured single-family, personal lending LUM was up 1% q/q and 7% y/y. The decumulation lending portfolio grew 5% q/q and 30% y/y.
EQ Bank added 26,000 new retail and business customers in Q1. EQ Bank deposits grew to $9.94 billion in Q1, representing 27% of total deposit principal. EQ Bank products received industry recognition, including Best Savings Account in Canada from moneyGenius and Best Online Bank Account from Milesopedia.
The provision for credit losses (PCL) declined 28% q/q, reflecting lower performing provisions partially offset by higher impaired provisions. Adjusted PCL was up 186% y/y. Credit performance in Q1 reflected ongoing macroeconomic pressure expected to continue through H1 2026. The bank is appropriately reserved for credit losses with net allowances as a percentage of total loan assets of 43 bps, compared to 28 bps at Q1 2025.
EQB declared a dividend of $0.59 per common share payable on March 31, 2026, to shareholders of record as of March 13, 2026. The company renewed its Normal Course Issuer Bid (NCIB) and established an Automatic Securities Purchase Plan (ASPP) in January 2026. In Q1, 1,066,890 common shares were repurchased.
Anilisa Sainani, CFO, noted the strong first quarter performance with expense improvement and strategic investment, stable margins, and a disciplined approach to lending. The company remains focused on executing against its priorities and positioning the business to capitalize on opportunities.
EQB Inc. (TSX: EQB) is a digital financial services company with $142 billion in combined assets under management and administration as of January 31, 2026. It offers banking services through Equitable Bank and wealth management through ACM Advisors. Equitable Bank aims to drive change in Canadian banking and leverages technology to deliver banking experiences and services to over 800,000 customers and more than six million credit union members.
Source: EQB Inc.
