Since 2020, the economy has slowed its economy and the economy has caused the biggest decline in EQB
Stephanie Hughes
((Bloomberg) – EQB Inc. shares were the most intraday trading since 2020 on Thursday as Canada’s slowdown and housing market slapped the Challenger Bank’s revenues.
The stock fell 13% after the bank reserved 60% of potential non-performing loans compared to the quarter ended July 31 a year ago.
EQB adjusted net interest income fell 6% compared to $254 million in the previous year. The company said macroeconomic uncertainty and Canada’s weakened housing market continue to weigh credit performance and interest income.
High unemployment and interest rates have historically helped more mortgage lenders, especially in the Greater Toronto area, where the bank saw home prices fall 25% to 30%.
“We are well aware of these pockets and are monitoring them, and we do have the proper rules to address this,” she said.
The company’s revenue per share was $2.07 in the third quarter, down from $2.48 a Bloomberg analyst survey.
EQB’s latest fiscal results distinguish it from the six major banks, with earnings savings reported this week due to low credit losses.
National Bank financial analyst Gabriel DeChaine called EQB’s results a “big missed”. The lender also lowered its full-year guidance for 2025, which he said means another soft quarter.
The quarter marks the return of former EQB chief financial officer Chadwick Westlake, who became CEO on August 25, and the bank’s long-time leader Andrew Moor, died unexpectedly.
“Our focus is and will remain in Canada,” Westlake said on the phone. “We will not be distracted by other markets.”
EQB named Anilisa Sainani CFO on Wednesday. She was formerly the Chief Operating Officer of the Royal Bank of Canada Group.
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Last modified: August 28, 2025
