Q: Your take on the latest quarter please
5i Research Answer:
The dividend was raised 4.2%. GAAP EPS of $3.80 beat estimates of $2.84; revenue of $395.3M beat estimates of $297M. However adjusted EPS was $2.51, missing estimates of $3.01. Loans grew 9%. ROE was 13.1%. Net interest margin 2.07%. Total assets $127B, up 14%. Net impaired loans increased $97M to $623.7M, or 1.32% of assets. EQB says the impairment level should decline in 2025. Not a disaster, but with the miss and some credit concerns we would expect a bit of profit-taking here. But it remains very cheap, the dividend hike is positive, and good EPS growth is still in the forecast for next year.