EQB climbs after reporting record annual profit

EQB

08/12/2023 15:25

** Shares of EQB  EQB.TO , the parent company of EQ Bank,
rise 2% to C$81.10
    ** Co reported record annual earnings late on Thursday;
posted fiscal 2023 profit of C$371.59 mln ($273.53 mln) vs
C$270.18 mln last year
    ** Adjusted earnings per share of C$9.40 in 2023 beat EQB's
prior forecast of C$9-C$9.20
    ** "Given how this earnings season shaped up for peers,
EQB's discount valuation and growth expectations for 2024, we
think these results were solid," Cormark Securities analysts
wrote in a note
    ** YTD, EQB stock price has gained 40%, as of last close
    
    ($1 = 1.3596 Canadian dollars)
    
    

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))