EQB Inc. reported third-quarter 2026 adjusted revenue of $393 million, up 30% sequentially and 27% year-over-year, driven by the July 1 completion of its PC Financial acquisition. Total revenue reached $425 million, while net income attributable to common shareholders rose 1% to $81.3 million on an adjusted basis.
The deal added 4 million customers pro-forma and contributed $4.5 billion in credit card loans under management and $32 billion in trailing twelve-month purchase volumes. Nearly 70% of the new accountholders are classified as super-prime, with an average FICO score of 768 and a credit utilization rate of 24%. Non-interest income nearly tripled sequentially to $106 million, accounting for 25% of total revenue compared with 14% in the prior quarter.
Chief Executive Officer Chadwick Westlake described the transaction as a "historic inflection point," citing a "structural advantage over institutions many times our size." Chief Financial Officer Anilisa Sainani noted that the quarter’s results reflected "the continued tough operating environment that resulted in higher PCLs and slower revenue growth."
Total loans under management rose 12% sequentially to $82.5 billion, including a 25% year-over-year increase in insured multi-unit residential mortgages to $33.3 billion. Net interest income climbed 22% sequentially and year-over-year to $319 million, while the net interest margin expanded 33 basis points to 2.41%, with PC Financial contributing 38 basis points of the increase.
Adjusted non-interest expenses totaled $197 million, up 32% sequentially and 19% year-over-year, with growth-related spending accounting for 46% of the increase. The efficiency ratio improved to 50.1% from 53.4% a year earlier. The company raised its quarterly dividend by 3% to $0.63 per share.
Credit quality metrics showed a total allowance for credit losses of $485.4 million, including a $219 million one-time Day 1 provision from the PC Financial acquisition. Gross impaired loans reached $1.07 billion, with the ratio declining 12 basis points to 13.7%. New formations totaled $204 million.
The CET1 ratio stood at 13.4%, down 20 basis points sequentially, while the total capital ratio was 16.6%. EQB’s shares fell 9.9% to $124.27 after the results, extending a decline from the prior close of $137.87. The stock has traded between $83.93 and $150.32 over the past 52 weeks.
EQB plans to host an investor day on December 7, 2026, to outline further integration and growth plans.
