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● Equitable Group Inc. Equitable EQ Bank Bank Toronto , Ontario ( May 4 , 2021 ) : Equitable Group Inc. ( TSX : EQB and EQB.PR.C ) today reported record first quarter earnings for the three months ended March 31 , 2021 and upgraded its outlook for 2021 on the strength of growth trends at Equitable Bank ( Canada's Challenger Bank ™ M ) including new account openings and increasing affinity for its smarter banking solutions that enrich the lives of Canadians . Q1 Net Earnings $ 69.2 Million + $ 43.2 Million from 2020 ● Equitable Reports Record Q1 Earnings , Raises Full - Year Outlook Canada's Challenger BankTM Now Serves Nearly 275,000 Canadians ROE , Book Value , Efficiency Demonstrate Structural Advantages Q1 ROE 17.1 % , + 9.9 % from Q1 2020 and above target of 15-17 % Q1 diluted EPS $ 3.97 , + 172 % from suppressed levels in Q1 2020 at the onset of COVID - 19 ● Book value + 19 % y / y or $ 15.86 to $ 97.86 per share ( and + 5 % or $ 4.51 from Q4 2020 ) ● Efficiency ratio 38.2 % News Release High - Quality Asset Growth with Industry - Leading Efficiency Loans under management + 9 % y / y to $ 34.2 billion , ( and + 2 % from Q4 ) Total loan originations + 39 % y / y to $ 2.7 billion , Commercial + 52 % y / y and Personal + 28 % Reverse mortgages + 44 % q / q and 241 % y / y " Canadians deserve a better commercial and personal banking experience , and they are finding it at Equitable , the recent recipient of Canada's Best Bank award from Forbes and an institution that challenges itself to persistently innovate for customers . The ongoing efforts of our team produced outstanding first quarter results . Customer account openings at EQ Bank increased 92 % from a year ago to nearly 202,000 with 28,000 new customers joining us in Q1 helping to drive deposits up by $ 1.2 billion in just three months . Lending surpassed our expectations with no change in our conservative risk management approach but strong asset gathering in Conventional commercial , Insured multis , Wealth decumulation solutions and a return to market leadership on new originations in Alternative single family . Based on the way customers are embracing Canada's Challenger Bank ™ , and the trend lines in our deposit and lending businesses , we are pleased to raise our outlook for 2021 , " said Andrew Moor , President and Chief Executive Officer . 1 Capital Ratios Provide Capacity for Future Growth CET1 ratio 14.5 % , remaining above target range of 13-14 % New 2021 Outlook Features Higher Expectations for Conventional Loan Growth and EQ Bank Deposits Equitable's revised 2021 outlook now includes full year - over - year EQ Bank deposit growth of 30-50 % ( upgraded from 20-30 % ) and total loan growth of 8-12 % ( upgraded from 6-10 % ) , including increases in Commercial finance group ( 20-25 % growth from 12-15 % ) , Alternative single family mortgages ( 12-15 % from 5-8 % ) and Reverse mortgages to 200 % + ( from 100 % + ) . The improved growth outlook for conventional commercial and personal loans is expected to create additional momentum for 2022 .