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Equitable Group Inc. Equitable Bank EQ Bank News Release Equitable Reports Record Q2 Earnings , Digital Growth , Proposed Stock Split Canada's Challenger Bank ™ Matches Ambitious Growth Targets with Strong Execution Toronto , Ontario ( July 28 , 2021 ) : Equitable Group Inc. ( TSX : EQB and EQB.PR.C ) ( " Equitable " or the " Bank " ) today reported record earnings for the three and six months ended June 30 , 2021 , as Equitable Bank ( Canada's Challenger Bank ™ ) continued to deliver on its ambitious annual growth targets while investing in the expansion of its services and technology to drive change that enriches the lives of Canadians . Q2 Net Earnings $ 70.8 million , + $ 18.3 million or + 35 % from 2020 • Q2 diluted EPS $ 4.05 , + 33 % from Q2 2020 ROE 16.5 % with $ 100 million in Excess Capital • Q2 ROE towards high end of 15-17 % target , and 1.8 % better than 14.7 % in Q2 2020 • CET1 14.4 % vs. mid - point target of 13.5 % , or • excess capital of nearly $ 6 per share Efficiency remaining in target range of 39-41 % at 40.9 % in Q2 and 39.6 % YTD Book Value Surpasses $ 100 per share • Book value + 20 % y / y to $ 101.94 per share and + $ 4.08 or + 4 % from Q1 2021 Customers and Digital - Growing & Deepening • Now serving nearly 300,000 Canadians , with EQ Bank digital customers + 79 % y / y to 222,000 and deposits + 99 % y / y to over $ 6.5 billion • Digital transactions + 101 % y / y , average products per customer + 44 % , customer lifetime value more than 10 times higher than account acquisition costs Conventional Lending Driving Asset Growth • • Loans under management + 9 % y / y to $ 35.4 billion Single family alternative loan originations + 200 % y / y to $ 1.8 billion , reverse mortgage originations + 318 % y / y to $ 45 million , and Commercial loan originations + 16 % y / y to $ 0.7 billion " Earlier this year , we significantly upgraded our growth forecast and in so doing , challenged ourselves to do more for customers , partners , and shareholders . Through Q2 , Equitable delivered to this guidance . On the strength of great execution by our team and meaningful innovations in our challenger bank services , each area of the Bank registered growth . EQ Bank deposits grew 99 % over 2020 to a record $ 6.5 billion , an indication that digital services like our new US Dollar Account are driving the kind of change that enriches the lives of our customers . This past quarter was also an excellent illustration of how we're positioning to drive future earnings , with double - digit loan origination growth reflecting strong contributions from alternative single family , reverse mortgages , Cash Surrender Value lines of credit and conventional commercial loans where Equitable stands out for responsive service , effective underwriting , and risk management . For shareholders , Q2 featured record earnings , high ROE , and an industry best efficiency ratio , even as we purposely drive higher investment to seed future growth . With the tailwinds of an improving economy and the positive impact of service expansions , Equitable is in a great position to realize its objectives this year and beyond , on behalf of almost 300,000 customers , our valued shareholders , and business partners , " said Andrew Moor , President and Chief Executive Officer . 1