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Press release from CNW Group

Equitable Group Reports Record Quarterly Earnings

Thursday, August 14, 2014

Equitable Group Reports Record Quarterly Earnings

19:46 EDT Thursday, August 14, 2014

TORONTO, Aug. 14, 2014 /CNW/ - Equitable Group Inc. (TSX: EQB, EQB.PR.Aand EQB.PR.C) ("Equitable" or the "Company") today reported its financial results for the three and six months ended June 30, 2014, a period of record performance for its wholly owned subsidiary, Equitable Bank (the "Bank").

SECOND QUARTER HIGHLIGHTS

  • Net income was a record $26.8 million, up 17% from $22.9 million in 2013
  • Diluted earnings per share were $1.65, up 15% from $1.43 in 2013
  • Return on Equity ("ROE") was 18.0%, compared to 17.9% in Q1 2014 and 18.2% in Q2 2013
  • Book value per common share was $38.16, up 17% from $32.55 at June 30, 2013

"Equitable set a second quarter record for financial results, advanced our growth strategies and sustained our service focus," said Andrew Moor, President and Chief Executive Officer. "Since we dedicated ourselves to differentiating the Bank on the basis of service several years ago, we continue to deepen our engagement with our mortgage broker partners and customers, and to capture more of their business. We believe that there is opportunity to strengthen our relationships with our broker customers further and continue to grow in a way that will reward our partners, customers and our shareholders."

DIVIDEND DECLARATIONS

The Company's Board of Directors today declared a common share dividend in the amount of $0.17 per common share, payable October 4, 2014, to common shareholders of record at the close of business on September 15, 2014.  The current dividend rate is 13% higher than the dividend declared a year ago.

The Board also declared a quarterly dividend in the amount of $0.453125 per preferred share, payable September 30, 2014, to preferred shareholders of record at the close of business on September 15, 2014.

OPERATING HIGHLIGHTS

  • Single Family Lending Services originations were $501 million, up 25% from $400 million a year ago.  On strong origination volumes and mortgage renewal success, Single Family mortgage principal at June 30, 2014 was a record $4.2 billion, up 23% from $3.4 billion a year ago. Normalizing for the securitization of $433 million of Single Family mortgages over the past year, the growth rate in Single Family mortgage principal was 27%.
  • Commercial Lending Services mortgage principal was $2.3 billion, up 3% or $71 million from a year ago.  Quarterly origination volumes were $187 million compared to $211 million in 2013.
  • Securitization Financing Mortgages under Management was $5.9 billion, up 1% or $83 million from 2013.
  • Deposit principal outstanding increased 7% or $392 million year-over-year to $6.4 billion at June 30, 2014.  Of note, Equitable Bank High Interest Savings Account balances increased by $67.1 million or 73% in the quarter.

The high quality of Equitable's mortgage portfolio is reflected in its strong credit metrics, which, in the second quarter, remained well within historical norms. The impairment provision was $0.3 million and net impaired mortgage assets were 0.31% of total mortgage assets. The allowance for credit losses represented 85% of gross impaired mortgage assets and Equitable's residential mortgage portfolio had a loan-to-value ("LTV") ratio of 68% at the end of June.

CAPITAL

Equitable Bank's capital ratios continue to exceed minimum regulatory standards and most industry benchmarks.  At June 30, 2014:

  • Common Equity Tier 1 capital ratio was 13.4%, well ahead of the Basel III minimum of 7.0%, and last year's ratio of 12.4%.
  • Total capital ratio was 17.0%, up from 16.5% a year ago, exceeding the regulatory requirement of 10.5% on an all-in basis.

Subsequent to the end of the quarter, the Company issued $75 million of Series 3 preferred shares which will be used for general corporate purposes and to redeem the Company' existing $50 million of Series 1 preferred shares on September 30, 2014.  The incremental capital from this issuance will further strengthen Equitable's Tier 1 and Total capital ratios in future periods. On a pro forma basis, had both the $75 million of Series 3 preferred shares been issued on June 30, 2014 and the Series 1 preferred shares been redeemed prior to the end of the quarter, the Bank's Tier 1 and Total capital ratios would have been 15.1% and 17.8%, respectively.

STRATEGIC UPDATE

Equitable is broadening its foundation as Canada's ninth largest independent Bank through several important 2014 initiatives.

"Consistent with our growth agenda, we are excited to be developing a prime mortgage business which we will launch later this quarter," said Mr. Moor.  "Once it reaches a steady-state, this business will offer Equitable Bank the opportunity to retain those existing customers whose mortgage needs have evolved, and capture a share of the much larger prime mortgage market with a suite of targeted products and services that mortgage brokers and borrowers will value.  We foresee the ability to originate between $1 billion and $2 billion of prime loans annually, within three to five years, by leveraging the service capabilities that have made Equitable Bank a leader in our traditional markets.  Prime lending will diversify our credit profile and create a new and profitable line of business for the Bank."

This initiative is designed to deliver significant long-term strategic and financial value without having a material impact on earnings in 2014.

The Bank also continues to progress according to plan with its other expansion strategies designed to diversify both its lending operations and deposits and provide capital to fuel ongoing, profitable growth. In particular, during Q2 Equitable Bank:

  • Noted strong interest in its recently launched Equitable Bank Home Equity Line of Credit ("HELOC") among both borrowers and mortgage brokers, and is confident in the high growth potential for this product.
  • Made further market share gains in new geographic territories, including in the Greater Montreal and Gatineau Regions of Quebec where it opened its Single Family Lending Services business during the first quarter.
  • Attracted $205 million in deposits to the Equitable Bank High Interest Savings Account (as at August 13th, 2014), a product launched in late 2013 through the FundSERV platform under the Code EQB100 and which currently pays 1.50% annually.
  • Successfully closed a $150 million, three-year fixed rate 2.595% Deposit Note offering at a 135 basis point spread over Government of Canada yields, attracting broad institutional investor demand.  Over time, the Bank intends to become a regular Deposit Note issuer across a variety of terms.

BUSINESS OUTLOOK

Equitable expects that its growth and performance strategies will deliver high returns on shareholders' equity for the remainder of 2014.

"Our view is that the Bank will continue to achieve its ambitious goals for growth and value creation in the final two quarters of this year, as we leverage the strength of our franchise and the benefits of our increasingly diversified business model," said Mr. Moor. "We look, in particular, to sustain a high rate of growth in our Single Family portfolio in the third quarter on seasonally strong real estate and mortgage market activity.  On the Commercial side, we expect modest growth to prevail as we work with our key distribution partners to seek out the opportunities that exceed our return on equity thresholds.  And across all of our markets, whether in traditional territories or new, prime or alternative, we will showcase the Equitable advantage as Canada's service-driven Bank."

In commenting on profitability, Tim Wilson, Vice President and Chief Financial Officer said: "As we move into the final half of 2014, we expect that total NIM will continue to reflect the positive benefit of the shift in our asset mix towards higher margin Core Lending activities. On the expense side, we expect to continue investing for growth and to support the high levels of customer service that have become synonymous with the Equitable Bank brand. While this will likely lead to a marginally higher efficiency ratio than the 31.3% achieved in the second quarter, we are confident that our disciplined approach to spending will allow Equitable to sustain its position as a productivity leader in Canadian banking."

CONFERENCE CALL AND WEBCAST

The Company will hold its second quarter conference call and webcast with accompanying slides at 10:00 a.m. ET Friday, August 15, 2014.  To access the call live, please dial 416-849-1847 five minutes prior.  To access a listen-only version of the webcast, please log on to www.equitablebank.ca under Investor Relations.

A replay of the call will be available until August 21, 2014 and it can be accessed by dialing 647-436-0148 and entering passcode 1270225 followed by the number sign.  Alternatively, the call will be archived on the Company's website for three months.

INTERIM CONSOLIDATED FINANCIAL STATEMENTS            
               
CONSOLIDATED BALANCE SHEETS (unaudited)            
AS AT JUNE 30, 2014            
With comparative figures as at December 31, 2013 and June 30, 2013            
($ THOUSANDS)            
               
      June 30, 2014   December 31, 2013   June 30, 2013
             
Assets            
Cash and cash equivalents $ 294,894 $ 243,645 $ 417,402
Restricted cash   59,061   87,319   75,884
Securities purchased under reverse repurchase agreements   9,999   54,860   148,333
Investments   231,249   240,614   332,948
Mortgages receivable - Core Lending   6,407,815   6,188,278   5,567,766
Mortgages receivable - Securitization Financing   4,720,580   4,941,589   5,238,635
Securitization retained interests   35,471   30,455   17,359
Other assets   26,319   29,693   39,545
  $ 11,785,388 $ 11,816,453 $ 11,837,872
             
Liabilities and Shareholders' Equity            
Liabilities:            
   Deposits $ 6,510,114 $ 6,470,029 $ 6,104,508
   Securitization liabilities   4,374,999   4,591,404   5,033,551
   Obligations under repurchase agreements     8,143   15,701
   Deferred tax liabilities   12,122   10,826   8,988
   Other liabilities   41,353   55,250   36,722
   Bank facilities   117,941    
   Debentures   92,483   92,483   92,483
    11,149,012   11,228,135   11,291,953
             
Shareholders' equity:            
   Preferred shares   48,494   48,494   48,494
   Common shares   139,784   137,969   136,462
   Contributed surplus   5,542   5,326   5,098
   Retained earnings   449,644   404,467   361,314
   Accumulated other comprehensive loss   (7,088)   (7,938)   (5,449)
    636,376   588,318   545,919
             
  $ 11,785,388 $ 11,816,453 $ 11,837,872
             
 

           





CONSOLIDATED STATEMENTS OF INCOME (unaudited)        
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2014        
With comparative figures for the three and six month periods ended June 30, 2013        
($ THOUSANDS, EXCEPT PER SHARE AMOUNTS)                
                 
  Three months ended Six months ended
    June 30, 2014   June 30, 2013 June 30, 2014 June 30, 2013
                 
Interest income:                
     Mortgages - Core Lending $ 78,826 $ 67,838 $ 156,097 $ 132,489
     Mortgages - Securitization Financing   43,968   51,313   87,671   104,299
     Investments   1,515   1,720   2,994   3,756
     Other   1,947   2,242   3,532   4,098
    126,256   123,113   250,294   244,642
Interest expense:                
     Deposits   37,634   34,756   74,437   68,469
     Securitization liabilities   36,622   44,526   73,245   89,776
     Debentures   1,399   1,399   2,793   3,772
     Bank facilities   699     1,212   7
     Other     26   21   49
    76,354   80,707   151,708   162,073
Net interest income   49,902   42,406   98,586   82,569
Provision for credit losses   545   1,650   1,052   3,750
Net interest income after provision for credit losses   49,357   40,756   97,534   78,819
Other income:                
     Fees and other income   2,168   1,237   3,634   2,694
     Net gain (loss) on investments   591   (1)   608   644
     Gains on securitization activities and income from
        securitization retained interests
  737   3,031   1,603   3,912
    3,496   4,267   5,845   7,250
Net interest and other income   52,853   45,023   103,379   86,069
Non-interest expenses:                
     Compensation and benefits   10,224   8,663   20,360   16,390
     Other   6,656   5,594   12,965   11,103
    16,880   14,257   33,325   27,493
Income before income taxes   35,973   30,766   70,054   58,576
Income taxes:                
     Current   8,480   3,948   16,689   11,273
     Deferred   715   3,920   1,296   3,491
    9,195   7,868   17,985   14,764
Net income $ 26,778 $ 22,898 $ 52,069 $ 43,812
                 
Earnings per share:                
     Basic $ 1.68 $ 1.44 $ 3.27 $ 2.76
     Diluted $ 1.65 $ 1.43 $ 3.22 $ 2.73
                   
 



CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)        
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2014
With comparative figures for the three and six month periods ended June 30, 2013        
($ THOUSANDS)                
                 
  Three months ended Six months ended
    June 30, 2014   June 30, 2013 June 30, 2014 June 30, 2013
                 
Net income $ 26,778 $ 22,898 $ 52,069 $ 43,812
                 
Other comprehensive income - items that may be
   reclassified subsequently to income:
               
                 
Available for sale investments:                
Net unrealized gains (losses) from change in fair value   2,258   (2,848)   3,831   (291)
Reclassification of net gains to income   (348)   (12)   (357)   (859)
    1,910   (2,860)   3,474   (1,150)
Income tax (expense) recovery   (504)   753   (917)   303
    1,406   (2,107)   2,557   (847)
                 
Cash flow hedges:                
Net unrealized (losses) gains from change in fair value   (1,326)   6,661   (3,384)   5,894
Reclassification of net losses to income   548   633   1,065   1,280
    (778)   7,294   (2,319)   7,174
Income tax recovery (expense)   205   (1,921)   612   (1,889)
    (573)   5,373   (1,707)   5,285
Total other comprehensive income   833   3,266   850   4,438
Total comprehensive income $ 27,611 $ 26,164 $ 52,919 $ 48,250
                 
 




CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)
FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2014                    
With comparative figures for the three month period ended June 30, 2013                    
($ THOUSANDS)                                
                                 
                  Accumulated other
comprehensive
income (loss)
   
June 30, 2014 Preferred
shares
Common
shares
Contributed
surplus
Retained
earnings
Cash flow
hedges
Available
for sale
investments
  Total   Total
                                 
Balance, beginning of period $ 48,494 $ 139,107 $ 5,385 $ 426,391 $ (4,498) $ (3,423) $ (7,921) $ 611,456
Net income         26,778         26,778
Other comprehensive income (loss), net of tax           (573)   1,406   833   833
Reinvestment of dividends     262             262
Exercise of stock options     342             342
Dividends:                                
     Preferred shares         (906)         (906)
     Common shares         (2,619)         (2,619)
Stock-based compensation       230           230
Transfer relating to the exercise of stock options     73   (73)          
Balance, end of period $ 48,494 $ 139,784 $ 5,542 $ 449,644 $ (5,071) $ (2,017) $ (7,088) $ 636,376
                                 
                                 
                  Accumulated other
comprehensive
income (loss)
   
June 30, 2013 Preferred
shares
Common
shares
Contributed
surplus
Retained
earnings
Cash flow
hedges
Available
for sale
investments
  Total   Total
                                 
Balance, beginning of period $ 48,494 $ 135,408 $ 5,028 $ 341,614 $ (9,367) $ 652 $ (8,715) $ 521,829
Net income         22,898         22,898
Other comprehensive income (loss), net of tax           5,373   (2,107)   3,266   3,266
Reinvestment of dividends     286             286
Exercise of stock options     648             648
Dividends:                                
     Preferred shares         (906)         (906)
     Common shares         (2,292)         (2,292)
Stock-based compensation       190           190
Transfer relating to the exercise of stock options     120   (120)          
Balance, end of period $ 48,494 $ 136,462 $ 5,098 $ 361,314 $ (3,994) $ (1,455) $ (5,449) $ 545,919




CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2014                    
With comparative figures for the six month period ended June 30, 2013                    
($ THOUSANDS)                                
                                 
                  Accumulated other
comprehensive
income (loss)
   
June 30, 2014 Preferred
shares
Common
shares
Contributed
surplus
Retained
earnings
Cash flow
hedges
Available
for sale
investments
  Total   Total
                                 
Balance, beginning of period $ 48,494 $ 137,969 $ 5,326 $ 404,467 $ (3,364) $ (4,574) $ (7,938) $ 588,318
Net income         52,069         52,069
Other comprehensive income (loss), net of tax           (1,707)   2,557   850   850
Reinvestment of dividends     528             528
Exercise of stock options     1,054             1,054
Dividends:                                
     Preferred shares         (1,812)         (1,812)
     Common shares         (5,080)         (5,080)
Stock-based compensation       449           449
Transfer relating to the exercise of stock options     233   (233)          
Balance, end of period $ 48,494 $ 139,784 $ 5,542 $ 449,644 $ (5,071) $ (2,017) $ (7,088) $ 636,376
                                 
                                 
                  Accumulated other
comprehensive
income (loss)
   
June 30, 2013 Preferred
shares
Common
shares
Contributed
surplus
Retained
earnings
Cash flow
hedges
Available
for sale
investments
  Total   Total
                                 
Balance, beginning of period $ 48,494 $ 134,224 $ 5,003 $ 323,737 $ (9,279) $ (608) $ (9,887) $ 501,571
Net income         43,812         43,812
Other comprehensive income (loss), net of tax           5,285   (847)   4,438   4,438
Reinvestment of dividends     538             538
Exercise of stock options     1,404             1,404
Dividends:                                
     Preferred shares         (1,812)         (1,812)
     Common shares         (4,423)         (4,423)
Stock-based compensation       391           391
Transfer relating to the exercise of stock options     296   (296)          
Balance, end of period $ 48,494 $ 136,462 $ 5,098 $ 361,314 $ (3,994) $ (1,455) $ (5,449) $ 545,919




CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2014
With comparative figures for the three and six month periods ended June 30, 2014
($ THOUSANDS)                
                 
  Three months ended Six months ended
    June 30, 2014   June 30, 2013 June 30, 2014 June 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES                
Net income for the period $ 26,778 $ 22,898 $ 52,069 $ 43,812
Adjustments for non-cash items in net income:                
    Financial instruments at fair value through income   (432)   (3,622)   (899)   (2,181)
    Amortization of premium/discount on investments   492   615   1,077   1,124
    Amortization of capital assets   319   322   622   564
    Amortization of deferred costs   541   282   1,097   566
    Provision for credit losses   545   1,650   1,052   3,750
    Securitization gains   (764)   (1,494)   (1,515)   (2,620)
    Net gain on sale or redemption of investments   (591)   (113)   (608)   (644)
    Stock-based compensation   230   190   449   391
    Income taxes   9,195   7,868   17,985   14,764
Changes in operating assets and liabilities:                
    Restricted cash   (1,374)   21,602   28,258   (12,283)
    Securities purchased under reverse repurchase
       agreements
  10,173   (63,652)   44,861   (69,782)
    Mortgages receivable   (32,425)   (223,105)   (205,851)   (474,483)
    Other assets   798   (5,701)   1,933   (5,821)
    Deposits   (52,795)   455,829   39,113   452,791
    Securitization liabilities   (96,955)   (255,623)   (216,405)   (228,119)
    Obligations under repurchase agreements     8,709   (8,143)   5,819
    Bank facilities   25,947     117,941  
    Other liabilities   (4,144)   322   (7,188)   (4,271)
Income taxes paid   (8,082)   (6,269)   (24,508)   (17,136)
Proceeds from loan securitizations   105,412   149,803   200,577   268,346
Securitization retained interests   1,490   543   2,829   875
Cash flows (used in) from operating activities   (15,642)   111,054   44,746   (24,538)
CASH FLOWS FROM FINANCING ACTIVITIES                
Repayment of bank term loan         (12,500)
Redemption of debentures         (25,188)
Dividends paid on preferred shares   (906)   (906)   (1,812)   (1,812)
Dividends paid on common shares   (2,199)   (1,846)   (4,389)   (3,720)
Proceeds from issuance of common shares   342   648   1,054   1,404
Cash flows used in financing activities   (2,763)   (2,104)   (5,147)   (41,816)
CASH FLOWS FROM INVESTING ACTIVITIES                
Purchase of investments   (56,347)   (33,133)   (95,743)   (35,553)
Proceeds on sale or redemption of investments   96,898   72,143   142,087   136,281
Net change in Canada Housing Trust re-investment
   accounts
  (30,688)   5,110   (34,321)   4,681
Purchase of capital assets   (226)   (799)   (373)   (1,100)
Cash flows from investing activities   9,637   43,321   11,650   104,309
Net (decrease) increase in cash and cash equivalents   (8,768)   152,271   51,249   37,955
Cash and cash equivalents, beginning of period   303,662   265,131   243,645   379,447
Cash and cash equivalents, end of period $ 294,894 $ 417,402 $ 294,894 $ 417,402
                 
Cash flows from operating activities include:                
Interest received   127,756   126,183   251,544   248,374
Interest paid   (87,745)   (85,045)   (136,056)   (148,135)
Dividends received   1,327   1,147   2,836   2,622

ABOUT EQUITABLE GROUP INC.

Equitable Group Inc. is a growing Canadian financial services business that operates through its wholly-owned subsidiary, Equitable Bank.  Equitable Bank is a Schedule I Bank regulated by the Office of the Superintendent of Financial Institutions Canada with total assets under management of approximately $13 billion, with more than 330 employees and proven capabilities in lending and deposit-taking.  The Company's integrated operations are organized according to specialty. We serve retail and commercial customers across Canada with a range of savings solutions and mortgage lending products.  Within Equitable Bank's Core Lending business, Single Family Lending Services funds mortgages for owner-occupied and investment properties across Canada while Commercial Lending Services provides mortgages on a variety of commercial properties on a national basis.  Equitable's Securitization Financing business originates and securitizes insured residential mortgages under the Canada Mortgage and Housing Corporation administered National Housing Act.  Measured by assets, Equitable Bank was the ninth largest independent Schedule I Bank in Canada at December 31, 2013.  For more information, visit the Company's website at www.equitablebank.ca and click on Investor Relations.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Statements made by the Company in the sections of this news release including those entitled "Second Quarter Highlights", "Operating Highlights", "Capital", "Strategic Update", "Business Outlook", in other filings with Canadian securities regulators and in other communications include forward-looking statements within the meaning of applicable securities laws ("forward-looking statements").  These statements include, but are not limited to, statements about the Company's objectives, strategies and initiatives, financial result expectations and other statements made herein, whether with respect to the Company's businesses or the Canadian economy.  Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "planned", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases which state that certain actions, events or results "may" , "could", "would", "might" or "will be taken", "occur" or "be achieved."  Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to capital markets and additional funding requirements, fluctuating interest rates and general economic conditions, legislative and regulatory developments, the nature of our customers and rates of default, and competition as well as those factors discussed under the heading "Risk Management" in the Management's Discussion and Analysis and in the Company's documents filed on SEDAR at www.sedar.com. All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends, including their knowledge of the current credit, interest rate and liquidity conditions affecting the Company and the Canadian economy.  Although the Company believes the assumptions used to make such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.  Certain material assumptions are applied by the Company in making forward-looking statements, including without limitation, assumptions regarding its continued ability to fund its mortgage business at current levels, a continuation of the current level of economic uncertainty that affects real estate market conditions, continued acceptance of its products in the marketplace, as well as no material changes in its operating cost structure and the current tax regime.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, readers should not place undue reliance on forward-looking statements.  The Company does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.

NON-GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ("GAAP") FINANCIAL MEASURES

This news release references certain non-GAAP measures such as Return on Shareholders' Equity ("ROE"), Net Interest Margin ("NIM"), capital ratios, book value per share, impairment provision, Mortgages Under Management and Assets Under Management that management believes provide useful information to investors regarding the Company's financial condition and results of operations.  The "Non-Generally Accepted Accounting Principles ("GAAP") Financial Measures" section of the Company's second quarter 2014 Management's Discussion and Analysis provides a detailed description of each non-GAAP measure and should be read in conjunction with this report.  The Management's Discussion and Analysis also provides a reconciliation between all non-GAAP measures and the most directly comparable GAAP measure, where applicable.  Readers are cautioned that non-GAAP measures do not have any standardized meaning, and therefore, may not be comparable to similar measures presented by other companies.

 

SOURCE Equitable Group Inc.

PDF available at: http://stream1.newswire.ca/media/2014/08/14/20140814_C7252_DOC_EN_42438.pdf

For further information:

Andrew Moor
President and Chief Executive Officer
416-515-7000

Tim Wilson
Vice President and Chief Financial Officer
416-515-7000

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