EQB customers weathering shock of high interest rates, CEO says
BNN Bloomberg
The head of EQB Inc. says customers are largely weathering the shock of high interest rates.
About 80 per cent of EQ customers had already renewed their mortgage at a higher rate without a major uptick in delinquencies, chief executive officer Andrew Moor said in an interview on Friday. EQB typically offers mortgages with shorter terms compared with the larger banks.
Canada's biggest banks still expect to see waves of mortgage renewals at much higher rates over the next few years as the five-year fixed interest rate and fixed-payment mortgages come up for renewal.
Toronto-based EQB, which runs online-based EQ Bank and bought Concentra Trust last year, reported revenue of $395 million and net income of $141 million in its extended fourth quarter that ended Oct. 31.
