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One month’s worth of numbers from the credit card and banking business formerly owned by Loblaw showed up in EQB’s results for the first time, contributing $9.5 million in net income adjusted to exclude the cost of the acquisition and other one-time expenses. But RBC analyst Darko Mihelic noted that compared to the previous quarter and excluding PC Financial, “every important line item in the adjusted income statement declined.” (The Logic)
Talking point: EQB announced its high-stakes $800-million deal to buy PC Financial in December, in a bid to survive the competitive pressure and economic headwinds that have made it Canada’s last publicly traded challenger bank. The bank’s distressed debt troubles continued, with gross impaired loans up four per cent compared to the previous quarter. Shares in EQB plunged 7.2 per cent from Wednesday’s after-hours earnings announcement to Thursday’s open.
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