05:20 PM EDT, 08/28/2024 (MT Newswires) -- EQB Inc ( EQGPF ) on said its fiscal third-quarter adjusted profit rose to a record and hiked its dividend.

The holding company for the Equitable Bank said its adjusted profit, excluding most one-time items, rose 4.5% to $117.2 million, or $2.96 per share, up from $112.2 million, or $2.84, in the prior quarter and topping the consensus estimate for an adjusted profit of $2.89 per share, according to Capital IQ.

The company does not have a comparable year-prior result since changing its fiscal year in 2023.

Revenue rose 3.3% to $327.24 million from $316.66 million in the quarter ended June 30.

"This was another quarter of strong financial performance from Canada's Challenger Bank despite the moderating effects of higher interest rates on real estate market activity," chief executive Andrew Moor said in a release.

The company set aside $19.6 million as a loan-loss provision.

EQB is raising its quarterly dividend to $0.47 per share, up 4% from the prior quarter and up 24% over the past year. The higher payout will be made Sept.30 to shareholders of record on Sept.13.

The company's shares down $1.08 to $96.91 on the Toronto Stock Exchange.