07:09 AM EST, 02/26/2025 (MT Newswires) -- EQB (EQB.TO) overnight Tuesday reported improved adjusted earnings for the first quarter and raised its dividend on growth prospects for 2025, even as it notes the "need to manage second-order effects of cross-border tariff threats carefully."

Among highlights for Q1, it reported adjusted net income of $116 million, up 7% from the same quarter the previous year. Adjusted diluted EPS rose 8% to $2.98.

Total assets under management and assets under administration was $132 billion, up 11% year-over-year up 4% quarter-over-quarter.

EQB's board declared a dividend of $0.51 per common share - payable on March 31 to shareholders of record as of March 14 - a 4% increase from the December 2024 dividend and 21% above the payment made in March 2024.

On capital management guidance, EQB noted Equitable Bank "continually optimizes its capital structure to support strategic objectives and maintain strong overall capital levels". Following its recent Internal Capital Adequacy Assessment Process (ICAAP) for 2025, the Bank established that it will operate above 15% Total Capital and expects that up to 300 bps of Total Capital could be contributed by Alternative Tier 1 and Tier 2 capital in 2027 and beyond, while maintaining consistent CET1 guidance at 13%-plus for the balance of fiscal 2025.

"We enter fiscal 2025 confident in EQB's growth opportunities and ready to build on our exceptional performance this quarter," said Andrew Moor, president and CEO.

"We enjoy leadership positions in insured multi-unit residential, single-family residential and decumulation markets where needs for capital are substantial. The tailwind of recent interest rate cuts provides a constructive backdrop for enhanced loan growth and improving credit metrics. While we will need to manage second-order effects of cross-border tariff threats carefully, our purely domestic market presence, focus on lending in large Canadian urban centres with diversified economies and the highly competitive nature of our Challenger Bank services support a positive outlook."

Separately, EQB announced that Chadwick Westlake will step down as Senior Vice President and Chief Financial Officer, effective March 4, to take on a new leadership role outside of the banking industry. EQB said it will announce the appointment of a new CFO in due course. David Wilkes, Vice President and Head of Finance, will continue to lead key roles and responsibilities within the finance function, it added.