Equitable Reports Record Revenue and Prime Originations for Q4 2020
Equitable Group Inc. (the Group) reported Q4 2020 net income of $71.4 million as flat revenues and smaller provisions for credit losses (PCL) recovery drove a 3% quarter-over-quarter (QOQ) decline. Nevertheless, the net interest margin increased by three basis points QOQ to 1.73%, primarily because of mortgage prepayments and lower bulk insurance premiums on Alternative-A single-family mortgages. For F2020, the Group reported earnings of $223.8 million, a growth of 8% year over year, as higher net interest income, investment gains, and securitization income more than offset the elevated PCL and nonoperating expenses related to the Coronavirus Disease (COVID-19) pandemic.
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