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EQB Inc.'s 2024 Responsibility Report: A Commitment to Sustainability

EQB Inc. has taken significant strides in its journey towards sustainability, as outlined in its recently published 2024 Responsibility Report. The report serves as a testament to the company's dedication to enhancing both community well-being and environmental stewardship within the banking sector. As notably recognized as Canada’s Challenger Bank, EQB continues to operate with a mission to drive meaningful change in the industry, focusing on innovation and inclusion.

Overview of Key Accomplishments

This year's report presented an impressive array of accomplishments that further EQB's role as a socially responsible financial entity. President and CEO Andrew Moor stated, "Our mission extends beyond banking - it's about enriching people's lives through responsible practices and transparent operations."

Affordable Housing Development

A significant milestone marked in the report is the company's record financial support for affordable housing across Canada. In 2024 alone, Equitable Bank facilitated $4.3 billion in multi-unit residential loans supporting the development of 170 properties. This has resulted in increased accessibility for Canadians pursuing homeownership and demonstrated the bank's commitment to addressing the housing crisis. Furthermore, EQB issued a $735 million social covered bond, marking a pioneering effort among Canadian banks targeting social housing initiatives.

Advancing Financial Inclusion

Equitable Bank has also made considerable strides in promoting financial inclusion, reaching over 500,000 Canadians in 2024. This growth is attributed to the launch of innovative products like the Notice Savings Account and the introduction of a Business Account aimed at supporting local entrepreneurs. By broadening its services, EQB is ensuring that more Canadians, particularly those in underserved communities, have access to the financial tools necessary for success.

Additionally, EQB has focused on tailored financial solutions for the retiree demographic, leading to a 47% year-on-year increase in its wealth decumulation business, including reverse mortgages and insurance lending. These services are critical for promoting peace of mind among seniors living in retirement.

Climate Responsibility

The report emphasizes EQB's commitment to addressing climate risks, reflecting a 6% year-over-year reduction in the overall emissions profile. Through the launch of its inaugural Sustainable Bond Framework, the bank is proactively seeking to fund environmental ventures by issuing Green, Social, or Sustainable Bonds.

To bolster its commitment to carbon neutrality, EQB has undertaken measures that include the retirement of 995 tCO2e, ensuring rigorous compliance with climate objectives.

Commitment to Diversity and Community Engagement

Furthermore, EQB's commitment to equity, diversity, and inclusion is evident through the establishment of robust Employee Resource Groups and exceeding board diversity targets, with 44% of independent directors identifying as women. Employee participation in civic initiatives has also surged, with over 2,775 volunteer hours logged to support diverse community organizations tackling issues such as homelessness and mental health.

Looking Ahead

As EQB Inc. continues to navigate the complexities of the financial landscape, its dedication to enriching lives remains steadfast. With the launch of the Social and Climate Fund in 2025, institutional investors will gain access to commercial lending assets aligned with the principles of social consciousness. This initiative demonstrates EQB’s long-term commitment to integrating sustainable practices into every facet of its operations.

Conclusion

The 2024 Responsibility Report from EQB Inc. is more than just a reflection of compliance; it is a forward-thinking blueprint for sustainable banking in Canada. As a leader in the financial services sector, EQB sets a benchmark for transparency, innovation, and responsible practices, ensuring that the bank's growth translates into tangible benefits for individuals and communities alike. For more details on EQB’s commitment to sustainability, visit eqb.com/responsibility.