Equitable Group Inc Q2 2021 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Etienne Ricard - BMO Capital Markets Equity Research - Analyst : So you just raised the very interesting point on the net present value of a new customer at EQ Bank and being the -- with the cost of acquisition being 1/10 of that. Could you remind us how that cost of acquisition would have evolved in recent years? And is the 1/10 of that the marginal cost, is that the right way to think about it?

Question: Etienne Ricard - BMO Capital Markets Equity Research - Analyst : And it was quite an impressive increase in the dollar value of term deposits at EQ Bank this past quarter. Could you comment on that success and the percentage of deposits at EQ Bank, you would expect to have to turn going forward?

Question: Jaeme Gloyn - National Bank Financial, Inc., Research Division - Analyst : I wanted to just follow-up on the expense in the quarter and then the outlook. It sounds like it's just going to increase in the low single digits for the rest of this year. I'm more curious about how it looks next year. Is this a new run rate level that we should be thinking about? Or are there higher investments in 2021 that will roll off in '22?

Question: Jaeme Gloyn - National Bank Financial, Inc., Research Division - Analyst : The other question around the gain on sale of securitized mortgages elevated this quarter, elevated for the last few quarters actually, after some commentary last quarter that it might step down. Just curious, how you're thinking about that as a long-term revenue driver, especially in a higher expense outlook here over the next few quarters. Is that something we should expect to see at these levels going forward? And/or is that just a function of really solid prime insured mortgage origination over the last several months?

Question: Jaeme Gloyn - National Bank Financial, Inc., Research Division - Analyst : And then last one, just want to -- just to get a little bit more color around the average products per customer on the EQ Bank platform, up 44%. How is that defined? Is that like -- is that a client holding savings accounting and holding that money in that account or just using it temporarily or maybe using the transfer service one time? Does that count on the product per customer? Just want to get a sense as to where these, I guess, how permanent is that increase and what you're seeing on that from various products?