The Globe and Mail reports in its Wednesday, Jan. 3, edition that in a tough year for Canadian banks, shares in EQB jumped more than 50 per cent on solid earnings growth, making it the best-performing banking stock in 2023, with investors expecting more gains this year. A Reuters dispatch to The Globe reports that EQB has no physical branches, which has helped keep costs under check while many of the bigger institutions had to cut jobs as they grappled with an inflated cost base. EQ Bank, Canada's seventh-largest bank, grew its adjusted net income last fiscal year by 11.2 per cent while the big banks recorded between 0.7-per-cent growth and a 23-per-cent fall in earnings. EQ's non-interest expenses rose 15.5 per cent while at the top three banks they rose over 20 per cent. CIBC, National Bank of Canada and Scotiabank took steps such as layoffs to control costs. Now shareholders are betting that EQ's attractive mortgage products and its $495-million acquisition of Concentra Bank in 2022 will drive earnings. EQ's net income in fiscal 2024 is forecast to rise by 30 per cent, according to LSEG data. That compares with an earnings forecast ranging between a 4.9-per-cent fall and 1.8-per-cent rise for the big banks.