Banking Software News from SIT

Equitable Group Delivers 25% Increase in Net Earnings

Equitable Trust Company, a wholly-owned subsidiary of Equitable Group Inc. reported strong growth in earnings for the three months ended June 30, 2004 and announced plans to utilize its expanded equity base and mortgage lending resources. Net earnings have grown 25%, while mortgage production increased 35% to $305 million. Additionally, there were no loan losses in the second quarter.

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Equitable Trust Company has been a client of SIT, using the Portfolio Plus platform since 1991. We would like to extend our congratulations to Equitable Trust on their continued growth, and we are pleased to be a part of their success!

About Equitable Trust

Equitable Group Inc. provides residential first mortgage financing, through its wholly-owned subsidiary, The Equitable Trust Company, to purchasers of properties primarily located in the Greater Toronto Area. Equitable focuses principally on multi-unit residential and single family dwelling mortgage financing and provides mortgage financing for commercial properties on a very selective basis. In the single family dwelling segment, Equitable is an alternative lender to borrowers who are unable to satisfy the strict underwriting criteria of conventional bank mortgage lenders.

For further information please contact:

Patrick Lannigan
Strategic Information Technology
Telephone: 905-640-0808 x356
Email: patrickl@stratinfotech.com