Mortgage firm Equitable Group Inc. said today its earnings jumped by 268% and its annual profit hit a record $14.98 million.

Earnings for the fourth quarter amounted to $.4.3 million or 36¢ a share diluted and compared with $1.17 million or 11¢ a share a year earlier.

Fourth-quarter numbers a year ago included non-recurring charges incurred while Equitable was a private company. Its shares now trade on the Toronto Stock Exchange under the symbol ETC.

T he company’s board of directors declared a quarterly dividend of 8¢ a share, payable April 5 to shareholders of record at the close of business March 16. That’s up 1¢ from the dividend declared in November.

For the full year, net earnings were $14.98 million or $1.30 per share diluted, up 61% from $9.27 million or 91 cents per share in 2003.

“Operationally, our team drove mortgage assets higher by 46%, and they did so in a very cost-effective way,” CEO Geoffrey Bledin said in a release.

“In fact, it took Equitable 3.6¢ less in 2004 to generate every $1 of revenue than it did in 2003. Moreover, we achieved growth without incurring loan losses — and earnings per share accelerated significantly despite the dilutive effect of our IPO.”

Equitable Group provides residential first-mortgage financing through subsidiary The Equitable Trust Co. on properties mainly in the Toronto area.