VersaBank reports Q1 EPS C$0.28 vs. C$0.48 last year

Reports Q1 revenue C$27.83M vs. C$28.85M last year. “The first quarter of fiscal 2025 was highlighted by the first post-acquisition partnership for our US Receivable Purchase Program, immediately followed by multiple fundings,” said David Taylor, President and CEO, VersaBank (VBNK). “Importantly, the program is functioning as expected by both our team and our partner and we expect our funding with this partner to steadily expand throughout the year. We are working with multiple parties in our robust pipeline to add them as new partners. Supported by our successful capital raise in December, we have the balance sheet capacity to support this growth and capitalize on the even greater operating leverage and lower cost deposits in the US than in Canada to rapidly drive incremental profitability and return on common equity. We do not expect the implementation of tariffs by the U.S. or Canadian administrations to have an impact on the ramp up of our RPP in the U.S.”