VersaBank reports Q2 EPS C$0.26 vs. C$0.45 last year

Reports Q2 revenue C$30.19M vs. C$28.50M last year. Reports Q2 Book value per common share C$16.25 vs. C$14.88 last year. “The Q2 was highlighted by the initial contribution and steady ramp up of our Receivable Purchase Program in the US post acquisition, alongside continued growth in Canada, which drove credit assets and total assets to new records, and which, along with the expected strong sequential expansion in net interest margin, drove revenue to a new all-time high,” said David Taylor, President and CEO VersaBank (VBNK). “The fundamentals of our cloud-based, business-to-business model, with its significant operating leverage while increasingly mitigating risk, remain solidly in place. As we look out to the second half of FY25, we expect continued steady growth in our US Receivable Purchase Program, with a target of at least $290M by fiscal year end.”