VersaBank reports Q3 adjusted EPS C$0.30 vs. C$0.36 last year

Reports Q3 revenue C$31.58M vs. C$27M last year. “Our third quarter financial results reflect the ramp up of our Receivable Purchase Program in the United States, alongside better than expected growth in credit assets in Canada, as well as net interest margins consistent with the improved levels we saw in the second quarter, all of which combined to drive revenue to another new record with a very healthy sequential increase in adjusted net income,” said Davd Taylor, Founder and President, VersaBank (VBNK). “Importantly, the financial results for our Canadian Digital Banking operations, excluding the corporate expenses currently included therein, continue to demonstrate the industry leading efficiency and profitability potential of our US Digital Banking operations at scale. We are steadily advancing our plan to realign our corporate structure to that of a standard US bank framework, which we believe will not only create additional shareholder value in and of itself but also more clearly demonstrate the true underlying efficiency of our digital banking operations.”