All amounts are unaudited and in Canadian dollars and are based on financial statements prepared in compliance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted. Our first quarter 2024 (“Q1 2024”) unaudited Interim Consolidated Financial Statements for the period ended January 31, 2024 and Management’s Discussion and Analysis (“MD&A”), are available online at www.versabank.com/investor-relations, SEDAR at www.sedarplus.ca and EDGAR at www.sec.gov/edgar. Supplementary Financial Information will also be available on our website at www.versabank.com/investor-relations.
LONDON, ON, March 6, 2024 /CNW/ – VersaBank (“VersaBank” or the “Bank”) (TSX:VBNK) (NASDAQ:VBNK), a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today reported its results for the first quarter of fiscal 2024 ended January 31, 2024. All figures are in Canadian dollars unless otherwise stated.
Consolidated and Segmented Financial Summary
(unaudited)
As at or for the three months ended
January 31
October 31
January 31
(thousands of Canadian dollars except per share amounts)
2024
2023
Change
2023
Change
Financial results
Total revenue
$ 28,851
$ 29,173
(1 %)
$ 25,918
11 %
Cost of funds*
3.99 %
3.86 %
3 %
2.95 %
35 %
Net interest margin*
2.48 %
2.54 %
(2 %)
2.83 %
(12 %)
Net interest margin on loans*
2.63 %
2.69 %
(2 %)
3.03 %
(13 %)
Return on average common equity*
13.41 %
13.58 %
(1 %)
10.79 %
24 %
Net income
12,699
12,479
2 %
9,417
35 %
Net income per common share basic and diluted
0.48
0.47
2 %
0.34
41 %
Balance sheet and capital ratios
Total assets
$ 4,309,635
$ 4,201,610
3 %
$ 3,531,690
22 %
Book value per common share*
14.46
14.00
3 %
12.77
13 %
Common Equity Tier 1 (CET1) capital ratio
11.39 %
11.33 %
1 %
11.19 %
2 %
Total capital ratio
15.19 %
15.38 %
(1 %)
15.34 %
(1 %)
Leverage ratio
8.44 %
8.30 %
2 %
9.21 %
(8 %)
* See definitions under ‘Non-GAAP and Other Financial Measures’ in the Q1 2024 Management’s Discussion and Analysis.
(1) In the first quarter of 2017 the Bank recognized an $8.8 million deferred tax asset derived from the tax loss carryforwards assumed pursuant to the amalgamation of VersaBank with PWC Capital Inc. Quarterly net income for January 31, 2017, excluding the $8.8 million deferred tax asset was $3.1 million, or $0.12/share.
(thousands of Canadian dollars)
for the three months ended
January 31, 2024
October 31, 2023
January 31, 2023
Digital
DRTC
Eliminations/
Consolidated
Digital
DRTC
Eliminations/
Consolidated
Digital
DRTC
Eliminations/
Consolidated
Banking
Adjustments
Banking
Adjustments
Banking
Adjustments
Net interest income
$ 26,568
$ –
$ –
$ 26,568
$ 26,239
$ –
$ –
$ 26,239
$ 24,274
$ –
$ –
$ 24,274
Non-interest income
120
2,500
(337)
2,283
315
3,699
(1,080)
2,934
2
1,833
(191)
1,644
Total revenue
26,688
2,500
(337)
28,851
26,554
3,699
(1,080)
29,173
24,276
1,833
(191)
25,918
Provision for (recovery of) credit losses
(127)
–
–
(127)
(184)
–
–
(184)
385
–
–
385
26,815
2,500
(337)
28,978
26,738
3,699
(1,080)
29,357
23,891
1,833
(191)
25,533
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