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 second quarter 2024 (“Q2 2024”) unaudited Interim Consolidated Financial Statements for the period ended April 30, 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, June 5, 2024 /PRNewswire/ – 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 second quarter of fiscal 2024 ended April 30, 2024. All figures are in Canadian dollars unless otherwise stated.
Consolidated and Segmented Financial Summary
(unaudited)
As at or for the three months ended
As at or for the six months ended
April 30
January 31
April 30
April 30
April 30
(thousands of Canadian dollars, except per share amounts)
2024
2024
Change
2023
Change
2024
2023
Change
Financial results
Total revenue
$ 28,501
$ 28,851
(1 %)
$ 26,685
7 %
$ 57,352
$ 52,603
9 %
Cost of funds*
4.21 %
3.99 %
6 %
3.27 %
29 %
4.11 %
3.13 %
31 %
Net interest margin*
2.45 %
2.48 %
(1 %)
2.78 %
(12 %)
2.47 %
2.82 %
(12 %)
Net interest margin on loans*
2.52 %
2.63 %
(4 %)
2.99 %
(16 %)
2.61 %
3.02 %
(14 %)
Return on average common equity*
12.36 %
13.41 %
(8 %)
12.07 %
2 %
12.89 %
11.38 %
13 %
Net income
11,828
12,699
(7 %)
10,263
15 %
24,527
19,680
25 %
Net income per common share basic and diluted
0.45
0.48
(6 %)
0.38
18 %
0.93
0.72
29 %
Balance sheet and capital ratios
Total assets
$ 4,388,320
$ 4,309,635
2 %
$ 3,729,393
18 %
$ 4,388,320
$ 3,729,393
18 %
Book value per common share*
14.88
14.46
3 %
13.19
13 %
14.88
13.19
13 %
Common Equity Tier 1 (CET1) capital ratio
11.63 %
11.39 %
2 %
11.21 %
4 %
11.63 %
11.21 %
4 %
Total capital ratio
15.33 %
15.19 %
1 %
15.37 %
0 %
15.33 %
15.37 %
0 %
Leverage ratio
8.55 %
8.44 %
1 %
8.83 %
(3 %)
8.55 %
8.83 %
(3 %)
* See definitions under ‘Non-GAAP and Other Financial Measures’ in the Q2 2024 Management’s Discussion and Analysis.
(thousands of Canadian dollars)
for the three months ended
April 30, 2024
January 31, 2024
April 30, 2023
Digital
DRTC
Eliminations/
Consolidated
Digital
DRTC
Eliminations/
Consolidated
Digital
DRTC
Eliminations/
Consolidated
Banking
Adjustments
Banking
Adjustments
Banking
Adjustments
Net interest income
$ 26,242
$ –
$ –
$ 26,242
$ 26,568
$ –
$ –
$ 26,568
$ 24,609
$ –
$ –
$ 24,609
Non-interest income
262
2,336
(339)
2,259
120
2,500
(337)
2,283
122
2,146
(192)
2,076
Total revenue
26,504
2,336
(339)
28,501
26,688
2,500
(337)
28,851
24,731
2,146
(192)
26,685
Provision for (recovery of) credit losses
16
–
–
16
(127)
–
–
(127)
237
–
–
237
26,488
2,336
(339)