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VersaBank (T:VBNK)

Business Focus: Banks (NEC)

Sector:  Financials Industry:  Banks
Company Contact
Address: 140 Fullarton St Suite 2002
Tel: N/A
IR: See website
Key People
David R. Taylor
President, Chief Executive Officer, Director
John Asma
Chief Financial Officer
Shawn Clarke
Chief Operating Officer
Jonathan F.P. Taylor
Chief Human Resource Officer
Michael Richard Dixon
Senior Vice President - Point-of-Sale Financing
Chintan Shah
Nick Kristo
Chief Credit Officer
Business Overview
VersaBank is a Canada-based chartered bank. The Bank provides commercial lending and banking services in Canada and the United States, as well as cybersecurity services and banking and financial technology development services through the operations of its wholly owned subsidiary DRT Cyber Inc. (DRTC). It operates through two segments: Digital Banking and DRTC (cybersecurity services). Digital Banking segment obtains its deposits and provides its loans and leases electronically via deposit and lending solutions for financial intermediaries. DRTC segment develops solutions to address the volume of cyber threats challenging financial institutions, multi-national corporations and government entities. Its loan portfolio includes point-of-sale loans and leases, commercial real estate mortgages, commercial real estate loans and public sector and other financing. It also offers tax-free savings accounts, guaranteed investment certificates, and registered retirement savings plans.
Financial Overview
For the six months ended 30 April 2024, VersaBank interest income increased 36% to C$140.5M. Net interest income after loan loss provision increased 10% to C$52.9M. Net income applicable to common stockholders increased 25% to C$24M. Net interest income after loan loss provision reflects Digital Banking segment increase of 9% to C$52.7M, Canada segment increase from C$0K to C$26.2M.
Employees: 119 as of Oct 31, 2023
Reporting Currency: Canadian Dollars
Enterprise value: $535.26M as of Apr 30, 2024
Annual revenue (TTM): $266.71M as of Apr 30, 2024
EBITDA (TTM): $71.93M as of Apr 30, 2024
Net annual income (TTM): $46.02M as of Apr 30, 2024
Free cash flow (TTM): -$48.11M as of Apr 30, 2024
Net Debt Last Fiscal Year: $63.89M as of Apr 30, 2024
Shares outstanding: 25,964,424 as of Apr 30, 2024
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization