VersaBank (T:VBNK)
Business Focus: Banks (NEC)
| Sector: Financials | Industry: Banks |
| See Regulatory Filings on SEDAR | |
| Company Contact | |
| Address: | 140 Fullarton St Suite 2002 LONDON ON N6A 5P2 |
| Tel: | N/A |
| Website: | https://www.versabank.com |
| IR: | See website |
| Key People | ||
| David R. Taylor President, Chief Executive Officer, Director | R. Shawn Clarke Chief Financial Officer | Jonathan F.P. Taylor Chief Human Resource Officer |
| Michael Richard Dixon Senior Vice President - Point-of-Sale Financing | Nick Kristo Chief Credit Officer | |
| Business Overview |
| VersaBank is a Canada-based chartered bank. The Bank provides commercial lending and banking services to markets in Canada and the United States, as well as cybersecurity services through the operations of its wholly owned subsidiary DRT Cyber Inc. 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 (cybersecurity services and banking and financial technology development) segment offers 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 mortgage tax accounts. |
| Financial Overview |
| For the three months ended 31 January 2023, VersaBank interest income increased 100% to C$49.6M. Net interest income after loan loss provision increased 41% to C$23.9M. Net income applicable to common stockholders increased 72% to C$9.2M. Net interest income after loan loss provision reflects Interest Income - Loans increase of 91% to C$46.9M, Cash and securities increase from C$206K to C$2.7M. |
| Employees: | 110 as of Oct 31, 2022 |
| Reporting Currency: | Canadian Dollars |
| Enterprise value: | $406.36M as of Jan 31, 2023 |
| Annual revenue (TTM): | $151.66M as of Jan 31, 2023 |
| EBITDA (TTM): | $45.66M as of Jan 31, 2023 |
| Net annual income (TTM): | $25.52M as of Jan 31, 2023 |
| Free cash flow (TTM): | $202.13M as of Jan 31, 2023 |
| Net Debt Last Fiscal Year: | $38.46M as of Jan 31, 2023 |
| Shares outstanding: | 26,003,986 as of Apr 28, 2023 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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