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VersaBank Reports Continued Strong Financial Results for the Fourth Quarter and Year End 2021, Highlighted by Record Net Income for Each Period and a Record Loan Portfolio
Analysten bei der Arbeit (Symbolbild).
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PR Newswire
LONDON, ON, Dec. 1, 2021
Core Digital Banking Operations Deliver Strong Year-over-Year and Sequential Growth and Continued Decrease in Cost of Funds
VersaBank's 2021 annual audited Consolidated Financial Statements and Management's Discussion and Analysis ("MD&A") will be available today online at www.versabank.com/investor-relations and at www.sedar.com. Supplementary Financial Information will also be available on our website at www.versabank.com/investor-relations. All interim financial information within this earnings release is unaudited and based on interim Consolidated Financial Statements prepared in compliance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted. All annual financial information herein was derived from VersaBank's 2021 annual audited Consolidated Financial Statements.
LONDON, ON, Dec. 1, 2021 /PRNewswire/ - VersaBank ("VersaBank" or the "Bank") (TSX: VB) (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 fourth quarter and year ended October 31, 2021. All figures are in Canadian dollars unless otherwise stated.
Financial Summary:
| | | | |||||||||||
| (unaudited) | As at or for the three months ended | As at or for the year ended | |||||||||||
| | October 31 | July 31 | | October 31 | | October 31 | October 31 | | |||||
| (thousands of Canadian dollars except per share amounts) | 2021 | 2021 | Change | 2020 | Change | 2021 | 2020 | Change | |||||
| Financial results | | | | | | | | | |||||
| Total revenue | $ | 18,236 | $ | 15,729 | 16% | $ | 13,726 | 33% | $ | 65,357 | $ | 54,185 | 21% |
| Cost of funds | 1.31% | 1.41% | (7%) | 1.51% | (13%) | 1.35% | 1.71% | (21%) | |||||
| Net interest margin | 2.73% | 2.61% | 5% | 2.82% | (3%) | 2.76% | 2.90% | (5%) | |||||
| Core cash earnings(1)(2) | 8,138 | 7,433 | 9% | 6,545 | 24% | 30,789 | 26,752 | 15% | |||||
| Net income | 5,910 | 5,436 | 9% | 4,746 | 25% | 22,380 | 19,405 | 15% | |||||
| Net income per common share basic and diluted | 0.24 | 0.25 | (4%) | 0.20 | 20% | 0.96 | 0.82 | 17% | |||||
| Balance sheet and capital ratios | | | | | | | | | |||||
| Total assets | $ | 2,415,086 | $ | 2,285,771 | 6% | $ | 1,943,885 | 24% | $ | 2,415,086 | $ | 1,943,885 | 24% |
| Book value per common share(1) Werbung Mehr Nachrichten zum Fonds kostenlos abonnieren
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