Welcome to our dedicated page for Versabank news (Ticker: VBNK), a resource for investors and traders seeking the latest updates and insights on Versabank stock.
VersaBank (VBNK) is a pioneering digital Schedule I Canadian bank operating through a branchless model, specializing in business-to-business financial solutions and cybersecurity services via its DRT Cyber subsidiary. This news hub provides investors and financial professionals with essential updates on the bank’s strategic initiatives, technological advancements, and market positioning.
Access real-time updates on VersaBank’s digital lending programs, including its innovative Receivable Purchase Program (RPP), cybersecurity developments, and partnerships shaping North American B2B banking. Our curated news collection helps stakeholders monitor operational efficiency metrics, regulatory compliance updates, and expansion strategies in digital finance.
Key coverage includes earnings reports, technology deployments, risk management practices, and analysis of the bank’s unique position in cloud-based financial services. All content is verified for accuracy and relevance to support informed decision-making.
Bookmark this page for ongoing insights into how VersaBank continues redefining commercial banking through secure, technology-driven solutions while maintaining one of the industry’s most efficient operating models.
VersaBank reported its Q2 2022 results, marking a 17% increase in revenue to $18.6 million year-over-year, driven by 34% growth in loans. However, net income fell 14% to $4.9 million due to higher costs from growth initiatives, resulting in an EPS decrease of 32%. The bank achieved a record loan portfolio, particularly in Canadian Point-of-Sale financing, which grew 51% year-over-year. Despite these gains, net interest margins declined, reflecting a strategic shift towards lower-margin products. The bank's total assets grew 11% to $2.69 billion.
VersaBank (TSX: VBNK) has declared cash dividends of CAD $0.025 per Common Share and CAD $0.1693 per Series 1 Preferred Share for the quarter ending July 31, 2022. These dividends are payable on July 31, 2022, to shareholders recorded by July 8, 2022. Moreover, these dividends qualify as eligible dividends for tax purposes.
VersaBank operates as a digital financial institution, focusing on underserved banking segments with innovative financial technology solutions.
VersaBank (TSX: VBNK) will announce its second quarter 2022 financial results on June 1, 2022. The results are expected to be released at 7:00 a.m. (EDT), followed by a conference call at 9:00 a.m. (EDT), lasting about 60 minutes. During the call, CEO David Taylor and other executives will present the financial results and take questions from participants. The presentation materials will be available on the Bank's website and SEDAR. A replay of the call will be available until July 1, 2022.
VersaBank (TSX: VBNK, NASDAQ: VBNK) has appointed Richard Jankura as a new board member and Chair of the Risk Oversight Committee, filling the vacancy left by the retirement of Richard Carter. Jankura brings over 40 years of experience in finance and accounting across various industries, including key roles in banking and as CFO at The Jones Healthcare Group. His experience is expected to bolster VersaBank's focus on long-term growth in digital banking and cybersecurity solutions.
VersaBank (TSX: VBNK, NASDAQ: VBNK) held its 2022 Annual Meeting of Shareholders on April 20, 2022, in Toronto, Ontario. All director nominees from the Management Information Circular dated March 3, 2022, were elected. Notable voting results include Robbert-Jan Brabander receiving 93.96% in favor, while R.W. (Dick) Carter garnered only 56.96%. Shareholders also approved the re-appointment of KPMG LLP as auditors. Detailed voting results will be filed on SEDAR and EDGAR.
VersaBank (TSX: VBNK, NASDAQ: VBNK) has announced its first Point-of-Sale Finance partnership in the U.S. with a major commercial transportation financing business. This initiative, similar to successful operations in Canada, is set to tap into the growing US$1.8 trillion U.S. consumer and small business finance market. The launch is expected to grow VersaBank's loan portfolio over the long term while mitigating risk. The partnership utilizes VersaBank's Receivable Purchase Program to enhance efficiency in financing a diverse range of sectors while minimizing credit risk through cash deposits.
VersaBank (TSX: VBNK, NASDAQ: VBNK) announced the successful completion of its SOC2 Type I audit for its VersaVault® technology, a key component in launching its Digital Deposit Receipts (DDRs). This audit validates the bank's operational controls for security, confidentiality, and privacy, enhancing customer confidence in its DDRs, which are backed by actual fiat deposits. The first DDR, VCAD, is set for commercial launch based on Canadian dollar deposits. VersaBank also emphasizes its role as a SOC2 compliant custodian for digital assets, positioning itself favorably in a competitive market.
VersaBank (TSX: VBNK, NASDAQ: VBNK) will hold its annual shareholder meeting on April 20, 2022, at the TMX Market Centre, located at 120 Adelaide Street West, Toronto, at 10:30 a.m.. The meeting will be live-streamed for electronic attendance. Shareholders must submit proxy voting instructions to Computershare Investor Services by April 18, 2022, to cast their votes. A correction was issued regarding the meeting's location address, ensuring accurate information for all participants. For more details, shareholders can refer to the Management Proxy Circular.
VersaBank (TSX: VBNK) reported strong year-over-year growth for Q1 2022, achieving a record loan portfolio of $2.22 billion, up 24% from the previous year and 5% sequentially. Revenue increased 18% year-over-year to $18.3 million, while net income rose 5% to $5.6 million, though EPS decreased to $0.19 due to dilution from a prior share offering. The bank's cost of funds decreased to 1.29%, and the net interest margin slightly improved to 2.77%. The launch of the VCAD Digital Deposit Receipt is underway, despite delays. Cybersecurity revenue rose 36% year-over-year.
VersaBank (TSX: VBNK, NASDAQ: VBNK) has declared cash dividends of CAD $0.025 per Common Share and CAD $0.1693 per Series 1 Preferred Share for the quarter ending April 30, 2022. These dividends will be payable on April 30, 2022 to shareholders of record by the close of business on April 8, 2022. The declared dividends are eligible for tax purposes, emphasizing the Bank's commitment to returning value to its shareholders.
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