VersaBank reports Q4 EPS C$0.20 vs. C$0.47 last year

Reports Q4 revenue C$27.29M vs. C$29.17M last year. “Our fourth quarter and fiscal 2024 results to continue demonstrate the underlying strength of our digital, B2B, branchless banking model as we roll out our unique Receivable Purchase Program, proven highly successful in Canada, in the multi-trillion U.S. Point-of-Sale market, with Consolidated EPS, excluding one-time items mainly related to our U.S. acquisition, for the fourth quarter and fiscal year of $0.38 and $1.69, respectively,” said David Taylor, President and Chief Executive Officer, VersaBank (VBNK). “Importantly, our Canadian Point-of Sale Receivable Purchase Program portfolio grew 15% year-over-year, as we continue to capitalize on the efficiency in our model. We expect our U.S. Digital Banking operations to be even more efficient due to lower deposit costs and lower personnel requirements. We continue to receive tremendously positive feedback on our RPP solution from prospective U.S. point-of-sale financing partners as we progress toward finalizing our first U.S. partner post-acquisition, which we expect imminently.”