By Adriano Marchese
VersaBank profit fell in its fourth fiscal quarter, weighed down by acquisition costs, while a decline in revenue missed targets.
The Canadian bank company said Monday net income fell to 5.5 million Canadian dollars ($3.9 million), or C$0.20 a share in the three months ended Oct. 31, down from C$12.5 million, or C$0.47 a share, a year ago.
Analysts were expecting C$0.40 a share, according to FactSet.
VersaBank said that it logged a one-time cost of C$3.3 million associated with its U.S. acquisition of Stearns Bank Holdingford, as well as a one-time expense of a deferred tax asset of C$1.6 million.
Total revenue fell by 6% to C$27.3 million. Analysts were expecting a slight rise to C$29.4 million.
Common equity tier 1 ratio, a measurement of a bank's core capital compared with its riskier assets such as loans and mortgages, was 11.24%, compared with 11.33% a year ago.
VersaBank said that its provision for credit losses as a percentage of average loans remained negligible with a slight decline of 0.01%, compared with the prior 12-quarter average of being up by 0.01%.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 09, 2024 07:28 ET (12:28 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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