VersaBank (TSE:VBNK) Full Year 2024 Results

Key Financial Results

• Revenue: CA$111.9m (up 3.6% from FY 2023).
• Net income: CA$38.8m (down 5.9% from FY 2023).
• Profit margin: 35% (down from 38% in FY 2023). The decrease in margin was driven by higher expenses.
• EPS: CA$1.49 (down from CA$1.57 in FY 2023).

VBNK Banking Performance Indicators

• Net interest margin (NIM): 2.27% (down from 2.68% in FY 2023).
• Cost-to-income ratio: 51.0% (up from 46.0% in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

VersaBank Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 11%.

Looking ahead, revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 9.2% growth forecast for the Banks industry in Canada.

Performance of the Canadian Banks industry.

The company's shares are down 10.0% from a week ago.

Risk Analysis

Be aware that VersaBank is showing 1 warning sign in our investment analysis that you should know about...

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