VersaBank Reports Record Q3 Earnings Amid Strong Growth in US Structured Receivable Program
VersaBank reported record financial results for its third-quarter fiscal year 2026, with revenue rising 23% to C$38.8 million and net income increasing by 53% to C$10.1 million. The bank's total assets surpassed C$7 billion during the quarter, driven largely by rapid growth in its U.S. Structured Receivable Program (SRP), which now accounts for 85% of credit assets. The SRP portfolio grew 40% year over year to reach C$5.2 billion and is expected to see at least US$3 billion in additional fundings during fiscal 2027, supported by existing partners. Despite a decline in net interest margin due to higher deposit costs and liquidity levels, management anticipates recovery to around 2.3% in the fourth quarter. VersaBank also announced plans for reorganization, including the divestiture of its cybersecurity business, with completion expected by October 2026 pending regulatory approval.
Tickers: $VBNK
Topics: banking credit_assets net_interest_margin revenue_growth