VersaBank Q1 Revenue Climbs 31% to CA$36.5M; Net Income Up 36%
VersaBank posted first-quarter revenue of CA$36.5 million, up 31% year-over-year, and net income of CA$11.07 million, up 36%. Adjusted net income rose 49% to CA$12.16 million while US Structured Receivable Program expansion propelled 31% growth in net interest income from US operations.
1. First-Quarter Financial Performance
VersaBank delivered Q1 2026 total revenue of CA$36.51 million, up 31% year-over-year, with net income of CA$11.07 million, a 36% increase, and adjusted net income of CA$12.16 million, up 49%. Return on average common equity improved to 8.16%, reflecting stronger profitability against 7.02% a year earlier.
2. US Growth and SRP Expansion
US digital banking net interest income rose to CA$6.77 million, a 30% increase from Q4 2025, driven by accelerated growth in the Structured Receivable Program (SRP), which generated CA$528,000 in non-interest income during the quarter.
3. Balance Sheet and Capital Ratios
Total assets expanded 24% year-over-year to CA$6.15 billion, with book value per common share at CA$16.93. Common Equity Tier 1 ratio stood at 12.82% and total capital ratio at 15.47%, underscoring robust capital adequacy under Basel III guidelines.