VersaBank rises on strong income growth

VersaBank

07/06/2023 15:13

** VersaBank  VBNK.TO  rises 1.5% to C$9.90 in early trading
hours  
    ** VersaBank reported a quarterly income of C$10.3 mln, or
38 Canadian cents per share, compared with C$4.9 million, or 17
Canadian cents in the year-ago period
    ** Net interest income rose 42.7% to C$24.6 million
    ** Lender benefited from loan growth amid high interest rate
environment 
    ** Loans grew to a portfolio value of C$3.42 bln, up 40%
from last year
    ** All three brokerages covering the stock rate it at "buy";
their median PT is C$13
    ** Shares of VersaBank down 2.1% this year, including
session moves

 (Reporting by Pritam Biswas)
 ((Pritam.Biswas@thomsonreuters.com))