By Adriano Marchese
VersaBank shares were lower after revenue and profit fell lower than expected in the fourth fiscal quarter.
Shares traded 6.7% lower at 23.68 Canadian dollars ($16.72). Shares are still up about 63% year-to-date.
The Canadian bank generated C$27.3 million in revenue, a decline of 6%, missing analyst expectations of a rise to C$29.4 million, according to FactSet.
VersaBank also logged exceptional costs in the quarter, including 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.
This weighed on profit. Net income fell to C$5.5 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.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 09, 2024 09:55 ET (14:55 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.