VersaBank (NASDAQ:VBNK) kicked off fiscal 2026 with record-breaking performance, as the digital B2B lender’s entry into the U.S. market began to yield significant dividends, driving a 31% surge in total revenue.
For the first quarter ended January 31, 2026, the London, Ontario-based bank reported revenue of $36.5 million, up from $27.8 million in the prior year.
The bottom line saw even sharper growth, with net income rising 36% to $11.1 million.
On an adjusted basis, which accounts for one-time costs associated with its recent U.S. bank acquisition and corporate realignment, net income jumped 49% to $12.2 million.
The primary catalyst for this growth is the rapid scaling of the U.S. Structured Receivable Program (SRP).
After launching the program in late 2024 to serve the multi-trillion-dollar U.S. point-of-sale financing market, VersaBank saw U.S. SRP credit assets climb to $472 million.
While the bank’s asset base expanded to a record $6.15 billion, its capital ratios saw a slight decline.
The Common Equity Tier 1 (CET1) ratio landed at 12.82%, compared to 14.61% a year ago, reflecting the deployment of capital into higher-yielding U.S. credit assets.