08:05 AM EDT, 06/05/2024 (MT Newswires) -- VersaBank ( VBNK ) , a business-to-business digital bank, on Wednesday reported higher second-quarter profit as revenue rose on strong loan growth and lower non-interest expenses.

Net income for the quarter ended April 30 rose 15% to $11.8 million, or $0.45 per diluted share, from $10.3 million, or $0.38 per diluted share, a year earlier. Revenue climbed 7% to $28.5 million from $26.7 million.

The bank reported a common equity tier 1 ratio of 11.63% for the quarter, up from 11.21% a year ago.

The bank said it will pay a cash dividend of $0.025 per common share for the quarter ending July 31 to shareholders of record at the close of business on July 5.