07:58 AM EST, 03/06/2024 (MT Newswires) -- Versabank ( VBNK ) in business-to-business digital banking, and technology solutions for cybersecurity, on Wednesday reported its results for Q1 2024.

The company reported quarterly revenue of quarterly revenue of $29 million, an 11% increase over Q1 2023's $26 million. Net interest income was $26.7 million, compared with $24.3 million, last year.

Net income was $12.7 million, or $0.48 per share, beating a Capital IQ average forecast of $0.46. This compares with net income of $9.4 million, or $0.34 per share, for Q1 2023.

Versabank ( VBNK ) booked a provision for credit losses of $29 million.