VBNK announced that its net interest margin has expanded this quarter, and that growth in assets in its digital funding solution has been faster than anticipated. Margin has expanded 'meaningfully', benefiting from normalization of the yield curve, a replacement of high interest deposits with lower rates, and expansion of solvency-related deposits. The bank also said it is on target for $290M in its receivables purchase program and remains on track for its goal of $1B of committments in CMHC loans. It was a nice mix of good news, helping the stock recovery from its (still) 22% YTD decline. It is cheap at 10X earnings, but then again most banks are cheap these days. Several executives have bought shares in the last 10 days, but the amounts have been relatively small.
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