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NASDAQ: VBNK | TSX: VBNK Q3 2026 Conference Call September 3, 2026
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Dial-In to Ask Questions For those wishing to ask questions during the Q&A, please access today’s call through the telephone dial-in: Toll-free: 1-800-715-9871 (Canada/US) Local: 647-932-3411
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Advisory The Bank occasionally makes forward-looking statements about its objectives, operations and targeted financial results. These statements may be written or verbal and may be included in such things as press releases, corporate presentations, annual reports and other disclosure documents and communications. By their very nature, forward- looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved. A number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, the strength of the Canadian economy in general and the strength of the local economies within Canada in which the Bank conducts operations; the effects of changes in monetary and fiscal policy, including changes in interest rate policies of the Bank of Canada; global commodity prices; the effects of competition in the markets in which the Bank operates; inflation; capital market fluctuations; the timely development and introduction of new products in receptive markets; the impact of changes in the laws and regulations regulating financial services; changes in tax laws; technological changes; unexpected judicial or regulatory proceedings; unexpected changes in consumer spending and savings habits; and the Bank’s anticipation of and success in managing the risks implicated by the foregoing. When relying on forward-looking statements to make decisions, investors and others should carefully consider these factors and other uncertainties or potential events. For a detailed discussion of certain key factors that may affect our future results, please see our MD&A for the quarter ended July 31, 2026. The Bank makes no undertaking to update any forward-looking statement that is made from time to time by the Bank.
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David Taylor Founder & President
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5Q3 2026 Financial Highlights Continued strong performance in F2026: Momentum in digital banking business with increasing benefit of operating leverage Total Assets $6.88 B Credit Assets $6.16 B NIM on Credit Assets 2.44% Revenue $38.8 M Adj. (Core) Net Income1 $12.3 M Adj. (Core) EPS1 $0.38 5 • Record credit assets, up 29% YoY & 9% sequentially • Record revenue, up 23% YoY & 1% sequentially • Net Income up 53% YoY & 34% sequentially • Adjusted (Core) net income up 27% YoY • Incl. $0.8 M for share comp due to stock price increase and $1.5 M in transitory core costs 1. Adjusted/Core net income and Adjusted/Core EPS exclude costs associated with the Reorganization and write-off of capitalized software costs
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Continued Momentum in U.S. Structured Receivable Program (SRP) Q3/26 • Steady pace of funding with vast majority though our original, more profitable SRP as demand continues to exceed expectations • Additional US$220 M in new fundings • Total additional US SRP fundings to date in F2026: >US$720 M Efficiency ratio of U.S. operations on track for year-end target to be in low-20s U.S. operations accounted for more than 25% of Q3 Digital Banking revenue 90% of US SRP fundings in F2026 have been from the more profitable core SRP, with just 10% from lower spread Securitized SRP 6
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Next Level SRP: Real-Time Funding Capability Breakthrough Innovation in POS Financing Significant Enhancement to Bank’s Existing SRP Improved Economic, Timing and Risk Mitigation Benefits vs. Standard SRP • Enables SRP partners to finance individual loans in just minutes • Reduces financing cost / need for warehouse financing • Eliminates risk of interest rate movement during warehousing period • Based on internally developed AI – enables significantly greater auditing in real time (90% vs 10%), further reducing Bank’s loss risk Revolutionary New Alternative to Conventional Securitization Superior Economics, Timing and Risk Mitigation • Provides continuous access to funding: Eliminates lengthy and costly time-period required to aggregate multiple receivables and identify potential syndication partners • Significantly reduces accounting and other admin costs, repeated with each securitization • Generates higher ROE for partner due to lower equity requirement and lower costs • Eliminates risk of interest rate movement during securitization period Positive Feedback from Prospective Partners Currently Using Securitization Actively Pursuing Multiple Opportunities Opportunity to Capture More Business with Existing Partners & Add New Partners the Bank Was Previously Unable to Serve +
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Nicolas Ospina Global Chief Financial Officer
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Q3 2026: Continued Strong Financial Performance Balance Sheet At July 31 2026 2025 YoY Change Total Assets $6.88 B $5.48 B 26% Credit Asset Portfolio $6.16 B $4.78 B 29% Cash and Securities $0.62 B $0.62 B 1% Book Value per Common Share $17.45 $16.42 6% CET1 Ratio 11.47% 13.56% -209 bps Leverage Ratio 7.64% 8.90% -126 bps Both CET1 and leverage ratios remain above targets • Total credit asset portfolio expanded to another record balance • Book value increased to another record • YoY change in CET1 and Leverage ratios mainly due to capital deployed for US SRP growth 9
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Q3 2026: Continued Strong Financial Performance Consolidated Consolidated Income Statement Quarter Ended July 31 (000’s) 2026 2025 YoY Change Sequential Change Revenue 38,809 31,583 23% 1% Non-Interest Expenses 25,162 21,649 16% -8% Adj. Non-Interest Expenses 22,089 17,400 27% -2% Net Income 10,060 6,582 53% 34% Adj Net Income 12,303 9,670 27% -1% EPS 0.31 0.20 55% 34% Adj EPS 0.38 0.30 27% -3% • YoY and sequential revenue increase due primarily to growth in credit assets • NIEs included: • Non-core expense of $2.5 M related to proposed realignment to standard U.S. bank framework • Non-core expense of $0.6 million in costs related to write-off of capitalized software • NIEs also included: • $2.3 million pre-tax in share comp and transitory costs 10
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Q2 2026: Segmented Income Statement Segmented Income Statement Quarter Ended July 31 (000’s) 2026 2025 YoY Change Sequential Change Revenue 38,809 31,583 23% 1% Digital Banking Canada 27,565 26,619 4% -2% Digital Banking USA 9,303 3,116 199% 18% Digital Meteor 413 622 -34% -45% DRTC 1,875 1,569 20% 1% Quarter Ended July 31 (000’s) 2026 2025 YoY Change Sequential Change Net Income 10,060 6,582 53% 34% Digital Banking Canada 6,579 6,520 1% 61% Digital Banking USA 3,945 437 803% 10% Digital Meteor 114 23 396% -67% DRTC (578) (398) -45% -14% Revenue Net Income Net Income for Q3 includes $2.5M non-core NIEs related to the Reorganization as well as $0.6M related to write-off of capitalized software costs Net Income also for Q3 also includes ~$2.3 M pre-tax in share comp and transitory costs 11
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Structured Receivable Program Portfolio: Up 40% YoY & Up 11% sequentially Q3 2026: Continued Strong Financial Performance Digital Banking Operations - Record Credit Assets: $6.16 B Q2 2026 Total: $5.68 B $1.0B 18% $4.7B 82% Structured Receivable Program (SRP) Multi-Family Residential Loans & Other (MROL) Structured Receivable Program (SRP) Q3 2026 Total: $6.16 B $0.9B 15% $5.2B 85% Multi-Family Residential Loans & Other (MROL) 12
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Q3 2026: Continued Strong Financial Performance Digital Banking Operations Quarter Ended July 31 2026 2025 YoY Change Sequential Change Cost of Funds 3.16% 3.33% -17 bps 7 bps Net Interest Income 36,773 29,779 23% 3% Net Interest Margin on Credit Assets 2.44% 2.55% -11 bps -27 bps Net Interest Margin 2.19% 2.25% -6 bps -14 bps Digital Banking Operations: Income Statement • NII increased 23% YoY • NIM on credit assets decreased 11 bps YoY and 27 bps sequentially. The decreases in NIM reflect: • Higher than typical GIC term deposit rates relative to Government of Canada bond yields • The replacement of retail deposits with brokered deposits resulting from the sale of the Bank’s only physical branch in the US • The decision to maintain greater liquidity amidst a changing Canadian economy 13
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Continued De Minimis Credit Losses 0.08% 0.12% 0.06% (0.01%) 0.02% (0.02%) (0.02%) (0.02%) 0.02% 0.02% (0.01%) 0.09% (0.02%) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 2026 PCL as a % of Average Credit Assets Average Provision for Credit Losses as a % of Average Credit Assets 0.03% (Trailing 12-Quarters) 14
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David Taylor Founder & President
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F2026: Breakthrough Year That Positions the Bank for Accelerated Growth in F2027 Expected Continued Acceleration of SRP in the United States, Supported by Ramp Up of Breakthrough Real-Time SRP • F2027 Target for Additional US SRP Fundings: At least +US$3 B (> CDN$4 B) with additional potential upside • Represents ~60% growth to current credit asset portfolio Ramp Up of Real-Time SRP Expected to Accelerate Growth in Canada Opportunities for Further Efficiency Gains Through Broader Implementation of AI Across the Organization 16F2027 Will See the True Power of the Operating Leverage in Our Model 1616
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Strong Progress on Our Digital Asset Strategy: Pursuing Two Parallel Opportunities Tokenized Deposits Stablecoins Issued by Non-Banks Issued by Regulated Banks • Digital representations of actual bank deposits that operate on blockchain- based infrastructure • Supported by same liquidity/regulatory frameworks as typical bank deposits • Expected eligibility for deposit insurance (to be confirmed by regulators) • Ability to pay interest (not permitted for stablecoins) • Designed for institutional applications, including cross-border and B2B payments, digital asset settlement, and on-chain liquidity management. • Adhere to more rigorous compliance standards: better suited for enterprise- grade applications where KYC and AML compliance standards must be met • A cryptocurrency whose value is designed to be stable, typically by being pegged to a fiat currency like the U.S. dollar • Regulation by GENIUS Act in U.S., similar expected in Canada • Not permitted to pay interest • Not eligible for deposit insurance • Mainly used in lower-value retail contexts, incl. crypto trading, remittances, merchant payments w/ lighter compliance requirements Remain on Bank Balance Sheet Must be Invested in Liquid Assets (e.g. T-Bills) Blockchain enabled: Provide significantly greater speed, significantly lower cost, greater security and programmability 17
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Shareholders Meeting to Approve Proposed Reorganization Scheduled for September 16 18 Proposed Realignment of Corporate Structure 18 • Would align corporate structure with that of standard US bank framework with which US and international investment communities are most familiar • Proposed new holding company parent would be domiciled in United States • Would be expected to enable eligibility for inclusion in certain stock indices, including the Russell 2000 • Would simplify regulatory structure • Would facilitate further international expansion as the Bank explores additional markets beyond Canada and the United States • Subject to approval by Bank's shareholders, Federal Reserve Board and Minister of Finance (Canada) Intended to Realize Additional Shareholder Value, Further Mitigate Risk and Reduce Corporate Costs 18
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Q&A Session Toll-free: 1-800-715-9871 (Canada/US) Local: 647-932-3411
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Banking on the Future!