MyState Limited (MYS) held its Annual General Meeting today, addressing shareholders on a year defined by strategic action and disciplined execution. MyState Limited, an ASX-listed non-operating holding company of the diversified financial services Group consisting of MyState Bank Limited, Auswide Bank Limited and TPT Wealth Limited, reported significant progress following its merger with Auswide Bank. Board Chair Sandra Birkensleigh highlighted the unified board and executive team’s commitment and the resulting benefits of a larger, more diverse home loan book, improved financial resilience, and increased operating leverage.
Birkensleigh reported underlying net profit after tax of $41.3 million, a 17% increase year-on-year. Statutory NPAT rose to $35.6 million after accounting for merger and integration costs. Revenue grew strongly by 22%, supported by four months of earnings from Auswide Bank. A final dividend of 11 cents per share, fully franked, was declared. The total capital ratio strengthened to 17.5% as of June 30.
Managing Director and CEO Brett Morgan further detailed key achievements, including the successful launch of MyState Bank’s new mobile app and internet banking platform and Auswide Bank’s expanded distribution footprint through a partnership with Elders. Selfco, acquired by Auswide, experienced strong growth in its vehicle and equipment lending portfolio. Morgan emphasised the company’s commitment to customer service, cybercrime prevention, and community investment. Looking ahead, MyState remains focused on profitably growing its banking and wealth businesses and integrating MyState Bank and Auswide Bank.
Morgan expressed gratitude to the company’s people, customers, partners, and shareholders for their contributions to a year of significant change and progress.
