MyState Ltd
ASX:MYS
MyState Ltd
MyState Ltd. is a holding company, which engages in the provision of diversified financial services. The company is headquartered in Hobart, Tasmania. The company went IPO on 2009-09-10. The firm's segments include: Banking division and Wealth Management division. Banking division's product offerings include home loans, personal loans, overdraft, line of credit and commercial products, transactional savings accounts, and fixed term deposits and insurance products. Wealth Management division is a provider of funds management and trustee services. Its banking services include transactional and Internet banking, insurance and other alliances, savings and investments, personal and business lending, and business banking and agribusiness. its trustee services include estate planning, estate and trust administration, power of attorney, and corporate and custodial trustee. Its wealth management include managed fund investments, portfolio administration services and portfolio advisory services. MyState Bank and TPT Wealth are its retail brands.
MyState Ltd. is a holding company, which engages in the provision of diversified financial services. The company is headquartered in Hobart, Tasmania. The company went IPO on 2009-09-10. The firm's segments include: Banking division and Wealth Management division. Banking division's product offerings include home loans, personal loans, overdraft, line of credit and commercial products, transactional savings accounts, and fixed term deposits and insurance products. Wealth Management division is a provider of funds management and trustee services. Its banking services include transactional and Internet banking, insurance and other alliances, savings and investments, personal and business lending, and business banking and agribusiness. its trustee services include estate planning, estate and trust administration, power of attorney, and corporate and custodial trustee. Its wealth management include managed fund investments, portfolio administration services and portfolio advisory services. MyState Bank and TPT Wealth are its retail brands.
Profit Growth: MyState reported double-digit profit growth for the half, with underlying NPAT up 18.4% and up 23% on a pro forma basis versus the previous year.
Synergy Delivery: Integration synergies from the Auswide merger reached an annualized run rate of $10.4 million, slightly ahead of guidance, and cost-to-income ratios improved.
Equipment Finance Expansion: The Selfco equipment finance business grew its loan book by 64% and now contributes 6% of group underlying NPAT, outpacing home loan growth.
Dividend Increase: The interim dividend was raised to $0.12 per share, fully franked, up from $0.105 in the prior period, with a payout ratio of 72.2%.
Deposit Strategy: Deposit growth was subdued due to securitization activity, but core branch and digital deposits grew around 2%; new products like Hello Saver are being promoted.
Brand Unification: The group announced plans to transition to a single retail banking brand, MyState, to simplify operations and support national growth.
Risk Management: The mortgage book continues to display strong credit quality, with 90-day arrears at 28 basis points, well below sector averages.
