MyState Limited unveils strategic merger

MyState Limited (ASX:MYS) held its 2024 Annual General Meeting, where key aspects of the company's performance and future plans were discussed. Despite a challenging financial environment, MyState achieved growth in its mortgage portfolio and retail deposits. The company reported a net profit after tax of $35.3 million for FY24 and announced a proposed merger with Auswide Bank.

MyState's strategic directions and future outlook

MyState Limited has outlined its strategic initiatives and future plans during the 2024 AGM. The company has successfully grown its mortgage portfolio and retail deposits and launched a new digital banking platform. A proposed merger with Auswide Bank aims to create portfolio diversification and scale for cost efficiency, with estimated cost synergies of $20m to $25m annually. This merger is subject to regulatory and shareholder approval, with completion targeted for December 2024. MyState continues to focus on cost management, community engagement, and sustainability efforts while addressing cybersecurity threats and maintaining capital adequacy. Looking forward, the company plans to focus on profitable growth across its services and enhance its risk management processes.

Executive insights from MyState's leadership

Despite the challenging environment of slowing credit growth and rising regulatory costs, we have managed to balance growth and shareholder returns. Our proposed merger with Auswide Bank is expected to significantly enhance our growth and scale. We are committed to maintaining strong customer focus and community engagement.