MyState Limited has posted solid growth in both its loan volumes and overall profit, with its total loan book surging towards $4 billion.
In announcing its end of year results, the banking and wealth management group boasted 16.3 per cent loan growth for the year, taking its total loan book to $3.6 billion, from just over $3 billion a year earlier.
MyState also reported a statutory after-tax profit of $32.5 million for the 12 months to 30 June 2015 – up 9.8 per cent on the previous year.
Underlying NPAT came in at $29.7 million – up 0.3 per cent on the prior year. This excludes an after-tax contribution of $3.9 million from the sale of the company’s Cuscal shares and one-off restructuring costs of $1.1 million.
Mystate’s balance sheet also remains strong, recording a total capital ratio of 12.68 per cent.
Melos Sulicich, chief executive of MyState, said the group’s result was “solid” in a year when it made significant changes to benefit customers and shareholders in future years.
“In pursuit of our vision to become Australia’s number one local bank, we strengthened our executive team, began to simplify our business, embedded a staff performance culture and enhanced sales management,” he said.
Mr Sulicich noted that the strong growth in MyState’s loan book is testament to the success of new sales initiatives.
“[This] included [the] establishment of a dedicated sales and distribution team, hiring experienced business development managers and improving systems to speed up loan approvals,” he said.
“Product and pricing strategies leveraged MyState Bank’s new status as a bank and The Rock's existing profile among brokers.
“We have a digital transformation program underway to improve services to customers. This includes the bank’s first iteration of our mobile app, and rolling out a new loan origination system which provides mortgage brokers with full electronic lodgement capability,” Mr Sulicich said.