MyState Limited has recorded a surge in its profit and loan book for the first half of 2015-16, and announced the appointment of a new general manager.
In its half-yearly financial results released this week, MyState posted a statutory after-tax profit of $15.1 million for the six months to 31 December 2015, up 1.5 per cent compared to the previous corresponding period.
“This was a robust result,” MyState's managing director and CEO, Melos Sulicich, said.
“MyState was pleased to report profit growth in its banking and wealth management businesses despite the highly competitive banking and financial services environment.
“Housing loan settlements increased by $533 million in the half, up 32 per cent from the previous corresponding period and customer deposits grew at an annualised rate of 16.2 per cent.”
The group’s loan book growth continued to gain momentum on the previous year, increasing to $3.8 billion, up 6.6 per cent from 30 June 2015.
Mr Sulicich told Mortgage Business that “90 per cent of [Mystate’s] loan book growth came through the broker network” in this period.
“Our book is 87 per cent owner-occupier and 13 per cent investor,” he added.
“We expect to continue to benefit from regulatory changes which will help to level the playing field for smaller banks like us.
“The changes that we’ve put in place are achieving results and we expect that these will flow through to further gains and earnings in the future.”
Following the release of its half-yearly results, MyState announced it had appointed a new general manager of wealth management.
Andrew Polson will take to the role, bringing 20 years’ financial services experience to the company.
“It is a pleasure to welcome a senior executive of Andrew’s calibre to our executive team,” Mr Sulicich said.
“He is highly regarded in the wealth management industry for building business through strong leadership and innovative product strategies, and we believe he will make a significant contribution to our team.”
Mr Polson joins MyState from ANZ Banking Group where he held senior roles for eight years, including global head of investment management and implementation for ANZ Global Wealth.
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