MyState Limited reported a 41.2% year-over-year increase in underlying net profit after tax to $58.3 million for the full year ended June 30, 2026, driven by merger synergies following its acquisition of Auswide Bank in February 2025.
Total operating income climbed 37.1% to $255.9 million, while net interest income rose $58.6 million on higher lending volumes. Net interest margin expanded by 3 basis points to 1.50% for the year, with the second half reaching 1.54%. Underlying earnings per share grew 11.7% to 34.3 cents.
The bank’s cost-to-income ratio improved by 156 basis points to 66.5%, reflecting $11.8 million in run-rate synergies delivered by year-end. Integration costs totaled $26 million over the three-year program, up from an initial $29 million estimate due to investments in a modern, AI-enabled core banking platform via TCS. Synergy targets remain set at $20 million to $25 million by the end of FY28.
Home lending grew 5.8% to $13.6 billion, with second-half applications up 16% and settlements rising 41%. Owner-occupied lending accounted for 80% of the book, while customer deposits increased 4.0% to $10.6 billion. Equipment finance, via the Selfco acquisition, expanded its loan book by 134% to $371 million, contributing $3.9 million in NPAT.
Wealth management income rose 11.2% to $16.4 million, with trustee services funds under administration up 17.6% to $560 million. The division contributed $2.7 million to NPAT.
MyState declared a fully franked final dividend of 12.5 cents per share, bringing total dividends to 24.5 cents, up 3.0 cents from the prior year. The dividend payout ratio was 71.5% of underlying NPAT. The bank’s CET1 ratio stood at 11.6% as of June 30, 2026, while its total capital ratio declined to 15.8% following the redemption of Tier 2 capital notes.
The results will be presented on August 25, 2026. Shares last traded at $4.89, up 4.04%, near a 52-week high of $4.98.
