Financial group reports growth for FY16

Banking, trustee and wealth management group MyState Limited yesterday released its full-year results, announcing an increase in net profit after tax of $31.1 million, up 4.5 per cent from $29.7 million in FY15.

MyState also reported that earnings per share rose to 35.5 cents from 34 cents in the previous corresponding period.

"This solid underlying result demonstrates the progress we have made with building a platform that will facilitate continued profitable growth," MyState Limited’s managing director and chief executive, Melos Sulicich, said. 

“Our focus on building our loan book, combined with effective margin management, has led to the increased revenue and improved profit."

Mr Sulicich added that the wealth management section of the business had provided a stable contribution in a low interest rate environment, and MyState maintained a sound position in funds management, financial planning and estate planning and administration.

“This division represents a further growth opportunity,” he said.

Mr Sulicich added that MyState has focused on offering “improved services to mortgage brokers by introducing a new automated loan origination system”.

The firm is also set to launch a “new mobile and internet banking system in the coming weeks, which is an important milestone in our business transformation program”, Mr Sulicich added.

“Competition for owner-occupied lending will remain strong; however, MyState is confident that its improved products, services and customer engagement strategies, together with its focus on third-party channels, means that the business is well positioned to continue strong above-system growth,” the firm said.