Competitive Challenges Weigh on MyState’s Earnings Outlook; AUD 5.00 FVE Unchanged
The Australian Prudential Regulation Authority's, or APRA’s, latest banking statistics for November 2017 confirm a competitive landscape for no-moat-rated MyState, with the Tasmania-based regional bank’s key home loan portfolio growing at less than 1% for the five months since June 30, well below system growth of 2.2%. With its lending portfolio heavily skewed towards owner-occupied home loans, MyState is susceptible to pricing competition and underwriting risks in the market. Disappointingly, M...MyState is a provider of banking, trustee and wealth management products and services through its wholly-owned subsidiaries MyState Bank Limited and Tasmanian Perpetual Trustees Limited. The banking division's product offerings include lending, encompassing home loans, personal, overdraft, line of credit and commercial products; transactional savings accounts and fixed term deposits; and insurance products. The wealth management division is a provider of funds management, financial planning and trustee services. It operates predominantly within Tasmania. As of June 30 2016, Co. had total assets of A$4.42 billion and total deposits of A$3.26 billion.
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