MyState Pursues a Strong Growth Strategy, but Margins Suffer
No-moat-rated MyState Limited’s first-half fiscal 2019 cash profit of AUD 14.4 million or AUD 15.9 cents per share, cps, was down 9% on the previous corresponding period. The result revealed mixed operating metrics. A negative was the dampening of the Tasmanian bank's profitability due to pressure on net interest margin, or NIM, particularly from higher funding costs Conversely, credit quality of its loan book remains impressive. The interim fully franked dividend of AUD 14.25 cents per share wa...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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