MyState Pursues a Strong Growth Strategy, but Margins Suffer. FVE AUD 5.00 Unchanged
No-moat-rated MyState Limited continues to grow at a fast clip with industry banking data printing a 12% increase in the bank’s home loan book for the year to March 31, 2019. Household deposits increased but at a less impressive 6% for the same period. But strong growth in a very competitive market for a lower loan/valuation ratio, or LVR, higher quality owner-occupier home loans comes at cost, with MyState suffering a sharp fall in net interest margins. Margins declined to 1.82% for first-half ...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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