MyState announce record Q1, name new Chairman

Big news released on ASX ahead of broker-first bank's AGM

MyState announce record Q1, name new Chairman


By Mike Wood

MyState Bank has made major news this morning, announcing record results to the ASX with home loan applications up 115% and their loan book expanded to $5.7 billion.

At the same time, they announced that their Chairman, Miles Hampton, will retire at the end of March 2022. He will be replaced by Vaughan Rictor, currently a non-executive director and previously CEO of ING.

Richtor, like incoming CEO Brett Morgan, is based in Sydney and represents a further move towards New South Wales and Victoria.

The record results show the early successes of the Tasmanian bank’s expansionist strategy into the mainland market, with settlements rising 84.2% on the same period in 2020 and the loan book growing by 4.7% on the last quarter of the 2021 financial year.

Their base in Tasmania has been maintained, with customer deposits continuing to rise. They were 5.6% up on the last quarter.

There has been significant upheaval at the bank in recent months, with CEO and managing director Melos Sulicich announcing his retirement in January. Last week, MyState named his successora, with BNK Bank chief Brett Morgan to take over.

Morgan is currently based in Sydney and represents the next stage of the bank’s rapid escalation into the mainland market, which has seen them aggressively target the broker channel.

Last month, they added two new BDMs, one in New South Wales and on in Victoria, in addition to previous leadership team hires based in Melbourne to help state a proposition to the third party sector.

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