MyState Bank announces 21% NPAT growth

by Mike Wood20 Aug 2021

MyState Bank has announced a 20.9% increase in Net Profits After Tax as part of a strong growth in the financial year just finished.

The Tasmania-headquartered bank has enjoyed a strong growth story in the last 12 months, rapidly increasing its proposition to brokers on the mainland, with early signs showing that it is paying off.

While the headline is the near 21% growth in NPAT, the underlying signs are also strong: home lending went up 6.8% above system and customer deposits also rose 13.2%.

Those customers reported themselves as satisfied too: MyState’s Net Promoter Score, a key metric in customer growth, was +47.

Melos Sulicich, CEO and managing director of MyState, who will retire at the end of the year, said that the result empowered the bank to go to the next level.

“These results together with our recent capital raising enable us to accelerate our current momentum and put MyState in a fantastic position to execute our 2025 growth strategy,” he said.

“Our focused strategy will build on our strong financial position, demonstrated execution capability and leading customer Net Promoter Score to access growth opportunities via an enhanced digital and distribution offering.”

“Our strategy is underpinned by our four strategic priorities of Customer Experience and Acquisition, Increased Distribution Capacity, Enhanced Operations and Culture and Capability development.”