MyState Ltd

MYS: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$6.50	Sqrvh	Shffgbrh

MyState Earnings: Conditions Steady; Auswide Merger Could Bring a New Wave of Growth

Nathan Zaia

Aug 19, 2024

MyState’s fiscal 2024 cash net profit after tax fell 8% to AUD 35 million, modestly beating our forecast. The key driver was weaker net interest margins dropping 18 basis points to 1.45%. The small bank, which focuses on home lending, was hurt by intense price competition for customer deposits and loans, but there are signs discounting pressure has moderated. Second-half NIM was flat on the first half, and we expect a modest improvement in fiscal 2025, given less intense competition for customer deposits.

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