MYS Appendix 4E FY24 Statutory Accounts

• Net profit after tax of $35.3m, down 8.3% on prior year
• Loan book grew 1.8% to $8,022m, with home loans up 2.0%
• Announced proposed acquisition of Auswide Bank, expected to be EPS accretive from FY26

MyState Limited (the 'Company') has reported its audited results for the year ended 30 June 2024. The Group delivered a net profit after income tax (NPAT) of $35.3m, a decrease of 8.3% on the prior corresponding period (pcp) to 30 June 2023 of $38.5m. Earnings per share (EPS) was 32.0 cents per share (FY23: 35.5 cents per share), return on equity (ROE) was 7.7% (FY23: 8.7%) and the cost to income ratio (CTI) was 66.3% (FY23: 64.0%). The total loan book (excluding capitalised acquisition costs) grew $145.6m or 1.8% from June 2023, with the home loan book growing $158.9m or 2.0% during the period. MyState Bank's loan portfolio grew 1.8% from 30 June 2023, reaching $8,022m at 30 June 2024. The Bank remains focused on low-risk, owner-occupied lending with a loan to valuation ratio (LVR) of less than 80%. Net interest income was down $8.1m or 6.1% on pcp as a result of a fall in net interest margin partly offset by the benefits of a slightly larger average balance sheet. MyState's funding mix remains well diversified. Income from wealth management activities increased by $1.1m or 7.7% on pcp, with an increase in Trustee Services income reflecting higher capital commission levels, partly offset by lower Investment Services income. MyState remains well capitalised with the Group's Common Equity Tier 1 (CET1) ratio increasing by 79bps to 12.01% and the total capital ratio increasing by 99bps to 16.42% at 30 June 2024. On 19 August 2024, MyState announced that the company and its wholly owned subsidiary, MyState Bank, had signed a Scheme Implementation Agreement pursuant to which MyState Bank will acquire all of the ordinary shares in Auswide Bank Limited (Auswide). The proposed merger is expected to be Earnings per share accretive from FY26 on a post synergies run rate basis.

The Group delivered a net profit after income tax (NPAT) of $35.3m for the year ended 30 June 2024.

The Board remains focused on profitably growing the company's share of deposits, lending and funds under management. Since announcing a growth strategy in mid-2021, the home loan portfolio and customer deposits have increased by 46% and 33% respectively and the Board remains committed to the strategic intent of profitably growing the company's share of the market. The business temporarily slowed home lending growth in FY24, whilst continuing to invest into strategic priorities including digital, data, cyber and scam prevention, and plans to accelerate growth as market conditions and returns become more favourable and following the successful launch of the new internet banking platform and mobile app in early July 2024.