MYS FY24 Results Investor Presentation

• Delivered on key FY24 strategic initiatives in Bank, Wealth, and Trustee Services
• Optimised growth and return in a challenging environment with well-managed costs
• Proposed merger with Auswide Bank to significantly enhance scale and diversification

MyState Ltd reported its FY24 financial results, with net profit after tax down 8.3% to $35.3 million in a challenging market environment. The company delivered on key strategic initiatives, expanding its Bank, Wealth, and Trustee Services offerings, and managing costs well despite high inflation. The home loan book grew 2% to $8.0 billion, with a focus on lower-risk lending. The Wealth business, TPT Wealth, provided income diversification, with Trustee Services driving strong performance. MyState also announced a proposed merger with Auswide Bank, which would significantly enhance the combined group's scale, diversification, and capacity to invest in growth opportunities. The merger is expected to deliver $20-25 million in annual pre-tax cost synergies over three years. The transaction is targeted for implementation in December 2024, subject to regulatory and shareholder approvals.

MyState provided the following FY24 guidance: lending growth of 0.4x system, customer deposits above 70% of funding, earnings per share of 31.1 to 32.8 cents, underlying cost-to-income ratio of 64% to 66%, and return on equity between 7.5% and 8.0%.