Highlights

  • Total operating income increased 22.4% in FY25 following merger-driven growth and integration progress.
  • MyState generated AUD 8.4 million in annualised synergies within four months of the merger.
  • The company targets total pre-tax synergies of AUD 20–25 million anticipated within three years.

MyState Limited (ASX:MYS) offers banking, trustee, and managed fund services through its wholly owned subsidiaries, MyState Bank Limited (MyState Bank) and TPT Wealth Limited (TPT Wealth).

Financial Performance

MYS reported financial year 2025 (FY25) with total operating income of AUD 186.6 million, compared with AUD 152.4 million in FY24, representing a 22.4% increase. During FY25, the Group completed a merger that generated early synergies and continued integration activity. The loan portfolio expanded at an annualised rate of 7.5% within four months following the merger. The Group reported AUD 8.4 million in annualised synergies and has set a three-year target of AUD 20–25 million-. During the same period, operating expenses across MyState Bank and TPT Wealth rose by 3.7%, and total Group expenses reached AUD 127 million, which included AUD 7.5 million in merger-related costs. Core earnings for FY25 were AUD 59.6 million, up 16% from AUD 51.4 million in FY24. The Group ended FY25 with a capital ratio of 17.5%.

Business Update

On 21 October 2025, MYS announced that Ernst & Young had been appointed as the Group’s new auditor, effective immediately, following shareholder approval at the Annual General Meeting. The change in auditor follows the Group’s merger with Auswide Bank in February 2025 and the subsequent tender process conducted to determine the external audit provider.

Key Positive and Negatives

In FY25, the efficiency ratio increased to 71.3% from 65.8% in FY24, while underlying net profit after tax rose by about 17% YoY. However, underlying return on average equity declined by 40 basis points, and total operating expenditure grew by approximately 25.7% over the same period.

Business Outlook

In FY26, MyState plans to progress its transition to a single ADI and continue core system integration, reduce duplication and improve efficiency. Within four months of the merger, the Group generated AUD 8.4 million in annualised synergies through governance changes, consolidation of functions, and operational streamlining. Additional benefits are expected over the next two years as the single banking licence and core platform integration advance, with total pre-tax synergies of AUD 20–25 million anticipated within three years.

Operational priorities include measured growth in the home loan portfolio, increasing customer deposits, expanding the equipment finance book, and growing funds. The Group will also assess both organic and inorganic avenues for further expansion.

Share Performance of MYS

MYS’s shares were trading at AUD 4.500 per share on 06 November 2025 with an intraday gain of 1.12%. MYS’s stock is up 2.27% in last three months, 14.79% up over the six months, and jumped 17.49% over the past year. MYS’s 52-week high is AUD 4.740, recorded on 11 February 2025 and 52-week low is AUD 3.470, recorded on -7 April 2025.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 06 November 2025. The reference data in this report has been partly sourced from EODHD/Others.

 

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.