Chair and CEO AGM Addresses to Shareholders
Released
Released
Announcement PDF
ASX Announcement | 21 October 2025
About MyState Limited
Registered Office: 137 Harrington Street, Hobart 7000
MyState Limited (ABN 26 133 623 962) is the ASX-listed (MYS) non-operating holding company of the diversified financial
services Group consisting of MyState Bank Limited, Auswide Bank Limited and TPT Wealth Limited, a trustee and wealth
management company. MyState Bank and Auswide Bank are regulated by the Australian Prudential Regulatory Authority.
MyState Bank, Auswide Bank and TPT Wealth hold Australian Financial Services Licences issued by the Australian
Securities and Investments Commission.
The Manager
Company Announcements
Australian Securities Exchange
20 Bridge Street
Sydney NSW 2000
The attached addresses will be delivered by the Board Chair, Sandra Birkenlsleigh and the
Managing Director and Chief Executive Officer, Brett Morgan at MyState Limited’s 2025
Annual General Meeting to be held today, 21 October 2025 at 10:30 am.
Yours faithfully,
Scott Lukianenko
Company Secretary
MyState Limited 2025 Annual General Meeting Addresses
Authorised
MyState Limited Board
Media Relations
David Breen
David.breen@mystate.com.au
+ 61 412 933 060
Investor Relations
Adrian Mulcahy
adrian.mulcahy@automicgroup.com.au
+61 438 630 422
8
Chair’s address
Sandra Birkensleigh - Chair
9
Home loan book
+62% on pcp
$12.9b $10.1b
Underlying earnings per share
-4.2% on pcp
30.7 cps 11.0 cps
Total capital
+109 bps on pcp
17.5%
Final dividend
+0.5 cps on Interim
Customer deposits
+71% on pcp
Underlying net profit after tax
+17.0% on pcp
Statutory net profit after tax
$35.6m
Note: Financial performance figures compare FY25 to FY24 as the previous corresponding period (pcp). Balance sheet and capital figures compare 30 June 2024 as pcp. Profit and loss and
balance sheet items include Auswide Bank for the period from 19 February to 30 June 2025 and as at 30 June 2025 respectively.
1. MyState Bank and TPT Wealth Net Promotor Score at 30 June 2025
FY25 summary
$41.3m
+54 Net Promoter Score1 | High, stable level of customer advocacy
Annual General Meeting
Chair’s Address to Shareholders
21 October 2025
Ladies and Gentlemen, good morning and welcome to the 2025 Annual General
Meeting of MyState Limited.
My name is Sandra Birkensleigh and I am the Chair of the Board.
This was a landmark year for our organisation. A year defined by bold strategic action
and disciplined execution.
In February, we completed the merger between MyState and Auswide Bank. From the
outset, a unified Board and executive team were established to provide continuity and
clear accountability – and together the new team has embraced the merger with
energy and commitment.
I am proud of the progress we have made in such a short time. Importantly, I am also
confident in the direction we are heading.
We now have a larger and more diverse home loan book, improved financial
resilience, greater access to funding, increased operating leverage and flexibility to
pursue growth opportunities.
As the FY25 result demonstrates, the merger is progressing well. We have made good
early progress to extract cost synergies, we have continued to grow the business and
have launched new initiatives to deliver future value for customers and shareholders
alike.
I am pleased to report that integration is well underway. We are on track to deliver
between 20 and 25 million dollars in annual pre-tax synergies over the next three
years.
Turning to our financial results.
Underlying net profit after tax was 41.3 million dollars – up 17 per cent on last year.
Statutory NPAT was up slightly, at 35.6 million dollars, after accounting for one-off
merger and integration costs.
Revenue grew strongly, up 22 per cent, with a solid uplift in core earnings – supported
by four months of earnings from Auswide Bank.
Expenses did rise, as expected, reflecting the merger, with total operating costs of 127
million dollars.
Excluding those one-offs, underlying cost growth was well contained, at 3.7 per cent.
Underlying earnings per share were 30.7 cents and underlying return on equity was
7.3 per cent.
The Board declared a final dividend of 11 cents per share, fully franked – representing
a pay-out ratio of just over 78 per cent of second half underlying profit.
In making its decision, the Board considered the merger-related costs, and the fact
that Auswide contributed to group earnings for only four months of the financial year.
Our capital position has strengthened. The total capital ratio was 17.5 per cent at 30
June, up from 16.4 per cent a year earlier, further supported by the issue of 100 million
dollars of Tier 2 subordinated notes.
The Board remains committed to prudent capital management, disciplined cost
control, and delivering sustainable returns.
As we look forward, our merged business gives us the scale, capability, and balance
sheet strength to continue to invest in key initiatives, including growing our home loan
and asset finance books.
We have entered FY26 with clear strategic priorities, a highly capable leadership team,
and a united culture.
The fundamentals of our business are strong.
With continued discipline, I am confident we will deliver long-term value for
shareholders, customers, and communities.
Finally, I want to extend my sincere thanks to our people, who continue to serve
customers with excellence through this period of change. And I thank you, our
shareholders, for your continued support and confidence.
The progress we have made is just the beginning.
Thank you.
10
Managing Director
& CEO’s address
Brett Morgan
Managing Director & CEO
11
Delivered on key strategic initiatives
● Retail customer base
fully migrated onto new
digital banking platform
● Digital application
enhancements
supported improved
lending approval times
● Building significant
momentum in existing
and new trustee
services segments
● Process enhancements
and efficiencies driving
down operating cost
● Significant increase in
scale, capital base, home
loan and deposit portfolio
● Larger and more diverse
customer and geographic
footprint
Delivered
merger with
Auswide
New digital
capability
Business
optimisation
program
Selfco acquisition &
Elders partnership
Lending
portfolio
growth
● Acquired Selfco in
August 2024
● Partnership with Elders
to distribute banking
products
● Strong equipment finance
portfolio growth since
merger
● Higher portfolio yield on
fixed rate book in declining
interest rate environment
Annual General Meeting
Managing Director’s Address
21 October 2025
Thank you Sandra for your support and I would also like to acknowledge and thank your
predecessor, Vaughn Richtor, for his guidance and support whilst Chair of MyState prior
to the merger completing.
Good morning, everyone. My name is Brett Morgan, and I am Managing Director and
CEO of MyState Ltd.
As Sandra mentioned, FY25 was a significant year for MyState Limited and I am proud
to reflect on a number of our key achievements.
On the 19th of February this year, after gaining approval from APRA, the Federal
Treasurer, Supreme Court and Auswide Bank shareholders, we completed the MyState
Auswide merger. At the end of FY25, the merged entity served more than 275,000
customers across 4 brands. Our customers had access to 23 branches, 2 Australian
based contact centres, and have a growing digital and mobile footprint. Our customers
hold nearly 13 billion dollars in home loans, 10 billion dollars in deposits and close to 1
billion dollars in funds under management.
Beyond the merger, importantly we executed key initiatives across each of our four
brands.
MyState Bank successfully launched its new mobile app and internet banking platform,
with all retail customers migrated to a faster, simpler, and better digital experience. It is
now easier for customers to manage their personal finances digitally with MyState Bank.
Auswide Bank significantly expanded its distribution footprint after partnering with Elders
to offer banking products through the extensive Elders network.
Selfco has achieved strong growth of its vehicle and equipment lending portfolio since the
business was acquired by Auswide.
TPT Wealth expanded its trustee service offering and is building momentum, while
continuing to efficiently improve the client and beneficiary experience.
Throughout the year, our people continued to focus on what matters most: serving
customers and delivering profitable growth.
We continued to deliver competitive products, outstanding service and provide support
for customers in need.
We also continued our investment in systems and processes to prevent cybercrime and
scams. Protecting customers remains a top priority for MyState.
Our Net Promoter Score, a key measure of customer advocacy, finished the year strongly,
a testament to our people who are at the heart of our success.
We understand that clarity of purpose and a positive culture is critical to providing a great
place to work and ultimately delivering results. I am pleased and proud that our team
considered and launched our updated purpose and values, which are now being lived
across our Group.
We continue to invest in leadership programs as well as align performance, reward, and
recognition. And as a larger organisation our people have more opportunities to grow,
learn and deliver.
In line with our purpose, we continued to invest in our communities.
The MyState Bank Foundation supported 15 organisations, investing $219,000 to help
young Tasmanians thrive.
We continued our partnership with Home Base, shining a light on financial wellbeing in
Tasmania.
And in Queensland, Auswide supported the Salvation Army, Ronald McDonald House,
and the Lord Mayor’s Charitable Trust.
Looking ahead, our strategic ambition is unchanged:
We remain committed to profitably growing our banking and wealth businesses across
key segments including customer deposits, home lending, equipment finance, income
funds and trustee services.
We will continue to integrate MyState Bank and Auswide Bank with our key priorities being
a single banking license, a new loan origination system, a consolidated technology stack,
including a single core banking platform, and leveraging the greater efficiencies that come
through scale and standardisation.
To our people: thank you. You have lived our values, served our customers brilliantly and
delivered for our business through a period of significant change.
To our customers and partners: thank you for your trust and for choosing us.
And to our shareholders: thank you for your investment and continued support.
I’ll now hand back to the Chair.
40
Summary information
The material in this Presentation is general background information about MyState Limited
(ABN 26 133 623 962) and its activities current as at the date of this Presentation. The
information is given in summary form and does not purport to be complete or comprehensive.
It should be read in conjunction with MyState’s other periodic and continuous disclosure
announcements lodged with the Australian Securities Exchange, which are available at
www.asx.com.au.
Not an offer
Nothing in this Presentation should be construed as either an offer to sell or a solicitation of an
offer to buy or sell MyState securities. It is for information purposes only.
Not financial product advice
This Presentation is for general information purposes only. It is not financial product advice and
should not be relied upon for investment purposes. It has been prepared without taking into
account any investor’s objectives, financial position, situation or needs. It does not purport to
summarise all information that an investor should consider when making an investment
decision. Therefore, before making an investment decision, investors should consider the
appropriateness of the information in this Presentation and have regard to their own objectives,
financial situation and needs. Investors should seek such financial, legal or tax advice as they
deem necessary or consider appropriate. MyState is not licensed to provide financial product
advice in relation to the offer of shares.
Financial information
All information in this Presentation is in Australian dollars ($) unless stated otherwise. A number
of figures, amounts, percentages, estimates, calculations of value and fractions in this
presentation are subject to the effect of rounding. Accordingly, the actual calculation of these
figures may differ from the figures set out in this Presentation and totals may vary slightly due
to rounding. All references to financial years (FY) appearing in this Presentation are to the
financial years ended on 30 June of the indicated year. All figures are presented on an accruals
basis unless otherwise stated.
Past performance not indicative of future performance
Past performance information, including past share price information, should not be relied upon
as (and is not) an indication of future performance. To the extent that such information is
included in this Presentation, it is given for illustrative purposes only.
Forward looking statements
This Presentation may contain “forward-looking” statements including statements regarding
MyState’s intent, belief or current expectations with respect to their business operations,
market conditions, results of operations, financial conditions, and risk management practices.
Forward-looking statements can generally be identified by the use of forward-looking words
such as “anticipated”, “expected”, “aim”, “predict”, “projections”, “guidance”, “forecast”,
“estimates”, “could”, “may”, “target”, “consider”, “will”, “believe”, “schedule”, “seek” and other
similar expressions. Indications of, and guidance on, future earnings, financial performance, and
financial position are also forward looking statements . Forward looking statements, opinions
and estimates are based on assumptions, information and contingencies at the time of this
Presentation and are subject to certain risks uncertainties and change without notice, as are
statements about market and industry trends, which are based on interpretations of current
market conditions. Forward-looking statements including projections, indications or guidance
on future earnings or financial position and estimates are provided as a general guide only and
should not be relied upon as an indication or guarantee of future performance. Should one or
more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect,
there can be no assurance that actual outcomes will not differ materially from these
statements. To the fullest extent permitted by law, MyState and its directors, officers,
employees, advisers, agents and intermediaries take no responsibility for the accuracy or
completeness of any forward-looking statements, whether as a result of new information,
future events or results or otherwise. MyState does not undertake to release any updates or
revisions to the forward-looking information contained in this document.
Disclaimer
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