Auswide Bank (MYS) AGM 2024 summary

Opening remarks and agenda

• The AGM opened with an acknowledgment of country and introductions of board members and auditors, held in a hybrid format for in-person and online participation.

• Voting procedures and question protocols were outlined, with all valid proxies admitted and voting conducted by poll.

Financial performance review

• FY24 statutory NPAT fell 55.2% to AUD 11.231 million, with underlying NPAT at AUD 10.283 million, impacted by margin pressure and increased competition.

• Net interest margin declined 46 basis points to 1.42%, and net interest revenue dropped 20.1% year-on-year.

• Customer deposits rose 7.97% to AUD 3.686 billion, with a capital adequacy ratio of 14.78%.

• Loan book grew to AUD 4.429 billion, with subdued growth at 0.6%, housing loans at 98% of the portfolio, and arrears at 0.2%.

• Over AUD 1 billion in fixed rate loans will mature in FY25, expected to materially uplift interest revenue.

Board and executive committee updates

• New CEO Doug Snell appointed in April, with Greg Kenny as interim CEO for four months; several senior appointments made.

• Chair Sandra Birkensleigh and Managing Director Doug Snell addressed the meeting, outlining performance and strategic direction.

• Board acknowledged management changes and efforts to address performance challenges.