MyState (MYS) AGM 2025 summary

Opening remarks and agenda

• The meeting opened with acknowledgments of traditional owners and outlined safety and participation protocols for both in-person and virtual attendees.

• The Chair confirmed a quorum and introduced the board, executive team, and external auditor.

• Voting and question procedures were explained, with polls open for all resolutions and support available for both electronic and paper voting.

Financial performance review

• Underlying net profit after tax reached AUD 41.3 million, up 17% year-on-year; statutory profit was AUD 35.6 million after merger costs.

• Revenue increased by 22%, with core earnings boosted by the Auswide Bank merger; operating costs rose to AUD 127 million, mainly due to integration expenses.

• Home loan book reached $12.9b, up 62% on the previous corresponding period.

• Customer deposits increased to $10.1b, a 71% rise on pcp.

• Underlying earnings per share were 30.7 cps, and return on equity was 7.3%.

• The total capital ratio improved to 17.5%, supported by a AUD 100 million Tier 2 note issue.

Board and executive committee updates

• The board and executive team were unified post-merger, focusing on continuity and accountability.

• Directors standing for election or re-election outlined their backgrounds, merger experience, and commitment to board renewal and succession planning.

• The board renewal process includes staggered terms to facilitate succession and comply with regulatory expectations.