MyState (MYS) H1 2026 earnings summary

Executive summary

• Underlying NPAT rose 61.2% year-over-year to AUD 28.2 million, with statutory NPAT up 71.4% year-over-year and 39% sequentially to AUD 27.3 million, driven by merger synergies, increased scale, and the full-period inclusion of Auswide Bank and Selfco.

• Integration of MyState and Auswide progressing, with 98 of 215 initiatives complete, transition to a single banking license, and annualized run rate synergies of AUD 10.4 million achieved.

• Announced move to a single retail bank brand, MyState, and progress on a unified core banking system.

• Interim dividend of AUD 0.12 per share, fully franked, declared, up from AUD 0.105 per share in 1H 2025.

Financial highlights

• Underlying NPAT of AUD 28.2 million, up 18.4% on prior period; statutory NPAT AUD 27.3 million, up 39% sequentially and 71.4% year-over-year.

• Underlying EPS rose 11.1% to 16.6 cents per share; statutory EPS up 30.4% to 16.1 cents.

• Net interest income increased 63.3% year-over-year to AUD 104.2 million; total operating income up 14.1% to AUD 125.2 million.

• Equipment finance (Selfco) loan book grew 64% over the half and 135% since merger, contributing AUD 1.8 million to NPAT.

• Interim dividend payout ratio at 72.2% of underlying NPAT; DRP offered at 1.5% discount.

Outlook and guidance

• Targeting home loan growth at or above market, with focus on scaling equipment finance and wealth businesses for higher ROE and EPS accretion.

• Integration synergies expected to reach AUD 20–25 million pre-tax annually by FY 2028; integration cost guidance unchanged at AUD 29 million.

• Projected double-digit EPS growth based on full merger run rate synergies.

• Ongoing investment in digital and core banking systems to support growth.