MyState (MYS) H1 2026 earnings summary

Executive summary

• Delivered strong earnings growth in 1H26, with underlying NPAT up 18.4% to $28.2m and statutory NPAT up 39% to $27.3m, driven by merger synergies and increased scale from the Auswide and Selfco integration.

• Integration of MyState and Auswide progressing well, with 98 of 215 initiatives complete and $10.4m in annualized run rate synergies achieved, above guidance.

• Transitioned to a single banking license in December, enabling capital and efficiency benefits and supporting future growth.

• Announced move to a single retail bank brand, MyState, and advanced core banking system integration.

• Interim dividend of 12.0 cents per share, fully franked, up from 10.5 cents in 1H25.

Financial highlights

• Total operating income up 14.1% to $125.2m versus 2H25; underlying NPAT up 18.4% to $28.2m; statutory NPAT up 39% to $27.3m.

• 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 $104.2m; non-interest income from banking activities rose 110.7% to $12.7m.

• Equipment finance (Selfco) loan book grew 64% to $261m, contributing $1.8m 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 $20–25m pre-tax annually by FY28; integration cost guidance unchanged at $29m.

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

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