MyState Limited (ASX: MYS) - MyState Edged lower despite confirming FY18 profit at $31.5 million

Australian financial group, MyState Limited (ASX:MYS) today announced solid results for twelve months to 30 June 2018, delivering net profit after income tax of $31.5 million, an increase of 4.6% on the prior corresponding period 30 June 2017.

With enhanced digital technology platform, the group reported 1.4% increase in total income of $126.3 million and 1.5% reduction in operating cost over the last 12 months. Earnings per share rose by 2.7% to 34.97 cents per share compared to 34.04 cents per share. The company reported a robust balance sheet in fiscal year 2018 recording capital adequacy ratio of 13.5%, up 18 basis points compared to prior year. Return on average equity was 10.1%. In FY18, the group recorded strong and efficient performance over the launch of New Payments Platforms, ‘ApplyOnline’ system along with range of new online saving and transactions accounts. The cost to income ratio also decreased by 190 basis points to 64% ahead of new customers acquisition and better operating model.

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MyState’s Wealth management business has delivered strong growth in revenue and profit with Wealth NPAT increasing to $1.78 million, underpinned by growth in funds under management (FUM) and a strong improvement in the trustee business. Despite continued competition in lower risk and LVR lending, the group’s net interest income grew by $2.70 during the year. In line with previous year’s dividend, the board declared a final dividend of 14.5 cents per share, fully franked, in addition to interim dividend of 14.25 cents per share paid during the year. The fully franked final dividend is scheduled for payment on 25 September 2018 to entitled shareholders as recorded on 24 August 2018.

As stated by CEO, the group expects to have further growth in MyState’s wealth management division along with focus on increasing scale and digitalization. Following the FY18 result announcement, MYS share price edged lower by $0.040 to $4.880 on 17 August 2018.

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