MyState interim profit up 39% on post-merger synergies

MyState (ASX:MYS) has signaled a triumphant period of growth, reporting a substantial rise in its first-half financial results.

The banking group attributed the performance to increased operational scale and the successful realisation of $10.4 million in annualised integration synergies.

The group's statutory net profit after tax rose 39% to $27.3 million, while underlying profit climbed 18.4% to $28.2 million compared to the previous half.

Total operating income reached $125.2 million, supported by a diverse portfolio that saw momentum in both traditional and specialised lending.

The group's equipment finance arm, Selfco, emerged as a high-growth engine, with its portfolio expanding 64% to $261 million and contributing over 6% of the group's total profit.

Managing Director and CEO Brett Morgan highlighted the improved operational performance, noting that the company is navigating the transition while prioritising higher-margin business.

Despite broader economic pressures, MyState reported improving credit quality, with retail home lending 90-day arrears dropping to 28 basis points, significantly lower than the sector average.

MyState's board declared a fully franked interim dividend of 12 cents per share, a one-cent increase from the previous period.

At the time of reporting, MyState's share price was $4.82.