MyState is winning customers but the big banks won’t let them go
Key Points
- Full-year revenue ($m) 138.5, up 7.5pc
- Pre-tax profit ($m) 52.1, up 21pc
- Net profit ($m) 36.3, up 21pc
- Final dividend (¢) 13 v nil
- Date dividend payable: September 21
Tasmanian-based bank MyState won 17,000 new customers in the past year and expects more growth thanks to its new digital offering and faster mortgage approval times, but its CEO says the large banks are still dragging the chain on discharging mortgages when customers want to switch.
Melos Sulicich, who will retire in December after seven years running the ASX-listed bank which has a $5.6 billion loan book and 40 per cent of its mortgages in Tasmania, said it had a record month for home loan applications in June, and July was even better.
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