Commenting on the results, MyState chief executive and managing director Melos Sulicich said it is pleased to report an increase in its full-year earnings in an environment where “top line revenue growth is challenging”.
“Overall, it was a tale of two halves. The first half saw a decline in the group’s home loan portfolio due to soft economic conditions in our traditional markets and intense competition amongst lenders,” said Mr Sulicich.
“Following increased focus on the broker channel, loan originations improved strongly in the second half. The result was an increase of 1.6 per cent for the year in the group’s home loan portfolio,” he said.
“While this was disappointing, the second-half increase in loan originations is expected to continue and we anticipate robust portfolio growth in the 2015 financial year,” said Mr Sulicich.
MyState said its wealth management business Tasmanian Perpetual Trustees (TPT) reported an improved contribution for the year, increasing 46.4 per cent to $4.6 million from the previous year.
“Funds under management grew 5.8 per cent to $1.007 billion, driven by improvements in equity markets and investors seeking higher yielding assets in the lower interest rate environment,” a statement from MyState said.
MyState also said its directors have declared an increased fully-franked dividend of 14.5 cents per share, which brings total dividends for the year to 28.5 cents per share fully franked.
