The MyState Ltd (ASX: MYS) share price is in focus today after the company reported a strong FY26 result, highlighted by a 41.2% lift in underlying net profit after tax to $58.3 million and an improved earnings mix from higher-return businesses.
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What did MyState report?
- Underlying NPAT up 41.2% to $58.3 million (up 22% pro forma)
- Statutory NPAT rose 58% to $56.2 million
- Total operating income climbed 37.1% to $255.9 million
- Core earnings jumped 43.9% to $85.8 million
- Final dividend of 12.5 cents per share, fully franked (full-year 24.5 cps, up 3.0 cps)
- Home loan book increased 5.8% to $13.6 billion; customer deposits grew 4.0% to $10.6 billion
What else do investors need to know?
MyState moved to a single banking licence in December 2025, streamlining operations and capital management. Integration of its acquisitions delivered $11.8 million in run-rate synergies so far, and the company remains confident of reaching its synergy targets by FY28.
Management raised integration investment slightly to support a new AI-enabled core banking platform, aiming to drive ongoing efficiency, flexibility, and growth. Asset quality was strong, with 90-day home loan arrears improving from 0.44% to 0.32%. The group remains well-capitalised for future investments.
What did MyState management say?
Managing Director and CEO Brett Morgan said:
FY26 is our first full-year as a merged Group and I'm very proud of the way the team has come together, executed on our key priorities with discipline, delivered strong financial outcomes and continued serving our customers with care and commitment. I'm very pleased with our financial performance, with Underlying NPAT increasing 41%. We are seeing clear benefits from scale, reflected in strong income growth, disciplined cost management and an increasing contribution from higher-returning businesses. Together, these factors have improved the quality, sustainability and resilience of our earnings.
What's next for MyState?
Looking ahead, MyState will continue to focus on integrating its businesses and rolling out its new banking technology platform. Management expects further efficiencies from consolidating systems and operating as a single retail brand, supporting long-term growth.
The company's strong capital position and diversified earnings base put it in a good spot to keep executing on its strategy. Shareholders can expect ongoing focus on cost control, digital transformation, and delivering long-term value.
MyState share price snapshot
Over the past 12 months, MyState shares have risen 16%, outperforming the All Ordinaries Index (ASX: XAO), which has risen 1% over the same period.
