MyState on track

The newly listed, and demutualised, MyState Limited is trading in line with budget, its debut accounts since merging with Tasmanian Perpetual Trustees show.

MyState reported a net profit for the half year to December 2009 of $8.2 million, though this is a little misleading since it incorporates a full six months profit from MyState Financial (the credit union) and only four months of profit from TPT.

Brief, pro-forma data in the notes to the financial statements shows MyState reported revenue of $79 million for the half and a net profit of $9.8 million.

There are no pro-forma comparatives for the merged entity, but those for the half year compare with those for the 2008 full year included in the information booklets prepared for members of MyState and shareholders in TPT last year, which showed pro-forma operating earnings for the year to December 2008 of $19 million.

In commentary published with the result, John Gilbert, managing director of MyState, said while it was "too early to see the full impact of any cost savings or revenue gains flowing from the merger, genuine gains are being made at this early stage."

He said the board expected MyState to achieve the forecast gains of between $3.5 million and $4.5 million over three years.

MyState reported loans of $1.6 billion at December 2009 and up from $1.5 billion at June 2009.

Gilbert said competition for deposits was highly competitive but said the MyState brand retained its strength in Tasmania.

He said MyState was looking into securitising some home loans by about June. MyState has not placed any wholesale debt using the Australian government guarantee.