Hobart-based MyState Limited is making progress with its newly acquired banking subsidiary in Rockhampton, but reporting static data on its trustee and asset management arm in Tasmania.MyState, which also operates an ADI in Tasmania, put its underlying net profit for the year to June 2012 at A$25.9 million. It said its underlying ROE was 11.1 per cent, which is down from 11.4 per cent the year before.Statutory net profit was $23.4 million a rise of six per cent on 2011.MyState said it incurred one-off merger costs for The Rock of $2.1 million and highlighted the need for "immediate" action on some issues when it took control of the business in December last year. It said it still expected to realise budgeted cost savings of between $7.5 million and $8.5 million over three years.Profitability from The Rock is improving.  My State lifted the average monthly profit of The Rock to around $470,000 under the seven months of control compared with an average of $400,000 in its last full year of trading as an independent entity.Profit from MyState Financial increased about $1 million to $20.6 million over the year, in part thanks to the wide margin it earns on home-state deposits.On the other hand earnings and assets under advice at Tasmanian Permanent Trustees were stable over the year.