Mystate Limited · ASX:MYS
Mystate — H1 FY2012 Earnings Presentation
27 slides from Mystate's earnings presentation, Mar 9, 2012
Slide 1: MyState Limited Investor Presentations March 2012
For personal use only MyState Limited (ASX Code: MYS) Investor Presentations March 2012
Slide 2: Programme
Programme For personal use only • Group Structure and Opera0ons • 31 December 2011 Snapshot • Highlights of 1HFY 2012 • Acquisi0on of The Rock • Strategic Priori0es • Group Outlook • Summary 2
Slide 3: Our Current Group Structure
Our Current Group Structure For personal use only Non-Operating Holding Company 100% owned Subsidiary Subsidiary Subsidiary 3
Slide 4: MYS Group Business Operations
MYS Group Business Opera7ons For personal use only •The Rock 40,000 Customers • MSF 120,000 Customers • TPT 80,000 Customers 4
Slide 5: MYS December 2011 'Snapshot'
MYS 31 December 2011 ‘Snapshot’ For personal use only Dec-11 Dec-10 Loans (1) & (2) $2.97bn $1.77bn Deposits (1) & (2) $1.44bn $1.45bn Net Assets (2) $264m $202m Funds Under Management (3) $0.93bn $0.93bn Funds Under Advice (3) $0.69bn $0.77bn NPAT (4) $11.2m $11.6m Market Capitalisation (2) (24 Feb
Slide 6: Highlights of 1HFY 2012
Highlights of 1HFY 2012 For personal use only • Acquisi0on of The Rock completed • Strong performance from MSF – above system loan growth • Stable NIM at 3.2% • Underlying cost to income ra0o con0nued to fall to 63.5% • Underlying return on equity con0nued to improve to 13.3% • Stable TPT performanc
Slide 7: MYS December 2011 'Snapshot'
MYS 31 December 2011 ‘Snapshot’ For personal use only 31 December 2011 31 December 2010 December 11 v Key Performance Metrics December 10 Excluding The Rock Building Society (% change) Acquisition Costs Underlying net profit after tax attributable to $13.04m $11.61m 12.40% members Underlying earning
Slide 8: MYS December 2011 'Snapshot'
MYS 31 December 2011 ‘Snapshot’ For personal use only December 11 v June 11 31 December 30 June 2011 Other Key Metrics 2011 (movements) Group capital adequacy – Tier 1 (1) 14.25% 15.38% 1.13 Net interest margin - MSF (%) 3.20% 3.23% 0.03 Underlying cost to income ratio (%) **** 63.50% 65% 1.5 Underl
Slide 9: MSF Interest Bearing Asset Portfolio
MSF Interest Bearing Asset PorGolio For personal use only 9
Slide 10: MSF Home Lending as at December 2011
MSF Home Lending as at 31 December 2011 For personal use only • System data source : RBA, Lending and Credit aggregates, published on 31 January 2012. • Six month growth is to December 11 annualised. 10
Slide 11: ADI Loans as at December 2011
ADI Loans as at 31 December 2011 For personal use only 11
Slide 12: MSF Interest Bearing Liability Portfolio
MSF Interest Bearing Liability PorGolio For personal use only 12
Slide 13: MSF Household Deposits as at December 2011
MSF Household Deposits as at 31 December 2011 For personal use only • System data source: APRA - Licensed bank deposit data published on 31 January 2012; • Six month growth is to December 11 annualised. 13
Slide 14: ADI Deposits
ADI Deposits For personal use only 14
Slide 15: MSF Net Interest Margin
MSF Net Interest Margin For personal use only 15
Slide 16: MSF Group Capital Adequacy
“MSF Group” Capital Adequacy For personal use only 16
Slide 17: MYS Group Cost-to-Income
MYS Group Cost-‐to-‐Income For personal use only 17
Slide 18: TPT Wealth Management FUM & FUA
TPT Wealth Management FUM & FUA For personal use only 18
Slide 19: Acquisition of The Rock
Acquisi7on of The Rock For personal use only • Acquisi0on completed 1 December 2011 • Acquisi0on costs of $1.8 million a_er tax • Management restructure and new CEO appointed • Challenging opera0ng condi0ons for The Rock • Synergy benefits will start to flow in FY 2013 19
Slide 20: The Rock Asset and Liability Mix
The Rock Asset and Liability Mix For personal use only 20
Slide 21: MYS Group assets and liabilities mix post The Rock acquisition
MYS Group assets and liabili7es mix post The Rock acquisi7on For personal use only Interest Bearing Asset Portfolio Interest Bearing Liability Portfolio 3% 14% Personal Loans At Call Savings 3% Accounts 26% 1% 32% Housing Loans Retail Term Deposits Business Banking loans Corporate Term Revolving Cre
Slide 22: MyState Limited Twelve Month Relative Stock Performance
MyState Limited Twelve Month Rela7ve Stock Performance to December 2011 For personal use only MYS twelve month relative stock performance 15.00% 10.00% 5.00% 0.00% -5.00% -10.00% -15.00% -20.00% -25.00% 16 1 1 l-2 1 1 11 19 1 1 29 1 1 21 1 1 11 11 30 1 14 1 29 1 1 16 1 1 r- 2 11 11 11 11 14 1 1 01 1
Slide 23: MyState's Strategic Priorities
MyState’s Strategic Priori7es For personal use only Organic growth Acquisition growth • Strong core franchise in • Extract ROK synergies Tasmania • Further consolidation of smaller • High brand awareness in core ADI’s market • Look for opportunities in wealth • Presence in traditional banking manage
Slide 24: Group Outlook
Group Outlook For personal use only • Market condi0ons remain challenging Subdue demand for credit – record consumer savings Compe00ve pressures – major banks and regionals • Maintain discipline in both asset and liability genera0on Pricing for risk in new SME business unit Profitability vs m
Slide 25: Summary
Summary For personal use only Con0nued strong performance from core Tasmanian franchise ROK acquisi0on completed High quality asset book High propor0on of retail deposit funding Well posi0oned across banking and wealth management Further M&A opportuni0es 25
Slide 26: Disclaimer
Disclaimer For personal use only This presenta0on contains certain forward-‐looking statements with respect to the financial condi0on, results of opera0ons, business plans and objec0ves of management. All such forward-‐looking statements involve known and unknown risks, significant uncertain0es, ass
Slide 27: MyState Limited Investor Presentations
For personal use only MyState Limited (ASX Code: MYS) Investor Presentations March 2012