Tasmania’s MyState benefits from acquisitions
Publicly-listed Tasmanian-based financial services group MyState has reflected the benefits of recent mergers and acquisitions, reporting a 29.78 per cent increase in net profit attributable to members of nearly $14.6 million for the half-year ending 31 December.
Releasing its results to the Australian Securities Exchange (ASX) today, the banking and wealth management company said the result had included a full six-month contribution from Queensland-based The Rock building society for the full six months. The building society was acquired in December 2011, with the financial impacts being felt in the first half of 2012.
It said that when the underlying acquisition costs were extracted from the equation, underlying net profit after tax increased by 8.8 per cent.
Commenting on the result, MyState managing director John Gilbert said it had been achieved in a challenging environment.
He said The Rock had delivered a solid profit and was on track to achieve the cost and revenue synergies the company had identified at the time of the merger, while Tasmanian Perpetual Trustees had increased its profit by 26 per cent due to increased investor inflows and reduced operating costs.
The company declared an interim dividend of 14 cents.
Recommended for you
In this episode of Relative Return, host Laura Dew chats with David Russell, chair of the Transition Pathway Initiative, and Tony Campos, head of sustainable investment at FTSE Russell, about the intricacies of climate investment.
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford, along with special guest Steve Kuper, discuss a whirlwind start to US President Donald Trump’s second term that all but kicked off a trade war.
The emergence of DeepSeek, a Chinese artificial intelligence (AI) start-up that claims to have built an advanced large language model in just two months for under US$6 million, sent shockwaves through the AI world and cratered US tech stocks.
Donald Trump’s presidency has already begun reshaping the corporate and political landscape in the US, with executive orders rolling back diversity, equity, and inclusion (DEI) initiatives and clean energy efforts.
