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.
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