MyState Reports Half Year Results for 2020-21 | Avocado

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MyState reported 18.8% profit growth for the first half of this fiscal year, bringing profits to $ 26.4 million. The bank’s chief executive, Melos Sulicich, said the result was supported by increased lending and efficiency gains through investments in technology. The result led the bank’s board of directors to declare an interim dividend of 12.5 per share for the six-month period. IN OTHER NEWS: Home loans are up 5.5% from 2020, housing applications up 10% and settlements up 24%. The bank said the growth was in part due to the First Home Loan Deposit Scheme, an active homeowner refinancing market and increased interest in fixed-rate home loans. Fewer than 200 clients remain on some form of COVID-related assistance – the majority being mortgage clients. In June 2020, 10.9% of home loan balances were receiving some form of assistance. That figure is now 1.6 percent. The projected credit loss coverage has therefore been reduced from $ 2.5 million as at June 30, 2020 to $ 1.6 million.


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