Brokers responsible for 90% of MyState's mortgage growth

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ASX-listed bank MyState has credited mortgage brokers for 90 per cent of its loan book growth over the first half of the 2016 financial year.

In its half-yearly results released last week, the bank recorded a surge in its loan book of 6.6 per cent from 30 June 2015, increasing to a total of $3.8 billion.

“Ninety per cent of [the group’s] loan book growth came through the broker network” in this period, Mystate managing director and CEO, Melos Sulicich, told The Adviser.

“Our book is 87 per cent owner occupier and 13 per cent investor,” he added.

“We expect to continue to benefit from regulatory changes which will help to level the playing field for smaller banks like us.

“The changes that we’ve put in place are achieving results and we expect that these will flow through to further gains and earnings in the future.”

Mystate announced a statutory after tax profit of $15.1 million for the six months to 31 December 2015, up 1.5 per cent compared to the previous corresponding period.

Housing loan settlements increased by $533 million, up 32 per cent from the previous corresponding period, while customer deposits grew at an annualised rate of 16.2 per cent.

Following the release of its half-yearly results, Mystate announced it had appointed Andrew Polson as the new general manager of wealth management.

“It is a pleasure to welcome a senior executive of Andrew’s calibre to our executive team,” Mr Sulicich said.

“He is highly regarded in the wealth management industry for building business through strong leadership and innovative product strategies, and we believe he will make a significant contribution to our team.”

Mr Polson joins MyState from ANZ Banking Group where he held senior roles for eight years, including global head of investment management and implementation for ANZ Global Wealth.

[Related: Listed aggregator reduces losses with strong digital growth]

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