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Increased efforts to engage with brokers have been cited by MyState for helping it achieve strong growth in its loan book last financial year.
Tasmania-based MyState Limited posted 16.3 per cent loan growth for the 12 months to 30 June 2015, taking its total loan book to $3.6 billion.
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The group said mortgage brokers helped drive the strong lending growth, while interstate expansion increased the geographic diversification of its portfolio.
“Business lending was steady in a competitive market. Agricultural business and personal loan settlements were in line with the prior year,” MyState said in a statement.
The group said its banking businesses, MyState Bank and The Rock, maintained the high quality of their loan books over the financial year.
“Credit quality remains a cornerstone of the group’s business, and bad and doubtful debts and arrears remain well below industry peers,” it said.
“At 30 June 2015, 30-day arrears were at historical lows at 0.72 per cent, slightly below the prior year.”
MyState CEO Melos Sulicich said the strong growth in the group’s loan book is also testament to the success of new sales initiatives.
“[This] included [the] establishment of a dedicated sales and distribution team, hiring experienced business development managers and improving systems to speed up loan approvals,” he said.
“Product and pricing strategies leveraged MyState Bank’s new status as a bank and The Rock's existing profile among brokers.”
Looking ahead, Mr Sulicich said MyState has a digital transformation program underway, which is set to improve its services to customers.
“This includes the bank’s first iteration of our mobile app, and rolling out a new loan origination system which provides mortgage brokers with full electronic lodgement capability,” he said.
