Auswide Bank Ltd. (AU:ABA) has released an update.
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MyState Limited reported a profitable FY24 with a net profit after tax of $35.3 million, a stable dividend payout, and a growth in lending to $8.0 billion, alongside a significant increase in new customers and the successful launch of new banking platforms. The company has also signed an agreement to merge with Auswide Bank, which is expected to be EPS accretive from FY26 and bring substantial scale and efficiency benefits. The merger is targeted for completion by the end of 2024, pending regulatory and shareholder approvals.
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