For the second year in a row, the board of MyState Limited has elected to pay zero short-term bonuses to senior executives.
“While the overall result for the group was strong, the board sets the executive ambitious targets,” the board explained to shareholders in the 2023 annual report.
“Key financial targets were partially met and were impacted by the intensity of industry competition and slowing demand for credit, in large part due to the challenging macroeconomic environment.
“It is pleasing to note our growth in home lending and new to bank customers is evidence of the company’s capability to execute on the accelerated growth plan.
“Our employee experience score (which uses the results of our annual employee engagement survey) was also higher than the previous year.
“The proof points of strong growth in customer numbers and significant above-system growth in our home loan portfolio demonstrate our growth strategy is working.
“We have not yet achieved all that we set out to at the time of the capital raise in June 2021, and our decision not to pay bonuses is a reflection of our commitment to align company performance with remuneration.”
MyState delivered a record NPAT of A$38.5 million over the year to June 2023, up 20 per cent on the previous year. Core earnings increased 30 per cent to $57.7 million.