Auswide Bank (MYS) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, acknowledged traditional custodians, and introduced board members and auditors.

• AGM held in hybrid format, allowing both in-person and online participation, with clear instructions for voting and questions.

• Quorum confirmed, meeting officially opened, and minutes of previous AGM made available.

Financial performance review

• FY24 statutory NPAT fell 55.2% to AUD 11.231 million, with underlying NPAT at AUD 10.283 million, impacted by margin pressure and increased competition.

• Net interest margin declined 46 basis points to 1.42%, and net interest revenue dropped 20.1% year-on-year.

• Customer deposits increased 7.97% to AUD 3.686 billion, with a capital adequacy ratio of 14.78%.

• Loan book grew to AUD 4.429 billion, with subdued growth at 0.6% and housing loans comprising 98% of the portfolio.

• Loan arrears remained low at 0.2%, with strong credit quality and proactive collections.

• Over AUD 1 billion in fixed rate loans will mature in FY25, expected to materially uplift interest revenue.

Board and executive committee updates

• New CEO Doug Snell appointed in April, with Greg Kenny serving as interim CEO for four months.

• Several senior appointments made to strengthen management.

• Chair Sandra Birkensleigh and Managing Director Doug Snell addressed the meeting, outlining performance and strategic direction.

• Board acknowledged challenges and expressed commitment to improved future performance.