Tasmania-based financial group MyState (ASX:MYS) recorded statutory net profit after tax of $30 million compared with $31 million in the previous year.
The result was after an impairment charge of $4.9 million, principally related to Covid-19 loan provisions.
Core earnings as measured by net operating profit before impairment and tax increased 12.9 per cent to $47.9 million.
The improved core earnings result reflects in part the tailwind of reduced funding costs.
A decision has been made to not pay a final dividend.
Shares in MyState (ASX:MYS) are trading 1.3 per cent higher at $3.80.