The 2020-21 financial year was pivotal for the Tasmanian-based financial services company, Mr Sulicich said in its annual report.

"While operating conditions were volatile, we performed strongly," he said.

"We supported and grew our customer base, increased our loan book, deposits and funds under management and finalised our 2025 strategy that will see us rapidly increasing customer numbers, deposits and lending at MyState Bank and funds under management at TPT Wealth."

Mr Sulicich said it was the right strategy.

"The industry is in a very low-growth environment and is still dealing with the challenges of significantly increased regulation," he said.

"Key to succeeding in this environment is ensuring you are a trusted brand, being customer-centric and agile enough to service changing customer needs, being digitally enabled to scale appropriately and having a strong balance sheet.

"While the banking environment is becoming even more competitive and will operate under increased regulation, MyState's 2025 strategy builds on our strong financial position and high NPS (net promoter score) to scale via a strong digital and AI-enabled offering across all states from our heartland in Tasmania."

The total loan book increased by 6 per cent to $5.6 billion and the home loan book by 6.8 per cent, which chairman Miles Hampton said was ahead of system growth.

Net profit after tax increased by 20.9 per cent to $36.3 million.

Customer deposits grew by 13.2 per cent to $4.5 billion.

Mr Sulicich will retire at the end of December after more than seven years with the company.

Net promoter score measures customer loyalty.