DESPITE closing four of its Central Queensland branches earlier this month, Mystate Bank, formerly known as The Rock, has recorded one of its strongest annual performances yet.

While the shock closures took many residents by surprise, it appears the financial institution can instead pay credit to its evolving digital presence.

Managing Director and CEO Melos Sulicich today announced the strong result achieved prior to COVID-19, its customer-led digital strategy and continued growth in mainland states proved crucial.

It was further revealed My State's net operating profit - pre-provisions and tax - increased by almost 13 per cent, from $42.4 million to almost $48m over the 2019 financial year.

Despite shelling out $4.9m due to possible credit losses, its net profit after tax of $30.1m remained higher than its FY19 results ($29.8M).

"While COVID-19 has presented challenges for the business and for our customers, this result demonstrates the success of our customer- focused approach."

"There has been an increase in customers using digital banking services during the lockdowns as they have adapted to the limitations imposed by the pandemic," said Mr Sulicich.

He added costs effective measures are being managed tightly, with strong focus on marketing and improved customer services through a continued digital transformation.

New data from the bank reported around two-thirds of its customers are using internet banking, while an increase of from 29 per cent to 46 per cent now receive eStatements.

The shift to online and a decline in branch transactions, Mr Sulicich said, were also a direct contributor to the closure of its Central Queensland sites.

READ MORE: CQ bank rejoices in strengthened network amid closures
READ MORE: Bank seeks to scoop up 'stranded' CQ customers

READ MORE: The Rock bank set to get stronger with new name

"These results show our investments in modernising our bank and wealth management business have been well received by our customers."

MyState's TPT Wealth's Devonport branch and office locations in Tasmania will also close, resulting in a one-off cost of around $2.4m before tax.

"Six years ago, we made decisions about where we were headed and executed a digital strategy that has transformed MyState Bank into a digital bank which is expanding rapidly along Australia's east coast."

"Customers appreciate the changes we have made, with our new digital capabilities supporting customer growth,"

Mr Sulicich said its products were easier to use and the recent results only strengthened MyState's future.