Reduce the anchorPoint by a factor of 1.3 on the way back. Change your code to this -
CGPoint anchorPoint = myLabel.layer.anchorPoint;
[UIView animateWithDuration:0.5 animations:^{
// grow the label up to 130%, using a animation of 1/2s
myLabel.transform = CGAffineTransformMakeScale(1.3,1.3);
} completion:^(BOOL finished) {
// When the "grow" animation is completed, go back to size 100% using another animation of 1/2s
myLabel.layer.anchorPoint = CGPointMake(anchorPoint.x/1.3, anchorPoint.y/1.3);
[UIView animateWithDuration:0.5 animations:^{
myLabel.transform = CGAffineTransformIdentity;
}];
}];