Newcastle Greater Mutual Group (NGM) reported record levels of home loans and deposits, amassing more nearly $117 million in net profits.
The merged entity between Greater Bank and Newcastle Permanent, formulated on 1 March 2023, now supports more than 635,000 customers.
In its annual results, released on Thursday 2 October, the company reported holding $23.1 billion in total assets and $2 billion in net assets.
Nearly 26,000 new deposit or savings accounts were opened across the financial year, and more than 12,000 customers were helped with home loans, with nearly 1,700 of them being first-time buyers.
The report highlighted a total home loan portfolio of $18 billion and deposit balances of $18.9 billion, a 7% increase from the previous year.
The growth is said to represent the company’s strong funding position, with a deposit-to-loan ratio of more than 100%.
NGM Group chair Samantha Martin-Williams admitted it was representative of its “customer-first” approach.
“Competitive pressure in the banking sector is constant and increasing,” she said.
“What we think sets us apart, and has underpinned this result, is our focus on long-term relationships, personalised support and local impact.
“We’ve proven that regional investment and service excellence go hand-in-hand, and our success reflects the trust that our customers place in us every day.”
In its first full financial year of 2023-24, the company accrued $131 million in net profits, with only $116.9 million after tax and an underlying amount of $106.1 million reported in 2025-26.
Managing director and Group CEO Bernadette Inglis said the organisation invested more than $6 million in charitable foundations, sponsorships and programs this past year.
“Supporting the communities where our customers live and work is at the heart of what we do,” she explained.
“We know that when our communities thrive so do our customers, so helping grassroots netball associations get kids on the court or taking our free Cinema Under the Stars tour around NSW is about more than the dollar value.
“It’s about building stronger, more connected communities.”
The organisation is expanding its reach nationally, with branches opened in Queensland, while five Greater Bank and Newcastle Permanent outlets were enhanced in the Hunter and Western Sydney.
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