Newcastle Greater Mutual Group Ltd (NGM Group), encompassing Greater Bank and Newcastle Permanent, grew more than any other mutual bank in Australia1. Australia’s leading mutual, the bank saw household loans and deposits at record levels and community investment of more than $6 million in Financial Year 2025.
NGM Group 2025 Annual General Meeting
Group highlights
- Record customer numbers with more than 635,000 banking with NGM Group.
- $23.1 billion total assets and $2.0 billion net assets.
- Home loan portfolio of $18 billion, significantly outpacing the sector with 7% growth, and a record of more than 12,000 new or refinanced home loans.
- Customer deposits of $18.9 billion, with 7% growth and almost 26,000 new deposit or savings accounts opened.
- Sector-leading capital ratio of 24.1% and liquidity of 19.8%, continuing to make the Group one of the best-capitalised ADIs (Authorised Deposit-taking Institution) in Australia.
- More than $40 million innovation and technology investment to enhance the organisation and the customer experience, with 15 systems consolidated and almost 100 digital releases over the year.
- More than $6 million invested in charitable foundations, sponsorships and programs.
- Net profit after tax of $116.9 million and underlying net profit after tax of $106.1 million; being a customer owned bank, profit is invested back into the community and our business to support future growth.
- Almost 10 million scam awareness messages sent to educate customers and communities about cyber-crime.
- New Greater Bank branch opened in Coomera, Queensland and five Greater Bank and Newcastle Permanent branches in the Hunter and Western Sydney enhanced.
- Employee engagement outcome of 81 per cent, exceeding global and industry benchmarks.
- Delivering value across all key pillars of the mutual bank model - customer value, growth, financial sustainability, investment into the business and community.
NGM Group Chair Samantha (Sam) Martin-Williams said the market-leading results reflected the bank’s commitment to providing award-winning customer experiences and investing in regional communities.
“These outstanding results demonstrate the strength of our customer-first approach and our continued investment in the people and places we serve,”
Ms Martin-Williams said.
“Competitive pressure in the banking sector is constant and increasing. 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.”
Ms Martin-Williams said that while broader economic conditions remain challenging, NGM Group is well-positioned to navigate uncertainties.
“This year we have maintained our sector-leading capital ratio and liquidity and that is not through good fortune, that is through disciplined financial and asset management,” she said.
“We will continue to support the communities that drive the Australian economy, and through continued responsible capital management and targeted innovation we’re well positioned to deliver sustainable growth, support job creation and navigate future challenges with confidence.”
Customer value delivering results
Now supporting more than 635,000 customers, NGM Group achieved a net profit after tax of $116.9 million and an underlying net profit after tax of $106.1 million. This was bolstered by home loan growth of $1.2 billion matched by $1.3 billion of customer deposit growth – the largest growth in dollar terms of any customer-owned bank in Australia.
This saw almost 26,000 new deposit or savings accounts opened across Greater Bank and Newcastle Permanent and over 12,000 customers helped with home loans, including almost 1,700 first home buyers.
“More people are choosing us for their biggest financial decisions, and this is something we are very proud of,” NGM Group Managing Director and Group CEO Bernadette Inglis said.
“Whether it’s through highly competitive lending products or deposit accounts with no monthly fees, as a customer-owned bank our focus is on delivering value and helping Australians achieve financial wellbeing at every stage of life.”
Through this growth NGM Group has maintained a strong funding position, with a deposit to loan ratio of over 100 per cent supported by a total loan portfolio of $18 billion and deposit balances of $18.9 billion reflecting a disciplined approach.
“This demonstrates the strength of our strategy and provides the flexibility to continue to meet demand for home loans without overreliance on wholesale markets,” Ms Inglis said.
“As a result, we can continue to support housing finance with competitive rates, helping more Australians enter the property market at a time when affordability is a key challenge.
“As a customer-owned bank, we are in a unique position to directly support organisations and programs that make a real difference today and for future generations.”
Meeting the needs of the digital future
The Group’s strong financial performance has accelerated ongoing investment in technology, creating better digital experiences, even more secure systems and greater value for customers.
“This momentum will continue through Financial Year 2026 with record investment in cloud technologies, data centres and digital innovation to redefine what customer-owned banking can deliver.
“We’re transforming the way we serve our customers by bringing innovative solutions to market faster, while enhancing the reliability and security of our core operations,” Ms Inglis said.
“We’re building on a strong foundation to make banking faster, safer and more seamless for our customers, however they prefer to bank with us – in person, over the phone or online,” she said.
A key focus is protecting customers from scams and fraud, with enhanced cybersecurity measures such as multifactor authentication and the PayTo secure direct debit alternative being rolled out.
“We’re committed to ensuring our customers can access leading products and services with confidence, backed by the values of customer-owned banking that they know and trust,” Ms Inglis said.
Supporting thriving regional communities
Continued growth enabled more than $6 million of investment into regional communities through NGM Group’s charitable foundations, sponsorship programs, and community events and partnerships.
Underscoring the bank’s deep commitment to improving lives was a $2 million donation to the Hunter Medical Research Institute from Newcastle Permanent, designed to nurture the talent of early-stage local medical researchers and advance the impact of health innovation.
“Supporting the communities where our customers live and work is at the heart of what we do,”
Ms Inglis said.
“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.”
1APRA Banking Statistics June 2025. Comparison relates to the increase in dollar terms of household loan and deposit balances.