Net assets rise to $2 billion as membership and deposits surge
Newcastle Greater Mutual Group Ltd (NGM Group), the parent of Greater Bank and Newcastle Permanent, has reported sector-leading growth, record customer numbers, and continued investment in regional communities in its 2025 results.
The mutual bank now serves more than 635,000 customers, with household loans and deposits both reaching record levels. The Group reported total assets of $23.1 billion and net assets of $2 billion, supported by a net profit after tax of $116.9 million and an underlying profit of $106.1 million.
Chair Samantha Martin-Williams said the results reflected the strength of NGM Group’s customer-owned model.
“These outstanding results demonstrate the strength of our customer-first approach and our continued investment in the people and places we serve,” Martin-Williams said.
She said the Group’s focus on long-term relationships and local impact had underpinned its performance despite competitive pressures.
“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,” she said.
The Group’s home loan portfolio grew 7% to $18 billion, with more than 12,000 new or refinanced home loans, including almost 1,700 for first home buyers. Customer deposits also increased 7% to $18.9 billion, with nearly 26,000 new deposit and savings accounts opened. NGM Group recorded the largest growth in dollar terms of any mutual bank in Australia, according to APRA data.
Managing director and group CEO Bernadette Inglis said the results highlighted growing customer confidence.
“More people are choosing us for their biggest financial decisions, and this is something we are very proud of,” Inglis said.
She said the Group’s deposit-to-loan ratio of over 100% provided flexibility to meet home loan demand without overreliance on wholesale markets.
“This demonstrates the strength of our strategy and provides the flexibility to continue to meet demand for home loans without overreliance on wholesale markets,” she 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.”
NGM Group invested more than $40 million in innovation and technology during the year, consolidating 15 systems and delivering nearly 100 digital releases. Inglis said investment in cloud technologies, cybersecurity, and digital banking would continue in 2026.
The Group also invested more than $6 million into communities, including a $2 million donation from Newcastle Permanent to the Hunter Medical Research Institute.
“Supporting the communities where our customers live and work is at the heart of what we do,” Inglis said.
