Greater and Permanent post nine-figure profit in second year of bank merger

The Hunter-based organisation grew its customer base to more than 635,000, while holding a home loan portfolio of $18 billion and customer deposits of $18.9 billion, both of which grew by seven per cent.

The group now holds more than $23 billion in assets.

NGM Group managing director Bernadette Inglis said the business helped 12,000 customers with new or refinanced home loans, including almost 1700 first home buyers.

"More people are choosing us for their biggest financial decisions, and this is something we are very proud of," Ms Inglis said.

The home loan portfolio grew by $1.2 billion and customer deposits increased by $1.3 billion, which was the largest growth in dollar terms of any customer-owned bank in Australia.

The bank continued to expand its footprint across the nation, opening a Greater branch in Coomera, on the outskirts of the Gold Coast.

Ms Inglis said throughout the growth, NGM Group had maintained a strong funding position, with a deposit-to-loan ratio of over 100 per cent supported by a loan portfolio of $18 billion and deposit balances of $18.9 billion.

"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.

There was a strong focus on digital innovation, with more than $40 million invested in technology to enhance the customer experience, and sending out almost 10 million scam awareness messages.

In 2024, the company posted a $131-million net profit in its first full financial year results since the merger between the Greater Bank and the Newcastle Permanent.

The company donated more than $6 million to local groups during the past 12 months, including a $2 million donation to the Hunter Medical Research Institute.

"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."