Newcastle Greater Mutual Group (NGM Group) – the parent of Greater Bank and Newcastle Permanent – has posted sector-leading results for FY25, outpacing all other mutual banks in Australia.
The group, which now supports more than 635,000 customers, recorded total assets of $23.1 billion and net assets of $2 billion. Its home loan portfolio rose 7% to $18 billion, with more than 12,000 new or refinanced loans – including almost 1,700 first-home buyers.
Customer deposits also climbed 7% to $18.9 billion, with almost 26,000 new deposit and savings accounts opened.
Chair Samantha Martin-Williams (pictured left) said the results underscored NGM’s focus on customers and community.
“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.
NGM Group achieved a net profit after tax of $116.9 million and an underlying net profit after tax of $106.1 million. As a customer-owned bank, profits are reinvested into the business and communities, with more than $6 million contributed to charitable foundations, sponsorships, and programs in FY25.
“Competitive pressure in the banking sector is constant and increasing,” Martin-Williams said. “What we think sets us apart, and has underpinned this result, is our focus on long-term relationships, personalised support, and local impact.”
Managing director and CEO Bernadette Inglis (pictured right) said growth was being driven by competitive products that help Australians manage affordability challenges.
“More people are choosing us for their biggest financial decisions, and this is something we are very proud of,” 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.”
She noted the group has maintained a deposit-to-loan ratio above 100%, providing flexibility to meet housing finance 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,” 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.”
NGM Group invested more than $40 million in innovation and technology in FY25, consolidating 15 systems and delivering nearly 100 digital releases. Inglis said this investment will accelerate further in FY26.
“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,” she said. “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.”
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