NGM Group Reports Record $131.1 Million Profit with Increased Community Investment in 2024

Newcastle Greater Mutual Group Ltd (NGM Group) has reported a net profit of $131.1 million for the 2024 financial year, alongside a notable increase in community and customer investments. This follows the 2023 merger of Newcastle Permanent and Greater Bank, cementing NGM Group’s status as one of Australia’s largest customer-owned banks.

Financial Performance and Growth

NGM Group recorded total assets of $21.2 billion and net assets of $1.9 billion. The group’s home loan portfolio grew by 9%, reaching $16.8 billion, outpacing industry averages. Over 80% of home loan customers are ahead on their repayments, with arrears over 90 days at just 0.08%, well below the sector average. Customer deposits also saw strong growth, increasing by 6.4% to $17.6 billion.

The group’s capital adequacy ratio reached 22.8%, significantly higher than regulatory requirements, making it one of the most well-capitalised institutions in the sector. CEO Bernadette Inglis noted that this financial strength allows the bank to reinvest in customer offerings, products, and community programs.

NGM Group’s community investment increased from $4.5 million to over $6 million in the 2024 financial year. These funds supported various regional initiatives, including sponsorships, charitable foundations, and local partnerships. The group’s ongoing commitment to the community was also demonstrated through collaborations with organisations like the University of Newcastle’s Institute for Regional Futures, aimed at advancing research on regional economic development.

NGM Group also continued its support for long-standing programs, including Greater Bank’s grassroots netball sponsorship and Newcastle Permanent’s surf life-saving partnerships. Additional support was provided to initiatives focused on homelessness, domestic violence, and economic empowerment.

A key highlight for NGM Group this year was the launch of the Newcastle Permanent digital-first home loan, allowing customers to apply for a home loan in just 15 minutes and receive approvals within hours. This product has attracted applications from across Australia, and similar offerings are planned for Greater Bank customers.

The group also upgraded its banking apps, with 97% of customer transactions now completed through digital channels. Branch enhancements continued, with $2.2 million invested in significant upgrades at Singleton, Shellharbour, and Erina.

NGM Group received 34 awards during the year, recognising the value of its home loan products, savings accounts, and customer service. Notable awards came from Canstar, RateCity, and Mozo, further establishing the group’s competitive position in the market.

Looking ahead, NGM Group plans to continue its investment in digital platforms, product innovation, and community partnerships. Plans are also underway to enhance branch infrastructure, ensuring a balance between digital and in-person services.

The group’s strong financial performance, combined with its commitment to supporting regional communities, positions NGM Group for further growth as one of Australia’s leading customer-owned banks.