Hunter-grown bank merger posts $105m profit amid record tech investment

Three years after the merger of the Newcastle Permanent and Greater banks, the Newcastle Greater Mutual Group (NGM Group) has continued its strong growth, recording a net profit of more than $105 million in the 2026 financial year.

The result, while below the $131 million and $117 million net profits for FY24 and 25 respectively, came during a time of heavy investment.

NGM Group said the strong profit had enabled a record investment of $53 million in technology and innovation to "build a stronger, safer and faster bank" for its customers.

The program included progressing a cloud-first approach to strengthen resilience and cyber safety, the disciplined adoption of AI-enabled tools and the retirement of legacy systems and technology infrastructure.

Managing director and CEO Bernadette Inglis said the investment was an important step in strengthening the group's long-term capability.

"This investment is the result of several years of disciplined work to bring together two strong organisations and create a platform for future growth," she said.

"Whether customers bank with us online or in person, we're investing in the systems and capabilities that deliver better experiences today while preparing us for the opportunities of tomorrow."

Ms Inglis said that alongside digital investment, branches continued to play an important role, with refurbishments being undertaken at a number of branches across the Hunter.

Posting a total asset growth of 23 per cent since merging in March 2023, the result demonstrates the continued momentum of one of Australia's largest customer-owned banks and the successful merger.

NGM Group board chair Darren Turner said that what began as two respected regional institutions had evolved into a customer-owned banking group with reach across Australia, but still remained deeply connected to the communities where their heritage was built.

"Our two strong and growing customer brands continue to be NGM Group's key strengths," Mr Turner said.

"Together, they allow us to meet the needs of more Australians and continue investing in the products, services and experiences that our customers value."

The Mutual Group supports more than 660,000 Australians through Greater Bank and Newcastle Permanent.

NGM Group reported they increased home lending and customer deposits more than any other mutual bank in Australia, according to APRA Banking Statistics.

The group reports total assets in excess of $25 billion.

During the year, there was also progress on NGM Group's future head office at 10 National Park Street, Newcastle West.

NGM Group said it again exceeded its commitment to return at least $4.5 million to community initiatives this year, investing more than $7 million in charities, not-for-profits and grassroots organisations.

Highlights included supporting more than 70 charities through the Newcastle Permanent and Greater charitable foundations, and investment in medical research through the Hunter Medical Research Institute.

Mr Turner said the FY26 achievements reflected the disciplined work of recent years to build a larger organisation with greater capability and ambition, while staying true to the values that underpinned NGM Group's success and the commitment of its people.

"As a customer-owned bank, our performance is measured not only by financial results but by the positive impact we create for our customers and the communities we serve," he said.

"Success isn't just about growing the bank. It's about using that success to create opportunities, strengthen local organisations and help build more vibrant regional communities."