NGM Group has 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 Hunter-based organisation grew its customer base by 20,000 - taking it to a total of 620,000 - with a home loan portfolio worth $16.8 billion and customer deposits of $17.6 billion.
The customer-owned bank also had a service rating significantly surpassing the major banks, took home a swagger of awards for home loan and saving account value, and donated $6 million to local community groups.
NGM chief executive Bernadette Inglis said when the Greater and the Permanent merged in March 2023, the company "made very specific promises" to members, including becoming a "financial powerhouse in the region".
"Every aspect of this result shows the value of bringing these two wonderful brands together," Ms Inglis said.
"We have met and exceeded all promises. We're very pleased with this result and very much in line with our expectation."
Ms Inglis said NGM was helping customers with the cost of living crisis with "very competitive pricing" for their term deposit and home loans, which were "much better than the major bank competitors".
"A large proportion of our customers are ahead on their mortgage repayments, which tells us they're in good stead," Ms Inglis said.
"Our 90 days arrears are at just 0.8 per cent, and 80 per cent of our customers ended the year ahead on their mortgage."
Throughout the year, Greater Bank and Newcastle Permanent helped more than 11,000 customers with home loans, including over 1300 first home buyers, while more than 27,000 new savings or transaction accounts were opened.
NGM Group refurbished 45 branches and has plans to open a new branch in southeast Queensland as it looks to expand its footprint.
The bank is also investing heavily in a better digital experience, improving its apps and launching a 15-minute digital home loan with Newcastle Permanent, which will soon be rolled out to the Greater.
"Our customers have made their digital-first preferences clear to us, with 97 per cent of transactions now completed through digital channels," she said.
Since launching the 15-minute home loan, the Newcastle Permanent has received applications from every Australian state and territory.
Ms Inglis said the bank's strong financial system allowed it substantially exceed its annual $4.5 million charitable commitment.
Earlier this month, the NGM Group donated $2 million to the Hunter Medical Research Institute, while its other charitable donations included funding for local schools, netball associations, First Nations programs, surf lifesavers, and homelessness and domestic violence support programs.
"We knew by coming together as NGM Group we'd have greater reach and financial capacity to help our communities, and our strong results in Financial Year 2024 meant we could contribute more than we ever have before," she said.
NGM chair Wayne Russell said it was critically important for the merged company to live up to its commitment to both customers and the communities it served.
"Both Newcastle Permanent and Greater Bank have long histories of putting their customers first and we've built on that legacy this year with strong innovation, including digital enhancements, increased security, and new offerings," Mr Russell said.
"Importantly, our post-merger results have further solidified our foundation for the future, which will allow the Group to be financially resilient and continue to deliver for customers during challenging economic times."
