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Greater yields Magin benefits

Modest loan growth was no impediment to a decent rise in profit in the swansong year for Greater Building Society chief executive Don Magin.Net profit at the Newcastle-based entity lifted ten per cent to A$31.4 million over the year to June 2014.The loan portfolio grew by less than one per cent while deposits grew by four per cent. Assets exceeded $5 billion for the first time.Magin recently stepped down as CEO after 27 years, replaced by Scott Morgan.

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