Confounding the cynics, NGM Group has reported the highest mutual bank profit ever.
Net profit for the year to June 2024 was $131.1 million up from $72.9 million in FY2023
Underlying net profit was $104.6 million.
The result of the amalgamation of Greater Bank and Newcastle Permanent Building Society, NGM has played to its parochial strengths, and kept all 47 branches open, even when located next to each other.
In branch transactions account for one per cent of all transactions, the annual report shows.
NGM has $21.2 billion in total assets and $1.9 billion in net assets and is the second-largest mutual bank in Australia.