Nine-figure profit shows merging Greater and Permanent was the right move

NGM Group chief executive Bernadette Inglis says the result showed the value of the merger.

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.