Newcastle bank pours record $53m into tech overhaul
Newcastle Greater Mutual Group invested a record $53 million in technology while posting $105 million profit in FY26.
Three years after merging Newcastle Permanent and Greater banks, the combined Newcastle Greater Mutual Group (NGM Group) posted more than $105 million profit in 2026. The result fell short of the previous two years.
The bank spent a record $53 million on technology and innovation. The investment focused on cloud computing to boost security and on adopting AI tools.
The bank also retired old systems. CEO Bernadette Inglis said the spending builds long-term capability.
Assets have grown 23 per cent since the March 2023 merger. NGM Group now serves more than 660,000 customers across Australia through its two banking brands.
- $105 million
- Profit FY26
- Record $53 million
- Tech investment
- 23 per cent
- Asset growth since merger
- More than 660,000 across Australia
- Customers served
Why it mattersThe tech investment signals the merged bank is building modern systems while managing profit pressures, important for customers relying on safer, faster digital and branch services.
AustraliaThe Newcastle-based bank's $53 million tech push affects over 660,000 Australian customers and shows regional banks investing heavily to compete with major institutions.
✓ Claims checked against the source. checked 6 h ago
Open this story in InSnip →
