HUNTER-based Greater Bank has reported a group profit of $31.45 million, a figure in line with its financial results last year.
The bank's chief executive officer Scott Morgan said the "strong" result was delivered despite the "significant and increasing" investment in building the customer-owned bank's business capabilities to meet current and future customer needs.
Announcing its 2019 financial year results at its annual general meeting at its Hamilton headquarters, the Greater also said its deposit growth rate was 4.9 per cent, and its assets had increased to $7.2 billion.
Mr Morgan said that, in what continues to be a challenging market, highlighted by tough operating conditions, record-low interest rates and shrinking margins, he and the Bank's board were "exceptionally happy" with the 2019 performance.
"Our 2019 results follow the great momentum we have garnered over the last three years by driving diligent and ethical fiscal management, operational efficiencies and an ongoing commitment to delivering outstanding products and services that aim to attract new and retain existing customers," Mr Morgan said.
"This ongoing robust operational performance has enabled us to successfully grow our customer base and loan book above system for the third consecutive reporting period.
"Our group profit of $31.45 million is in line with last year's result, which was delivered despite the significant and increasing investment in building our business capabilities that will meet current and future customer needs."
The Greater Charitable Foundation marked a total funding allocation of more than $8 million to 28 charitable organisations since its inception in 2011.
