The Macquarie Group Ltd (ASX: MQG) share price is down 4% after the global investment bank reported its FY26 half-year result.
Macquarie HY26 result
Here are some of the highlights from Macquarie’s result for the six months to 30 September 2025 compared to the FY25 first half (year on year) and the FY25 second half (half on half):
- Assets under management (AUM) of $959.1 billion, up 5% year on year and up 2% half on half
- Net profit of $1.65 billion, up 3% year on year, but down 21% half on half
- Interim dividend per share of A$2.80, up 7.7% year on year
As a global investment bank, Macquarie is diversified with a number of different operations. We’re going to look at how well each of the divisions performed in terms of profitability.
Banking and financial services (BFS)
BFS reported net profit of $793 million, up 22% year on year.
The company has been rapidly growing its presence in the Australian banking sector, capturing both deposits and new mortgages.
During HY25, its home loan portfolio reached $160.3 billion, up 13% compared to 31 March 2025, an incredible increase over six months. It now has approximately 6.5% of the Australian market.
Home loan growth was driven by strong demand in lower loan-to-value ratio (LVR) and owner-occupier lending segments.
It said that more than 95% of all home loans originated through the broker channel, with technology investment enabling market-leading turnaround times.
BFS deposits rose 12% half on half to $192.5 billion, while business banking loans rose 4% over the six months to $17.4 billion.
Macquarie Asset Management (MAM)
MAM reported a net profit contribution of $1.17 billion, up 43% year on year. It attributed this growth primarily to higher performance fees.
Commodities and Global Markets (CGM)
This segment delivered a net profit contribution of $1.1 billion, representing a decline of 15% year on year.
This business offers capital and financing, risk management, market access, physical execution and logistics solutions to its diverse client base.
Macquarie explained the profit decline was driven by higher operating expenses due to increased investment in the CGM platform, remediation-related spending and significant transaction-related costs.
The commodities income was broadly in line with last time.
Financial markets profit was up because of increased contributions from financing origination, as well as continued strong client hedging activity across foreign exchange and interest rate products.
Macquarie Capital
The investment bank side of the business grew net profit by 92% to $711 million.
Macquarie said that figure reflected higher merger & acquisition and brokerage fee income, as well as higher net income on the private credit portfolio.
Macquarie share buyback
Due to the company’s “strong capital position” the board has approved an extension of the up to A$2 billion share buyback for another 12 months.
As at 6 November 2025, $1.01 billion of Macquarie shares had been acquired on-market at an average Macquarie share price of $189.80.
Outlook for the Macquarie share price
The company says it continues to maintain a cautious stance, with the CEO saying it remains well-positioned to deliver superior performance in the medium term.
I’d describe Macquarie as the most appealing ASX financial share because of its diversification and growth, but I think the best time to invest is when investors are worried about financial markets, like we saw in April 2025 (during the tariff sell-off).
For now, there are other ASX growth shares and ASX dividend shares I’d focus on first.
