The Macquarie Group Ltd (ASX: MQG) share price is in focus after the ASX financial share announced its FY26 first quarter performance and the CEO’s retirement.
Macquarie is one of Australia’s largest financial businesses, with an asset management division, an investment bank, a commodities and global markets (CGM) segment and a banking division.
AGM update
Macquarie told investors that for the three months to June 2026, trading conditions were “satisfactory”.
The Macquarie Asset Management (MAM) segment’s net profit was down year on year following the divestment of its North American and European public investments business (which was sold in the second half of FY26). This division had A$748 billion of assets under management (AUM) at 30 June 2026, up 4% from 31 March 2026.
The banking and financial services (BFS) net profit was up year on year, thanks to volume growth in loans and deposits, partially offset by lower margins due to changes in its mix, as well as competition. BFS deposits were $223.3 billion at 30 June 2026, up 4% from March 2026, while home loans were $191.5 billion, up 6% from March 2026. The business banking loan portfolio was $18.7 billion (up 3% from March 2026).
CGM’s net profit was “substantially up” because of increased income from commodities, compared to subdued conditions last year, as well as increase asset finance income amid higher activity.
Macquarie Capital’s net profit was up thanks to higher investment-related and brokerage income, partially offset by lower advisory fees after a strong period last year.
CEO retirement
It was also announced at the AGM that Shemara Wikramanayake is going to retire from her role as Managing Director and CEO of Macquarie on 6 November 2026.
Greg Ward, the current head of banking and financial services, will become the new CEO. Ward joined Macquarie in 1996, serving as global chief financial officer before being appointed deputy Managing Director of Macquarie. In 2013 he became the head of the BFS segment and led the repositioning of the business.
Final thoughts on the Macquarie share price
The business has performed very well in the first quarter of FY27, which could bode well for the rest of FY27.
It makes sense to choose Greg Ward as the new boss – he has been a major part of the company’s success over the past decade. The BFS division looks like one of the strongest drivers of the business right now.
The fact that the BFS loans grew at an annualised 24% in the first quarter, after already growing so much, is impressive. It was a great move by Macquarie (and seemingly Ward) to focus on growing the retail bank.
Macquarie is not cheap, but I’d rather be a shareholder in this business than other ASX bank shares. But, there are other ASX dividend shares that could be even better buys.
