2024 half-year result

Download 1H24 presentation

Macquarie (MGL and its subsidiaries, the Consolidated Entity) is a global diversified financial group with offices in 34 markets.

Financial highlights

1H24 net profit

$A1415m

39% on 1H23


1H24 operating expenses

$A5919m

6% on 1H23
1H24 net operating income

$A7910m

8% on 1H23


1H24 earnings per share

$A3.69

39% on 1H23

1H24 return on equity

8.7%

44% on 1H23


1H24 effective tax rate

29.3%

from 24.2% at 1H23
1H24 dividend per share (40% franked)

$A2.55

from $A3.00 in 1H23


Assets under management as at 30 September 2023

$A892.0b

2% from $A878.6b as at 31 March 2023

1. Includes MAM and BFS AUM. 31 Mar 20 AUM has been restated to reflect an immaterial misstatement in total MAM AUM reported on 8 May 20.


1H24 Net Profit Contribution1 by activity

~45%
Annuity-style activities

~55%
Markets-facing activities

1. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax.


icon-ar22-annuity-style
Annuity-style activities

$A1296m

43% on 1H23
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Markets-facing activities

$A1562m

32% on 1H23

 

1H24 Net Operating Income by geography2

AMERICAS

32%

EMEA

23%

ASIA

10%

ANZ

35%

2. International income is net operating income excluding earnings on capital and other corporate items.

Operating and Financial Review

Our businesses

Macquarie is a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities.

Macquarie Asset Management (MAM)

A leading specialist global asset manager, investing to deliver positive impact for everyone. Provides investment solutions to clients across a range of capabilities in Private Markets and Public Investments, including infrastructure, green investments, agriculture and natural assets, real estate, private credit, asset finance, equities, fixed income and multi-asset solutions.

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Net profit contribution

$A407m

71% on 1H23

Banking and Financial Services (BFS)

A retail banking and financial services business serving the Australian market. Provides a diverse range of personal banking, wealth management, and business banking products and services to retail clients, advisers, brokers and business clients.

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Net profit contribution

$A638m

10% on 1H23

Commodities and Global Markets (CGM)

A global business offering capital and financing, risk management, market access, physical execution and logistics solutions to its diverse client base, across commodities, financial markets and asset finance.

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Net profit contribution

$A1383m

31% on 1H23

Macquarie Capital

Global capability in advisory and capital raising services, investing alongside partners and clients across the capital structure, providing specialist expertise, advice and flexible capital solutions across a range of sectors. Develops and invests in infrastructure and energy projects, and provides clients with access to equity research, sales, execution capabilities and corporate access.

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Net profit contribution

$A430m

28% on 1H23

Central service groups

The Central Service Groups provide a range of functions supporting Macquarie’s Operating Groups, ensuring they have the appropriate workplace support and systems to operate effectively and the necessary resources to meet their regulatory, compliance, financial reporting, legal and risk management requirements.

Risk Management Group (RMG)

An independent and centralised function responsible for independent and objective review and challenge, oversight, monitoring and reporting in relation to Macquarie’s material risks. RMG designs and oversees the implementation of the risk management framework. The Head of Internal Audit reports functionally to the Board Audit Committee and operationally to the Head of RMG for day-to-day management.

Legal and Governance Group (LGG)

Provides a full range of legal and corporate governance services, including strategic legal and governance advice and risk assessment on corporate transactions, treasury and funding, insurance, regulatory enquiries and litigation.

Financial Management Group (FMG)

Responsible for capital, funding, liquidity, tax and provides strategic analysis and advice in relation to financial performance to support the growth of the Macquarie business. It ensures Macquarie continues to meet its financial, regulatory and tax reporting compliance obligations, as well as maintain significant relationships with a range of external stakeholders on behalf of the Group.

Corporate Operations Group (COG)

Provides specialist support services through technology, operations, human resources, workplace, strategy, operational risk management, data and transformation, resilience and global security, and also includes the Macquarie Group Foundation.