Macquarie Group Half-Year Profit Climbs 50% to AU$2.478 Billion

Highlights

• First-half FY27 earnings for ordinary shareholders reached AU$2.478 billion, 50% higher than 1H26 but 22% lower than 2H26.

• Commodities and Global Markets lifted its management-basis contribution by 83% to AU$2.034 billion.

• APRA applied an AU$100 million governance overlay after identifying a NOHC authority breach, separate from an existing AU$500 million overlay on Macquarie Bank Limited.

Introduction

Macquarie Group Limited (ASX: MQG) published its first-half result for the 2027 financial year on Friday 6 November 2026, covering the six months to 30 September 2026. On the same day, the Australian Prudential Regulation Authority (APRA) issued a separate statement on the group's non-bank capital, a matter distinct from the earnings. A delayed intraday snapshot put its shares at AU$248.55, down about 3.81%.

Half-Year Profit and Groups

After tax, group earnings available to ordinary shareholders came to AU$2.478 billion for 1H27, a 50% improvement on the same six months a year earlier but 22% lower than the half to 31 March 2026 (2H26). Each share earned AU$6.52, a 49% lift on 1H26.

Net operating income rose 10% on 1H26 to AU$9.568 billion, while operating expenses of AU$6.317 billion were 1% higher. Annualised return on equity was 13.8%, against 14.0% in FY26.

What the Operating-Group Contributions Measure

Macquarie reports its four operating groups through net profit contribution, an internal management figure struck before corporate items not allocated to the groups, profit share and income tax. Those deductions sit at group level, so the contributions are not group net profit and should not be summed as such.

Commodities and Global Markets lifted its contribution by 83% from 1H26, taking it to AU$2.034 billion. Macquarie Asset Management rose 28% to AU$1.509 billion, driven mainly by the gain on the sale of Macquarie AirFinance. Banking and Financial Services edged up 6% to AU$841 million, whereas Macquarie Capital fell 61% to AU$278 million.

APRA Action on NOHC Authority

APRA's statement concerned Macquarie Group Limited's Non-Operating Holding Company (NOHC) authority. A recent capital review found the group had miscalculated the capital needed for risks in its non-bank businesses, an error traced to 2019 that left required capital too low. APRA said the understatement has been corrected and the stability of the wider group, bank included, was never undermined.

The new AU$100 million governance overlay is a capital measure, not a fine. Separately, an AU$500 million capital overlay that APRA placed on Macquarie Bank Limited in 2021 remains in place. APRA will oversee an assessment of the Economic Capital Model used for non-bank capital and may consider further action depending on the findings.

Capital and Interim Dividend

The Bank Group's APRA Basel III Level 2 Common Equity Tier 1 ratio stood at 12.9% at 30 September 2026, and Macquarie said its financial position is above regulatory minimums. Deposits climbed 10% from 31 March 2026 to AU$244.2 billion.

The board set the interim ordinary dividend at AU$3.25 a share, franked at 35%, reflecting a 50% payout ratio. Investors need to be on the register by 12 November 2026 to qualify, with cash due on 17 December 2026.

Macquarie Group ASX Delayed Intraday Snapshot

Delayed intraday data on Friday 6 November 2026 showed Macquarie Group Limited shares at AU$248.55, about 3.81% below the prior close, on volume of 454,070. This is a delayed intraday level, not a closing price.

What Investors Should Watch

• Settlement of the AU$3.25 interim dividend, scheduled for 17 December 2026.

• Progress of the APRA-overseen Economic Capital Model assessment and any further regulatory action.

• Commodities and Global Markets results in later halves.

Note- All data presented is based on information available at the time of writing.

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