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Not too unhappy so far..my only bank in portfolio
MQG - Macquarie Group
- Thread starter serp
- Start date
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it is the major holding ( by value ) in my portfolio ,
i also hold MYS , ABA and KSL , and a small number of WBC
but then i participate in the DRP , if the share price drops at the right time , it may translate to an extra share or two
i also hold MYS , ABA and KSL , and a small number of WBC
but then i participate in the DRP , if the share price drops at the right time , it may translate to an extra share or two
Dona Ferentes
beware the aedes of marsh
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some thoughts on the fifth pillar.
.
Times are still tough for Macquarie Group (ASX:MQG), despite a pickup in some of its businesses in the June quarter compared to last year. Ahead of the AGM on Thursday, the investment bank and fund manager said its commodities and global markets' first-quarter performance improved from last year due to increased trading activity in North American gas, power, and emissions markets, as well as strong results in the agriculture and resources sectors.
However, it reported that the combined net profit contribution from its market-facing businesses for the June quarter fell from last year, mainly because of the timing of asset realizations in Macquarie Capital. (In other words, it can’t offload assets flagged for sale.) Investors didn’t respond favorably to the update, sending the shares down 3.8% by just before 11 am Sydney time.
The company noted that its annuity-style businesses' combined quarterly contribution was broadly in line during the quarter, thanks to volume growth, lower operating expenses, and reduced credit impairment charges in banking and financial services (which have recently been a focus for growth).
Macquarie Asset Management oversaw A$915.00 billion worth of assets as of the end of June, down 2% from March-end. As usual, Macquarie did not disclose profit figures in the quarterly update but claimed its first-quarter operating group contribution was broadly in line with last year (though we have no way of verifying this).
As it has been emphasizing for some time, the company continues to maintain a cautious stance with a conservative approach to capital, funding, and liquidity, positioning itself well to respond to the current environment. Additionally, it remains "well-positioned to deliver superior performance in the medium term due to its diverse business mix across annuity-style and market-facing businesses.”
In other words, Macquarie remains a bank for all seasons and markets.
.......
even though the donut has done well with a diverse mix, it faces a dilemma of where to now? A big player here, relevance is found only in niche sectors on the international stage, and the big and powerful institutions in US, Europe and Asia swamp any efforts to become one of them (if that's the intention).
I've held in the past then sold at the wrong time - GFC and their leverage made for volatile times. But now, as MQG features strongly in the LICs I hold, there's probably enough exposure there.
.
Macquarie Group faces challenges despite improved performance
By Glenn Dyer | More Articles by Glenn DyerTimes are still tough for Macquarie Group (ASX:MQG), despite a pickup in some of its businesses in the June quarter compared to last year. Ahead of the AGM on Thursday, the investment bank and fund manager said its commodities and global markets' first-quarter performance improved from last year due to increased trading activity in North American gas, power, and emissions markets, as well as strong results in the agriculture and resources sectors.
However, it reported that the combined net profit contribution from its market-facing businesses for the June quarter fell from last year, mainly because of the timing of asset realizations in Macquarie Capital. (In other words, it can’t offload assets flagged for sale.) Investors didn’t respond favorably to the update, sending the shares down 3.8% by just before 11 am Sydney time.
The company noted that its annuity-style businesses' combined quarterly contribution was broadly in line during the quarter, thanks to volume growth, lower operating expenses, and reduced credit impairment charges in banking and financial services (which have recently been a focus for growth).
Macquarie Asset Management oversaw A$915.00 billion worth of assets as of the end of June, down 2% from March-end. As usual, Macquarie did not disclose profit figures in the quarterly update but claimed its first-quarter operating group contribution was broadly in line with last year (though we have no way of verifying this).
As it has been emphasizing for some time, the company continues to maintain a cautious stance with a conservative approach to capital, funding, and liquidity, positioning itself well to respond to the current environment. Additionally, it remains "well-positioned to deliver superior performance in the medium term due to its diverse business mix across annuity-style and market-facing businesses.”
In other words, Macquarie remains a bank for all seasons and markets.
.......
even though the donut has done well with a diverse mix, it faces a dilemma of where to now? A big player here, relevance is found only in niche sectors on the international stage, and the big and powerful institutions in US, Europe and Asia swamp any efforts to become one of them (if that's the intention).
I've held in the past then sold at the wrong time - GFC and their leverage made for volatile times. But now, as MQG features strongly in the LICs I hold, there's probably enough exposure there.
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the entry point has a lot to do with one's opinion here
( i bought the slide in 2011 )
MQG is nearly always cautious and so they should be , they play in high risk areas ( aircraft leasing , commodity trading and hedging contracts and many other high profit /higher risk investments/trading moves )
i hold mine 'free-carried' .. theoretical av. SP $26.76
i would be way more nervous if my av. price was around $150
without trying to calculate my exposure via LICs and ETFs , MQG was my second largest holding , a little north of 4% at the beginning of the month
just keep in mind MQG is higher risk than the other bigger ASX -listed banks , you need to remember that when calculating potential returns
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my dream is $20 ( again )Sold MQG at closing yesterday so now will it drop to $180..some member may said..."in your dream"
May my Dream happen in October
although that was with SYD shares included so maybe i should dream of $12
good luck
JohnDe
La dolce vita
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Imagine what could happen if we had a pro-business government.
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but , but MQG buys out and totally exploits Green project funding entities and will trade almost anything ( including i suspect carbon credits ) MQG has released a range of ETFs ( including bond-focused ETFs )
as long as you have borrowing , lending and trading MQG should be able to make a profit
JohnDe
La dolce vita
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They have their fingers in a few more pies than that. Such as -
Macquarie Group’s stellar $24bn divestment of AirTrunk may deliver it hefty performance fees as high as $1.3bn and stoke further demand for digital infrastructure assets, if lofty valuations don’t put them out of reach.
While difficult to estimate, given Macquarie’s 60 per cent holding in AirTrunk was held via its second Asia-Pacific Infrastructure Fund, bank analysts expect Macquarie will enjoy a huge payday on the AirTrunk sale to Blackstone and Canada Pension Plan Investment Board.
The transaction, worth more than $24bn and announced late on Wednesday, included capital expenditure for committed AirTrunk projects. Macquarie’s fund and PSP Investments will reap huge gains on their 2020 investment in AirTrunk, which at the time valued the company at just $3bn.
AirTrunk came onto Macquarie’s radar several years ahead of it snapping up the assets.
Amongst other long term investments and projects.
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Vampire Squid is i think the name that is given to them in Europe .
a kind of mixed praise considering MQG's main international rivals
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My only direct bank investment..and the best cash return vs big banks in Oz for a business entity
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i also hold ABA and MYS ( soon to merge together )
now SUN has divested the banking arm
and a trivial number of WBC ( legacy of a messy exit )
but MQG certainly has been the bank to hold for the last 13 years .. as long as you are willing to take on the extra risk
it will be interesting to see how their ETFs go
i haven't checked the list above out yet , so no recommendations from me this week ( and they seem to trade on the US exchanges )
etf.macquarie.com
andthis lot seem to be listed on the ASX
i only found MQAE slightly interesting BUT i haven't done near enough research on that one
now SUN has divested the banking arm
and a trivial number of WBC ( legacy of a messy exit )
but MQG certainly has been the bank to hold for the last 13 years .. as long as you are willing to take on the extra risk
it will be interesting to see how their ETFs go
i haven't checked the list above out yet , so no recommendations from me this week ( and they seem to trade on the US exchanges )
Macquarie ETFs
Discover Macquarie ETFs. Active ETFs backed by Macquarie's global investment expertise, now available through a simple trade on a stock exchange.
andthis lot seem to be listed on the ASX
i only found MQAE slightly interesting BUT i haven't done near enough research on that one
Good morning
Reported via News Corp media today (26/09/24):
Morgan Stanley’s Andrew Stadnik still looks to be the most bullish sell-side analyst on Macquarie Group after raising his 12-month price target from $234 to $250.
“We think Macquarie offers multi-year double digit earnings growth, justifying the recent re-rating,” Mr Stadnik says.
“The faster Fed cut gives us more confidence in global M&A recovery and we think the street is missing Macquarie’s operating leverage plus new growth options.”
Not holding
Kind regards
rcw1
Reported via News Corp media today (26/09/24):
Morgan Stanley’s Andrew Stadnik still looks to be the most bullish sell-side analyst on Macquarie Group after raising his 12-month price target from $234 to $250.
“We think Macquarie offers multi-year double digit earnings growth, justifying the recent re-rating,” Mr Stadnik says.
“The faster Fed cut gives us more confidence in global M&A recovery and we think the street is missing Macquarie’s operating leverage plus new growth options.”
Not holding
Kind regards
rcw1
☹missed the bus.
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as @farmerge would say one should have a ******** bank in my tips
so my second tip ( and second largest holding ) is MQG , the Teflon-coated bank
take all sorts of complicated financial risks/investments and usually escapes without a scratch
i am up 730% on this one
who would have thought the best defensive bank was the adventurous risk taker
i expect this will find new ways to benefit from up-turns , downturns and commodity prices
another one that defies a sensible investment thesis
so my second tip ( and second largest holding ) is MQG , the Teflon-coated bank
take all sorts of complicated financial risks/investments and usually escapes without a scratch
i am up 730% on this one
who would have thought the best defensive bank was the adventurous risk taker
i expect this will find new ways to benefit from up-turns , downturns and commodity prices
another one that defies a sensible investment thesis
Garpal Gumnut
Ross Island Hotel
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MQG is one of my picks in the 2025 Yearly Comp @mullokintyre . It is an international financial entity and is engaged in activities like those of global financial groups providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. So it is not like other banks on the ASX.
It pays a 35% franked 2.8% dividend and is mainly bought for growth. It is very much exposed to the sentiment of large financial institutions overseas particularly in the US. The latter atm. are flavour of the month on the NYSE.
It has given holders a 60% gain in the past 12 months.
A chart.
gg
It pays a 35% franked 2.8% dividend and is mainly bought for growth. It is very much exposed to the sentiment of large financial institutions overseas particularly in the US. The latter atm. are flavour of the month on the NYSE.
It has given holders a 60% gain in the past 12 months.
A chart.
gg
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' @mullokintyre
( one of my picks as well )
'growth ' indeed
i bought in the down trend in 2011 , to end up with a theoretical av. ( since i have well and truly rescued the original cash outlaid ) of $26.76 a share , add in ( deduct ) the bonus SYD shares sold off for $8 each
now in hindsight i could have handled the buying better by buying set $amounts on each step down instead of a set number of shares each time ... but it was my first year in the markets and novices make mistakes ( and i count that error as one of them )
am still waiting to see how the new CEO handles this behemoth , she doesn't seem to have the charisma or confidence of Nick , but maybe she does other things very well
BTW this is the only share that performed as i predicted ( triple in share price within 10 years ), that i have backed with real cash
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in hindsight a second mistake was probably made by not signing up to MacQuarie as a trading platform , where i would have qualified for a Prime account , instead i planned to be a 'set and forget ' investor and stuck with two budget level accounts ( at two different brokers )
( got that idea wrong as well , a steep learning curve in the markets )
( got that idea wrong as well , a steep learning curve in the markets )
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@mullokintyre
sorry a couple of days old , but i read the much longer release , was not particularly impressed so moved on
MACQUARIE GROUP 3Q 2025 TRADING UPDATE
Key points
• Net profit after tax (NPAT) for the nine months to 31 December 2024 (FY25 year to date (YTD)) broadly in line with
the nine months to 31 December 2023 (FY24 YTD)
• Macquarie's annuity-style businesses' (Macquarie Asset Management (MAM) and Banking and Financial Services
(BFS)) combined December 2024 quarter (3Q25) net profit contribution1 was substantially up on the prior
corresponding period (3Q24), mainly due to continued volume growth in BFS
- FY25 YTD net profit contribution substantially up on FY24 YTD, primarily due to higher performance fees and
investment income in MAM. Continued volume growth and lower operating expenses, partially offset by margin
compression, drove an increased contribution in BFS
• Macquarie's markets-facing businesses' (Commodities and Global Markets (CGM) and Macquarie Capital) combined
3Q25 net profit contribution was substantially down on the prior corresponding period, mainly due to subdued
conditions in certain commodity markets and the unfavourable impact of timing of income recognition primarily on
North American Gas and Power contracts in CGM, partially offset by higher fee and commission income in
Macquarie Capital
- FY25 YTD net profit contribution significantly down on FY24 YTD, mainly due to subdued conditions in certain
commodity markets in CGM
• Group financial position comfortably exceeds regulatory requirements
- Group capital surplus of $A8.5 billion2,3
- Bank CET1 ratio 12.6% (Harmonised: 17.7%4), Leverage ratio 5.0% (Harmonised: 5.7%4), LCR 196%5, NSFR 113%5
SYDNEY, 11 February 2025 Macquarie Group Limited (Macquarie) (ASX: MQG; ADR: MQBKY) today provided an update
on business activity in the third quarter of the financial year ending 31 March 2025 (3Q25). Macquarie Group Managing
Director and Chief Executive Officer, Shemara Wikramanayake, said that Macquarie’s Operating Group performance for
FY25 year to date was broadly in line with the prior corresponding period.
The annuity-style businesses’ combined 3Q25 net profit contribution was substantially up on 3Q24. For FY25 YTD, net
profit contribution substantially up on FY24 YTD, primarily due to higher performance fees and investment income in
1 Net profit contribution is management accounting profit before unallocated corporate items, profit share and income tax.
2 The Group capital surplus is the amount of capital above Australian Prudential Regulation Authority (APRA) regulatory requirements. Bank Group regulatory requirements are calculated in accordance with Prudential
Standard APS 110 Capital Adequacy (APS 110), at 10.5% of risk-weighted assets (RWA). This includes the industry minimum Tier 1 requirement of 6.0%, capital conservation buffer (CCB) of 3.75% and a countercyclical
capital buffer (CCyB). The CCyB of the Bank Group at Dec 24 is 0.76%, this is rounded to 0.75% for presentation purposes. The individual CCyB varies by jurisdiction and the Bank Group CCyB is calculated as a
weighted average based on exposures in different jurisdictions at period end.
3 The surplus reported includes provisions for internal capital buffers and differences between Level 1 and Level 2 requirements, including the $A500 million operational capital overlay imposed by APRA.
4 Basel III applies only to the Bank Group and not the Non-Bank Group. ‘Harmonised’ Basel III estimates are calculated in accordance with the updated Basel Committee on Banking Supervision (BCBS) Basel III
framework, noting that Macquarie Bank Limited (MBL) is not regulated by the BCBS therefore the ratios are indicative only.
5 Average LCR for Dec 24 quarter is based on an average of daily observations. APRA imposed a 25% add-on to the Net Cash Outflow component of the LCR calculation from 1 May 2022, and a 1% decrease to the
Available Stable Funding component of the NSFR calculation, effective from 1 April 2021.
Macquarie Group Limited
2
MAM. Continued volume growth and lower operating expenses, partially offset by margin compression, drove an
increased contribution in BFS.
The markets-facing businesses’ combined 3Q25 net profit contribution was substantially down on 3Q24. For FY25 YTD,
net profit contribution was significantly down on FY24 YTD, mainly due to subdued conditions in certain commodity
markets in CGM.
Macquarie Group’s financial position comfortably exceeds APRA’s Basel III regulatory requirements, with a Group capital
surplus of $A8.5 billion2,3 at 31 December 2024, down from $A9.8 billion at 30 September 2024. The Bank Group’s
APRA Basel III Level 2 Common Equity Tier 1 capital ratio was 12.6 per cent (Harmonised: 17.7 per cent4) at 31
December 2024, down from 12.8 per cent at 30 September 2024. The Bank Group’s APRA leverage ratio was 5.0 per
cent (Harmonised: 5.7 per cent4), the Liquidity Coverage Ratio (LCR) was 196 per cent5 and the Net Stable Funding Ratio
(NSFR) was 113 per cent5 at 31 December 2024.
Third quarter business highlights
Ms Wikramanayake provided an overview of business activity undertaken during 3Q25:
MAM had assets under management (AUM) of $A942.7 billion at 31 December 2024, up three per cent on 30
September 2024. In the quarter, Public Investments AUM increased five per cent to $A571.0 billion, primarily driven by
favourable foreign exchange movements. Private Markets AUM6 was $A371.7 billion, driven by fund divestments, offset
by favourable foreign exchange movements and increased net asset valuations. At 31 December 2024, Private Markets
had equity under management7 of $A212.9 billion with $A27.4 billion of equity to deploy after raising $A3.8 billion in
new equity, investing $A7.3 billion and divesting $A12.7 billion during the quarter.
BFS had total deposits8 of $A163.8 billion at 31 December 2024, up seven per cent on 30 September 2024. The home
loan portfolio9 of $A136.2 billion increased five per cent on 30 September 2024, while funds on platform10 were
$A152.4 billion. During 3Q25, the business banking loan portfolio decreased one per cent to $A16.5 billion.
CGM had a decreased Commodities contribution on the prior corresponding period, primarily due to subdued conditions
in certain commodity markets and the unfavourable impact of timing of income recognition on North American Gas
and Power contracts. Financial Markets had an increased contribution from corporates and private equity firms from
client risk management and financing activity across sectors, particularly in foreign exchange, fixed income and credit.
CGM also saw an improved performance in Asset Finance, with portfolio growth being driven by Shipping Finance,
Technology and Resources.
Macquarie Capital’s fee and commission income was up on the prior period and a weak prior corresponding period,
primarily driven by higher mergers and acquisitions fees. This was partially offset by lower investment-related income,
mainly driven by the timing of gains on investments. The private credit portfolio was over $A25 billion11 with more than
$A3.2 billion deployed in 3Q25 through focused investment in credit markets and bespoke financing solutions.
6 As at 31 December 2024. Private Markets Assets under Management (AUM) is calculated as the proportional ownership interest in the underlying assets of funds and mandated assets that Macquarie actively
manages or advises for the purpose of wealth creation, adjusted to exclude cross-holdings in funds and reflect Macquarie’s proportional ownership interest of the fund manager. Private Markets AUM includes equity
yet to deploy and equity committed to assets but not yet deployed.
7 Private Markets total Equity under Management includes market capitalisation at measurement date for listed funds, the sum of original committed capital less capital subsequently returned for unlisted funds and
mandates as well as invested capital for managed businesses.
8 BFS deposits include home loan offset accounts.
9 Home loan portfolio excludes offset accounts.
10 Funds on platform includes Macquarie Wrap, FUM in relation to institutional relationships and Macquarie Vision (used by Macquarie Private Bank).
11 Committed private credit portfolio as at 31 December 2024, excluding equity portfolio and equity deployment.
Macquarie Group Limited
3
Outlook
We continue to maintain a cautious stance, with a conservative approach to capital, funding and liquidity that positions
us well to respond to the current environment.
The range of factors that may influence our short-term outlook include:
• Market conditions including: global economic conditions, inflation and interest rates, significant volatility events,
and the impact of geopolitical events
• Completion of period-end reviews and the completion of transactions
• The geographic composition of income and the impact of foreign exchange
• Potential tax or regulatory changes and tax uncertainties
Ms Wikramanayake said, “Macquarie remains well-positioned to deliver superior performance in the medium term with
its diverse business mix across annuity-style and markets-facing businesses; deep expertise across diverse sectors in
major markets with structural growth tailwinds; patient adjacent growth across new products and new markets;
ongoing investment in our operating platform; a strong and conservative balance sheet; and a proven risk management framework and culture.”
i hold MQG ( 'free-carried' )
.. and the only share i have bought that has performed as predicted ( hoped ) since i started investing
sorry a couple of days old , but i read the much longer release , was not particularly impressed so moved on
MACQUARIE GROUP 3Q 2025 TRADING UPDATE
Key points
• Net profit after tax (NPAT) for the nine months to 31 December 2024 (FY25 year to date (YTD)) broadly in line with
the nine months to 31 December 2023 (FY24 YTD)
• Macquarie's annuity-style businesses' (Macquarie Asset Management (MAM) and Banking and Financial Services
(BFS)) combined December 2024 quarter (3Q25) net profit contribution1 was substantially up on the prior
corresponding period (3Q24), mainly due to continued volume growth in BFS
- FY25 YTD net profit contribution substantially up on FY24 YTD, primarily due to higher performance fees and
investment income in MAM. Continued volume growth and lower operating expenses, partially offset by margin
compression, drove an increased contribution in BFS
• Macquarie's markets-facing businesses' (Commodities and Global Markets (CGM) and Macquarie Capital) combined
3Q25 net profit contribution was substantially down on the prior corresponding period, mainly due to subdued
conditions in certain commodity markets and the unfavourable impact of timing of income recognition primarily on
North American Gas and Power contracts in CGM, partially offset by higher fee and commission income in
Macquarie Capital
- FY25 YTD net profit contribution significantly down on FY24 YTD, mainly due to subdued conditions in certain
commodity markets in CGM
• Group financial position comfortably exceeds regulatory requirements
- Group capital surplus of $A8.5 billion2,3
- Bank CET1 ratio 12.6% (Harmonised: 17.7%4), Leverage ratio 5.0% (Harmonised: 5.7%4), LCR 196%5, NSFR 113%5
SYDNEY, 11 February 2025 Macquarie Group Limited (Macquarie) (ASX: MQG; ADR: MQBKY) today provided an update
on business activity in the third quarter of the financial year ending 31 March 2025 (3Q25). Macquarie Group Managing
Director and Chief Executive Officer, Shemara Wikramanayake, said that Macquarie’s Operating Group performance for
FY25 year to date was broadly in line with the prior corresponding period.
The annuity-style businesses’ combined 3Q25 net profit contribution was substantially up on 3Q24. For FY25 YTD, net
profit contribution substantially up on FY24 YTD, primarily due to higher performance fees and investment income in
1 Net profit contribution is management accounting profit before unallocated corporate items, profit share and income tax.
2 The Group capital surplus is the amount of capital above Australian Prudential Regulation Authority (APRA) regulatory requirements. Bank Group regulatory requirements are calculated in accordance with Prudential
Standard APS 110 Capital Adequacy (APS 110), at 10.5% of risk-weighted assets (RWA). This includes the industry minimum Tier 1 requirement of 6.0%, capital conservation buffer (CCB) of 3.75% and a countercyclical
capital buffer (CCyB). The CCyB of the Bank Group at Dec 24 is 0.76%, this is rounded to 0.75% for presentation purposes. The individual CCyB varies by jurisdiction and the Bank Group CCyB is calculated as a
weighted average based on exposures in different jurisdictions at period end.
3 The surplus reported includes provisions for internal capital buffers and differences between Level 1 and Level 2 requirements, including the $A500 million operational capital overlay imposed by APRA.
4 Basel III applies only to the Bank Group and not the Non-Bank Group. ‘Harmonised’ Basel III estimates are calculated in accordance with the updated Basel Committee on Banking Supervision (BCBS) Basel III
framework, noting that Macquarie Bank Limited (MBL) is not regulated by the BCBS therefore the ratios are indicative only.
5 Average LCR for Dec 24 quarter is based on an average of daily observations. APRA imposed a 25% add-on to the Net Cash Outflow component of the LCR calculation from 1 May 2022, and a 1% decrease to the
Available Stable Funding component of the NSFR calculation, effective from 1 April 2021.
Macquarie Group Limited
2
MAM. Continued volume growth and lower operating expenses, partially offset by margin compression, drove an
increased contribution in BFS.
The markets-facing businesses’ combined 3Q25 net profit contribution was substantially down on 3Q24. For FY25 YTD,
net profit contribution was significantly down on FY24 YTD, mainly due to subdued conditions in certain commodity
markets in CGM.
Macquarie Group’s financial position comfortably exceeds APRA’s Basel III regulatory requirements, with a Group capital
surplus of $A8.5 billion2,3 at 31 December 2024, down from $A9.8 billion at 30 September 2024. The Bank Group’s
APRA Basel III Level 2 Common Equity Tier 1 capital ratio was 12.6 per cent (Harmonised: 17.7 per cent4) at 31
December 2024, down from 12.8 per cent at 30 September 2024. The Bank Group’s APRA leverage ratio was 5.0 per
cent (Harmonised: 5.7 per cent4), the Liquidity Coverage Ratio (LCR) was 196 per cent5 and the Net Stable Funding Ratio
(NSFR) was 113 per cent5 at 31 December 2024.
Third quarter business highlights
Ms Wikramanayake provided an overview of business activity undertaken during 3Q25:
MAM had assets under management (AUM) of $A942.7 billion at 31 December 2024, up three per cent on 30
September 2024. In the quarter, Public Investments AUM increased five per cent to $A571.0 billion, primarily driven by
favourable foreign exchange movements. Private Markets AUM6 was $A371.7 billion, driven by fund divestments, offset
by favourable foreign exchange movements and increased net asset valuations. At 31 December 2024, Private Markets
had equity under management7 of $A212.9 billion with $A27.4 billion of equity to deploy after raising $A3.8 billion in
new equity, investing $A7.3 billion and divesting $A12.7 billion during the quarter.
BFS had total deposits8 of $A163.8 billion at 31 December 2024, up seven per cent on 30 September 2024. The home
loan portfolio9 of $A136.2 billion increased five per cent on 30 September 2024, while funds on platform10 were
$A152.4 billion. During 3Q25, the business banking loan portfolio decreased one per cent to $A16.5 billion.
CGM had a decreased Commodities contribution on the prior corresponding period, primarily due to subdued conditions
in certain commodity markets and the unfavourable impact of timing of income recognition on North American Gas
and Power contracts. Financial Markets had an increased contribution from corporates and private equity firms from
client risk management and financing activity across sectors, particularly in foreign exchange, fixed income and credit.
CGM also saw an improved performance in Asset Finance, with portfolio growth being driven by Shipping Finance,
Technology and Resources.
Macquarie Capital’s fee and commission income was up on the prior period and a weak prior corresponding period,
primarily driven by higher mergers and acquisitions fees. This was partially offset by lower investment-related income,
mainly driven by the timing of gains on investments. The private credit portfolio was over $A25 billion11 with more than
$A3.2 billion deployed in 3Q25 through focused investment in credit markets and bespoke financing solutions.
6 As at 31 December 2024. Private Markets Assets under Management (AUM) is calculated as the proportional ownership interest in the underlying assets of funds and mandated assets that Macquarie actively
manages or advises for the purpose of wealth creation, adjusted to exclude cross-holdings in funds and reflect Macquarie’s proportional ownership interest of the fund manager. Private Markets AUM includes equity
yet to deploy and equity committed to assets but not yet deployed.
7 Private Markets total Equity under Management includes market capitalisation at measurement date for listed funds, the sum of original committed capital less capital subsequently returned for unlisted funds and
mandates as well as invested capital for managed businesses.
8 BFS deposits include home loan offset accounts.
9 Home loan portfolio excludes offset accounts.
10 Funds on platform includes Macquarie Wrap, FUM in relation to institutional relationships and Macquarie Vision (used by Macquarie Private Bank).
11 Committed private credit portfolio as at 31 December 2024, excluding equity portfolio and equity deployment.
Macquarie Group Limited
3
Outlook
We continue to maintain a cautious stance, with a conservative approach to capital, funding and liquidity that positions
us well to respond to the current environment.
The range of factors that may influence our short-term outlook include:
• Market conditions including: global economic conditions, inflation and interest rates, significant volatility events,
and the impact of geopolitical events
• Completion of period-end reviews and the completion of transactions
• The geographic composition of income and the impact of foreign exchange
• Potential tax or regulatory changes and tax uncertainties
Ms Wikramanayake said, “Macquarie remains well-positioned to deliver superior performance in the medium term with
its diverse business mix across annuity-style and markets-facing businesses; deep expertise across diverse sectors in
major markets with structural growth tailwinds; patient adjacent growth across new products and new markets;
ongoing investment in our operating platform; a strong and conservative balance sheet; and a proven risk management framework and culture.”
i hold MQG ( 'free-carried' )
.. and the only share i have bought that has performed as predicted ( hoped ) since i started investing
