Shares in Macquarie Group dived 5% after the financial services group revealed net profit had fallen in the first quarter of the 2026 financial year.
The company did not specify the profit but attributed the result to improved performance in Banking and Financial Services (BFS) and Macquarie Capital (MacCap) which was more than offset by lower contributions from Macquarie Asset Management (MAM) and Commodities and Global Markets (CGM).
The update was provided by Group Managing Director and Chief Executive Officer Shemara Wikramanayake in an ASX announcement ahead of the 2025 Annual General Meeting in Sydney.
BFS’ net profit contribution was driven by volume growth in the loan portfolio and deposits, partially offset by margin compression due to lending and deposit competition and changes in portfolio mix.
CGM’s contribution fell due to a reduced contribution from Commodities which recorded lower net interest and trading income in North American Gas and Power, which was partially offset by increased client activity across Financial Markets and Asset Finance.
MacCap’s contribution was driven by higher income from the private credit portfolio primarily due to volume growth, and increased fee and commission income.
Macquarie said it continued to maintain a cautious stance, with a conservative approach to capital, funding and liquidity that positioned it well to respond to the current environment.
“Macquarie remains well-positioned to deliver superior performance in the medium term with established, diverse income streams,” the company said.
Macquarie also announced that Alex Harvey had decided to step down as Chief Financial Officer and from Macquarie’s Executive Committee, effective 31 December 2025, after completing an extended handover to his successor, Frank Kwok.
At the time of writing Macquarie (ASX: MQG) shares were trading down $10.33 or 4.59% at $214.90, capitalising the company at $82.11 billion (US$54.2 billion), after the shares traded between $214.02 and $220.11.
