Macquarie Bank posts $1.65 billion half-year profit as investment banking surges, but rising tech costs weigh

Macquarie said rising operating expenses across tech investments and employee wages offset strong performance for its investment banking and asset management operations as it posted half-year earnings on Friday morning.

For the six months ending September 30 the sprawling financial services group posted a net profit up three per cent to $1.65 billion on revenue up 5.8 per cent to $8.69 billion.

Operating expenses climbed five per cent to $6.24 billion as it flagged rising wage inflation and non-salary technology expenses to support its push to focus on data, digitisation and scalable growth.

“The improved underlying performance across our operating groups in the first half reflects the ongoing benefits of our diverse business mix and our continued investment in opportunities that support long-term growth and deliver positive outcomes for our clients and opportunities,” said chief executive Shemara Wikramanyake.

The global investment bank and asset manager will pay an interim dividend for the period of $2.80 per share, up 7.7 per cent on the prior corresponding half year period, but short of the market’s consensus expectations.

Its board also flagged plan to approve a $2 billion share buyback for another 12 months as it flagged a strong capital position.

The group’s investment banking unit focused on mergers and acquisitions capital markets advisory work turned out the star performer, with its net profit up 92 per cent to $711 million, versus the prior half-year period.

Its banking and financial services unit that has pushed heavily into Australian home loan lending saw profit climb 22 per cent to $793 million.

However, total corporate expenses jumped 38 per cent to $2,14 billion to leave net operating income up 9 per cent to $4,51 billion.

Share are down 1.8 per cent in 2025 and last closed at $217. 25.