2024 Full-Year Results

Annual Report

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Macquarie Group1 is a global financial services group with offices in 34 markets. Founded in 1969, Macquarie now employs over 20,600 people globally, has total assets of $A403.4 billion and total equity of $A34.0 billion as at 31 March 2024.

 
  1. Macquarie Group Limited (MGL) and its subsidiaries, the Consolidated Entity.

Financial highlights

FY2024 net profit

$A3522m

32% on prior year

FY2024 operating expenses

$A12061m

broadly in line with prior year
FY2024 net operating income

$A16887m

12% on prior year

FY2024 earnings per share

$A9.17

32% on prior year
FY2024 return on equity

10.8%

from 16.9% in the prior year
FY2024 dividends per share

$A6.40

(40% franked)
FY2024 effective tax rate

26.8%

from 26.0% in prior year
Assets under management2

$A938.3b

from $A878.6b at March 2023
 
  1. As at 31 March 2024 Macquarie Asset Management (MAM) Private Markets Assets under Management (AUM) includes equity yet to deploy and equity committed to assets but not yet deployed.

FY2024 Net Profit Contribution3 by activity

~45%
Annuity-style activities

~55%
Markets-facing activities

icon-fy24-annuity-style
Annuity-style activities

$A3014m

27% on prior year

icon-fy24-markets-facing
Markets-facing activities

$A3699m

40% on prior year
  1. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax.

FY2024 Net Profit Contribution by geography4

AMERICAS

34%

EMEA

23%

ASIA

9%

ANZ

34%

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

Letter from the Chair

Macquarie remains well placed to respond to opportunities and manage the associated risks, thanks to the diversity of our businesses, enduring client franchises, strong balance sheet and disciplined approach to risk management.”

Glenn Stevens
Independent Director and Chair

Letter from the Managing Director and CEO

Our people partnered with our clients and communities as they navigated and adapted to uncertainty, identifying and realising new opportunities guided by our purpose and principles and supported by our proven risk management framework and distinct culture.”

Shemara Wikramanayake
Managing Director and Chief Executive Officer

Empowering people to innovate and invest for a better future

A founding principle of Macquarie was creating value for the communities in which we operate by bringing together expertise, commitment and ideas to develop solutions that have a positive societal impact.

‘Empowering people to innovate and invest for a better future’ describes Macquarie’s purpose. By empowering people – our colleagues, clients, communities, shareholders and partners – we seek to achieve our shared potential.

Operating and Financial Review

Operating Groups

Macquarie is a diversified financial services 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 our clients, portfolio companies and communities. Provides investment solutions to clients across a range of capabilities, including real assets, real estate, credit, equities & multi-asset and secondaries.

Net profit contribution

$A1208m

48% on prior year

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.

Net profit contribution

$A1241m

3% on prior year

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.

Net profit contribution

$A3213m

47% on prior year

Macquarie Capital

Macquarie Capital has global capability in advisory and capital raising services, providing clients with specialist expertise and flexible capital solutions across a range of sectors. It also has global capability in specialist investing across private credit, private equity, real estate, growth equity, venture capital, and in infrastructure and energy projects and companies. Its equities brokerage business provides clients with access to equity research, sales, execution capabilities and corporate access.

Net profit contribution

$A1051m

31% on prior year

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, 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.

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 strategic analysis and advice to support the growth of the business. Ensures Macquarie meets its financial, regulatory and tax reporting compliance obligations, as well as maintaining relationships with a range of significant external stakeholders.

Corporate Operations Group (COG)

Provides specialist services in technology, operations, human resources, workplace, data, digital, strategy, operational risk management, business resilience and global security, and the Macquarie Group Foundation.

Macquarie Group Foundation

The Macquarie Group Foundation (the Foundation) drives social impact work for Macquarie Group, supporting its people, businesses, and communities to build a better future. By partnering with Macquarie businesses, the Foundation helps integrate a shared value approach into existing business models and identify projects that can deliver both increased social value and enhanced commercial outcomes.

$A67m

contributed in FY20245

21000+

people supported through employment focused grants6

$A641m

contributed since inception7

 
  1. In the 12 months to 31 March 2024.
  2. Data was supplied and not independently verified between 1 April 2023 – 31 March 2024 for activities undertaken by Macquarie’s employment focused partners with philanthropic and impact investment support from Macquarie Group.
  3. Contribution figures comprise Macquarie employees’ donations and fundraising; Foundation matching support for employees’ donations and fundraising; Foundation donations to commemorate employees attaining 10-year and 25-year anniversaries at Macquarie; Foundation grants to non-profit organisations to recognise 12 months of board service by a Macquarie employee; and Macquarie and Foundation grants and social impact investments to community organisations since inception in 1985 to 31 March 2024.

Corporate Governance Statement

Macquarie’s key governance practices guide our decision‑making to meet stakeholder expectations of sound corporate governance and prudent decision-making, acknowledging Macquarie’s specific and broader responsibilities to its shareholders, funders, clients, employees and the communities in which it operates.

Environmental, Social and Governance

Macquarie's Board and Management recognise the importance of sound Environmental, Social and Governance (ESG) practices as part of their responsibility to shareholders, funders, clients, employees, and the communities in which Macquarie operates.

Diversity, Equity and Inclusion

Macquarie’s ongoing commitment to diversity, equity and inclusion ensures that our business accesses, retains, develops and empowers the broadest and most diverse talent.

Risk Management

Macquarie’s approach to risk management adopts the ‘three lines of defence’ model, which sets risk ownership responsibilities functionally independent from oversight and assurance. Primary responsibility for day-to-day risk management lies with the business; the Risk Management Group (RMG) forms the second line of defence and provides independent and objective review and challenge, oversight, monitoring and reporting in relation to Macquarie’s material risks; Internal Audit, as the third line, provides independent and objective risk-based assurance on the compliance with, and effectiveness of, Macquarie’s financial and risk management framework.


Additional information