Bulletin: Diversity Continues To Support Macquarie Credit Profile

MELBOURNE (S&P Global Ratings) Nov. 1, 2024--Australia-headquartered Macquarie Group Ltd.'s (MGL) well-diversified business will continue to support the financial services group's credit profile. MGL (BBB+/Stable/A-2) today announced net profit of A$1,612 million for the six months ended Sept. 30, 2024. This was up 14% on the previous corresponding period, driven by loan growth in the bank and higher performance fees in the asset management business and offset by higher funding costs in the investment bank and subdued volatility in the commodities business. The results were in line with our expectations. In our view, MGL's global footprint and diverse businesses mean that a drop in earnings from some businesses or geographies is typically offset by growth in others. In the last

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