Bulletin: Macquarie Group's Diversity Supports Earnings

MELBOURNE (S&P Global Ratings) Oct. 28, 2022--Australia-headquartered Macquarie Group Ltd.'s (MGL) well-diversified business will continue to support the financial services group's earnings. MGL (BBB+/Stable/A-2) today announced 13% growth in its net profit for the six months ended Sept. 30, 2022, over the previous corresponding period, underpinned by the group's banking operations. However, the net profit was down 13% over the prior half amid more challenging market conditions. We believe the group's global footprint will underpin ongoing growth with more than 70% of income in the past six months coming from outside of Australia. We expect that Macquarie Bank Ltd. (A+/Stable/A-1) will continue to grow its earnings from its Australian retail banking business. The relatively benign economic outlook, low unemployment, and

...October 27, 2022 MELBOURNE (S&P Global Ratings) Oct. 28, 2022--Australia-headquartered Macquarie Group Ltd.'s (MGL) well-diversified business will continue to support the financial services group's earnings. MGL (###+/Stable/A-2) today announced 13% growth in its net profit for the six months ended Sept. 30, 2022, over the previous corresponding period, underpinned by the group's banking operations. However, the net profit was down 13% over the prior half amid more challenging market conditions. We believe the group's global footprint will underpin ongoing growth with more than 70% of income in the past six months coming from outside of Australia. We expect that Macquarie Bank Ltd. (A+/Stable/A-1) will continue to grow its earnings from its Australian retail banking business. The relatively benign economic outlook, low unemployment, and strong household balance sheets should temper the risks to the Australian banking system from rising inflation, geopolitical uncertainties, and low business...

Bulletin