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The lender has revealed its home loan portfolio grew 9 per cent over the six months to September 2024.
Macquarie Group has released its half-year results (for the six months ending 30 September 2024), revealing growth in both its home and business banking loan portfolios, along with a dip in its car loans portfolio, compared to the non-major’s previous reporting period (31 March 2024).
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In the first half of the financial year ending March 2025 (FY25), Macquarie’s home loan portfolio grew to $131 billion, a 9 per cent increase on the result recorded for the previous half-year result ($120 billion).
It attributed its most recent growth to “strong demand in lower loan-to-value ratio (LVR) and owner-occupier lending tiers”.
Meanwhile, the non-major also reported growth in its business banking book with $16.6 billion representing a 5 per cent increase reported in the March 2024 half ($15.8 billion).
In the investor presentation, Macquarie noted the impact of increases in client acquisition across core segments, a “continued build” into emerging segments, and continued investment in digital solutions that have seen 95 per cent of clients migrate to its new loan originations platform.
Macquarie’s home loan portfolio has followed a steady growth path since pre-pandemic times, climbing from $52 billion in March 2020.
The bank now represents roughly 5.6 per cent of the Australian home loan market.
Macquarie also reported a dip in its car loans portfolio; however, it announced earlier this year that it would no longer be offering new car loans through direct, broker, or novated leasing channels in April.
The car loans book dipped to $3.5 billion, from $4.5 billion in the previous reporting period.
Altogether, the portfolio contributed to a half-year profit of $1.61 billion.
The banking group said it had confidence in the medium-term outlook, while acknowledging factors that could bring short-term pressure, including:
- Global economic conditions, inflation, and interest rates; significant volatility events; and the impact of geopolitical events.
- Completion of period-end reviews and the completion of transactions.
- The geographic composition of income and the impact of foreign exchange.
- Potential tax or regulatory changes and tax uncertainties.
Macquarie group managing director and CEO, Shemara Wikramanayake, said: “Macquarie remains well-positioned to deliver superior performance in the medium term with its diverse business mix across annuity-style and markets-facing businesses; deep expertise across diverse sectors in major markets with structural growth tailwinds; patient adjacent growth across new products and new markets; ongoing investment in our operating platform; a strong and conservative balance sheet; and a proven risk management framework and culture.”
Creeping up on the majors
Macquarie has continued to emerge as a major player in the home loan space, driven partly by its well-documented ability to write loans quickly, leading to impressive turnaround times.
At the beginning of the year, research from Agile Market Intelligence showed more than a third of brokers surveyed (38 per cent) said they used the bank in the previous calendar year, making it the second most commonly used lender after ANZ.
The research also revealed a 95 per cent satisfaction rating for the lender’s business development managers (BDMs).
[Related: Home lending competition ramps up]
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