Ann: Macquarie Group Investor Presentation and 1H22 Update, page-14

Well, that escalated quickly! More convoluted announcements like that please Macquarie, great for the share price. AFR writes:

"Although Macquarie warned investors that its results for the six months through September will be “slightly down” compared to the $2 billion profit booked for the half-year ending March, it means earnings for the six months through September this year will probably be significantly higher than the $985 million it recorded for the same period in 2020."

I think I get it now - slightly down from a whopper of a March means the interim is far higher than last year. It could be the case that Macquarie is experiencing structurally higher profitability and the market is rating it higher. The dividend, despite the lower payout ratio, may actually be very strong and investors are chasing up the yield opportunity.