Macquarie Bank posts $1.65 billion half-year profit as investment banking surges, but rising tech costs weigh

Macquarie said rising operating expenses across tech investments and employee wages offset strong performance for its investment banking and asset management operations as it posted half-year earnings on Friday morning.

For the six months ending September 30 the sprawling financial services group posted a net profit up three per cent to $1.65 billion on revenue up 5.8 per cent to $8.69 billion.

Operating expenses climbed five per cent to $6.24 billion as it flagged rising wage inflation and non-salary technology expenses to support its push to focus on data, digitisation and scalable growth.

“The improved underlying performance across our operating groups in the first half reflects the ongoing benefits of our diverse business mix and our continued investment in opportunities that suppor