Macquarie Group Ltd (ASX: MQG) shares may not seem like one of the best ASX dividend share options for dividends right now. The coming years could be rewarding to own a piece of the ASX financial share.
It's true that ASX bank share rivals Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC), ANZ Group Holdings Ltd (ASX: ANZ) and National Australia Bank Ltd (ASX: NAB) get more of the headlines, but I'd say Macquarie is a dark horse as the best of the financial industry.
For starters, Macquarie is more diversified, both geographically and with more divisions. This gives the company more growth avenues and investment options to generate higher returns.
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Strong AGM update
Macquarie is made up of four different segments. The ASX financial share has outlined how the business performed in the first three months of FY27, being the three months to 30 June 2026.
Macquarie Asset Management (MAM) assets under management (AUM) rose 4% quarter-over-quarter to $748 billion. MAM's net profit declined year-over-year due to the divestment of the North American and European public investments business in the second half of FY26.
The banking and financial services (BFS) deposits grew 4% quarter over quarter to $223.3 billion and the home loan portfolio rose 6% quarter over quarter to $191.5 billion. The business banking loan portfolio grew 3% quarter over quarter to $18.7 billion. BFS net profit was up year over year, thanks to volume growth, offset by lower margins. I think this business is performing very strongly.
Commodities and global markets (CGM) net profit grew substantially thanks to increased income from commodities compared to subdued conditions last year and increased asset finance income due to higher activity.
Macquarie Capital – the investment bank – grew profit thanks to higher investment-related and brokerage income, partially offset by lower compared to last year (which was strong).
How many Macquarie shares do I need to buy for $10,000 of passive income?
Macquarie has had a strong start to the 2027 financial year and this could bode well for the FY27 annual dividend.
According to the projection on Commsec, the business is forecast to pay an annual dividend per share of $7.60 in FY27. At the time of writing, that translates into a dividend yield of 3% excluding the franking credits.
To receive $10,000 of passive income from Macquarie, an investor would need to own 1,316 Macquarie shares. But, the business is projected to increase its annual payout to $8.00 per share in FY28, we'd need fewer shares to receive $10,000 in FY28.
Macquarie is a quality business with a growing dividend, though its strong share price gains mean that the dividend yield isn't as attractive. Therefore, there could be even better opportunities out there.
