Stock Analysis

• A higher proportion of deposits, which the company says now exceeds 70% of funding, generally lowers the average cost of funds compared with wholesale markets.

• BarrenjoeyCapitalPartners'Partnershipincome contributed $42 million to MFG's operating result, according to the summary, which said partnership income rose sharply and partly offset lowerInvestmentmanagement revenue.

• The quarter's lending picture reflects that mix: AustralianBusinesslending rose 2% and Business and Private Banking rose 4%, while home lending applications fell 15% on the previous quarter.

• That is why funds under administration (FUA) is the key driver: FUA rose 20.3% to $135.7 billion at 30 June 2026, and client accounts rose 12.4% to 182,276.

• Pinnacle's share of affiliates' NPAT was A$136.0 million, up 5% from A$129.7 million, and affiliate performance fees were A$35.6 million to Pinnacle from 12 affiliates, down from A$46.6 million.

• The finalDividendwas 63 cents per share, unfranked, taking FY26 dividends to $1.22 per share, a 65% payout of underlying profit.

• TheInterim Dividendwas 33 Australian cents per share, up 6 per cent, and about 30 per cent franked.