Macquarie Reports Record Fiscal Year Profit, Increases Dividend

   By Alice Uribe 
 

SYDNEY--Macquarie Group raised its final dividend by almost 30% and reported a 10% rise in annual profit, driven partly by a strong result in its markets-facing businesses that include Macquarie Capital.

Macquarie, Australia's biggest investment bank and asset manager, said its net profit rose to a record 5.18 billion Australian dollars (US$3.47 billion) in the 12 months through March, from A$4.71 billion the previous year.

Consensus forecasts compiled by FactSet projected Macquarie's full-year net profit would be A$5.04 billion.

Annuity-style activities generated a combined net profit contribution of A$4.14 billion, down 17% on year, while combined net profit from markets-facing business was A$6.21 billion, up 38% on year.

Directors of the company declared a final dividend of A$4.50 per share, compared to a final dividend of A$3.50 last year.

Macquarie, which has a reputation among analysts for conservative forecasts, didn't provide guidance for the current fiscal year.

Write to Alice Uribe at alice.uribe@wsj.com

(END) Dow Jones Newswires

May 04, 2023 18:25 ET (22:25 GMT)

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