Macquarie Flags Softer Trading Conditions in 1Q

   By Alice Uribe 
 

Macquarie Group, Australia's biggest investment bank and asset manager, said trading conditions softened in the first quarter of the 2024 fiscal year.

In comments ahead of its annual shareholder meeting on Thursday, Macquarie said the contribution of its operating group to net profit during the three months through June--a measure of earnings before some corporate costs, profit share and income tax--was substantially lower than a year earlier.

"Weaker trading conditions saw Macquarie's Operating Groups deliver 1Q FY 2024 net profit contribution that was substantially down on the first quarter of the 2023 financial year," said Chief Executive Shemara Wikramanayake.

Macquarie said the contribution to net profit of its annuity style businesses was substantially down on a year ago, as was the contribution of its markets-facing businesses.

The company said its financial position comfortably exceeds regulatory minimum requirements, with a group capital surplus of 10.8 billion Australian dollars (US$7.3 billion) at the end of June.

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

(END) Dow Jones Newswires

July 26, 2023 18:45 ET (22:45 GMT)

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