Macquarie's Full-Year Profit Falls, Cuts Dividend

By Alice Uribe

SYDNEY-- Macquarie Group reported a 32% fall in annual profit and cut its dividend by 14%, with both of its main operating units recording a lower net profit contribution compared to the prior year.

Macquarie, Australia's biggest investment bank and asset manager, said its net profit fell to 3.52 billion Australian dollars (US$2.31 billion) in the 12 months through March, from A$5.18 billion the previous year - a record.

Consensus forecasts compiled by FactSet projected Macquarie's full-year net profit would be A$3.54 billion.

Annuity-style activities generated a combined net profit contribution of A$3.01 billion, down 27% on year, while combined net profit from markets-facing business was A$3.70 billion, down 40% on year.

Directors of the company declared a final dividend of A$3.85 per share, compared to a final dividend of A$4.50 last year.

Macquarie, which has a reputation among analysts for conservative forecasts, said it remained well-positioned to deliver superior performance in the medium term.

Write to Alice Uribe at [e-mail]

(END) Dow Jones Newswires

05-02-24 1847ET