Macquarie Group has stopped short of providing earnings guidance for its full-year, instead flagging its first-quarter was steady on the same period last year.
In a trading update ahead of its annual general meeting on Thursday, the asset management and investment banking giant said the contribution of its operating groups in the three months ended June 30 was “broadly in line” with the prior corresponding period.
Macquarie’s asset management and banking and financial services divisions delivered a combined first-quarter net profit contribution roughly in line with the same quarter a year earlier, buoyed by volume growth, lower operating expenses and fewer credit impairment charges in the loan book. This was offset by margin pressure in the banking unit and the timing of performance fees in asset management.
Macquarie’s commodities and global markets arm and its investment banking operations posted a lower combined first-quarter net profit contribution, compared to a year earlier, largely due to timing of asset sales.
Macquarie chief executive Shemara Wikramanayake said the group continued to maintain “a cautious stance”, as she reiterated a conservative approach to capital, funding and liquidity that positioned Macquarie well to respond to the current environment. Macquarie’s shares last at $208.73.
