News: MQG UPDATE 1-Macquarie Group trims dividend payout range, profit rises

(Adds detail on earnings, dividend policy, background)

July 29 (Reuters) - Australia's Macquarie Group (MQG) on Thursday posted a rise in first-quarter profit contribution from its operating groups, but trimmed its dividend payout range to save cash and grow its business.

The company did not provide any earnings outlook for fiscal 2022, saying it would adopt a conservative approach to "capital, funding and liquidity".

The financial conglomerate cut its annual dividend payout policy to between 50% and 70% from a range of 60% to 80% at the end of fiscal 2021.

However, a strong performance by its asset management and banking and financial services units boosted Macquarie's profit during the first quarter ended June 30.

Its commodities arm also saw a higher net profit contribution, helped by the sale of its UK commercial and industrial smart-meter portfolio. (https://bit.ly/3BQXMtP)

Macquarie, the second-largest gas marketer in North America behind oil major BP, also benefited from surging oil prices as the global economy recovers from pandemic lows.