Australia's Macquarie posts 32% fall in full-year profit

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Australia's Macquarie posts 32% fall in full-year profit
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Subject of emergency alert message arrested - May 2, 2024 | SaltWire #dartmouth #update #suspect -Australia's Macquarie Group posted a 32% drop in its full-year profit on Friday due to weaker performance across its commodities, global markets and asset management businesses.

A normalisation in commodity prices compared with last year and weakness in mergers and acquisitions activity in Australia at a time of high interest rates and lower asset realisations in green investments impacted Macquarie's bottomline in fiscal 2024.Its commodities and global markets business, its top profit-generating arm that offers financing and lending services to clients dealing in commodity and financial markets, recorded an annual profit of A$3.21 billion, 47% lower than last year.

The financial conglomerate's profit attributable for the year ended March 31 came in at A$3.52 billion , compared with A$5.18 billion a year ago.The company declared a final dividend of A$3.85 per share, down from A$4.50 per share last year.

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