Macquarie Profit Flattens as Commodity Trading Drops
Macquarie’s shares have lagged behind global banking peers over the past year amid a more tepid performance in its commodities trading arm and a lack of sales from its asset management wing.
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Macquarie Group Ltd.’s profit was flat for the first three quarters of the fiscal year as business in its commodities trading arm continued to slip even as its asset management unit jumped “substantially.”
Net profit after tax for the nine months ended Dec. 31 was “broadly in line” with the same period a year earlier, the Sydney-based firm said in a statement Tuesday.