By Stuart Condie

SYDNEY--Macquarie Group's net profit for the first three quarters of its fiscal year was broadly in line a year earlier, with an improved performance by its bank helping offset weakness elsewhere.

Macquarie, Australia's biggest investment bank and asset manager, on Tuesday said that the combined third-quarter profit contribution of its asset-management and banking-and-financial-services units was substantially higher than in the prior corresponding period.

December-quarter volume growth in banking and financial was the primary driver, it added.

Over the fiscal year-to-date, Macquarie Asset Management's higher performance fees and investment income also helped lift the profit contribution from annuity style businesses.

Profit contribution from Commodities and Global Markets, and Macquarie Capital--the company's markets-facing businesses--was substantially lower over both the third quarter and the fiscal year to date.

Macquarie had surplus capital of 8.5 billion Australian dollars, or about US$5.3 billion, at the end of December. It had completed just over half of its previously announced on-market A$2 billion share buyback by Feb. 10.

Analyst forecasts prior to Tuesday's update had been for an 8.4% rise in net profit over the full fiscal year, which ends March 31.

The average analyst forecast was for a second-half net profit of A$2.21 billion, or A$3.82 billion over the full year, according to data compiled by Visible Alpha. That compares with a A$3.52 billion net profit over the 2024 fiscal year.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

February 10, 2025 16:52 ET (21:52 GMT)

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