The Sydney-based financial conglomerate has not had a steeper first-half profit drop in more than a decade.
The results capped a run of "exceptional conditions" last year in the company's commodity trading and asset management segments, buoyed by energy market volatility and ripe conditions for asset sales, respectively, Chief Financial Officer Alex Harvey told Reuters.
Macquarie said the asset management division's income should rebound in the second half to about the A$940 million it reported in the same period last year.
The company said fees and commissions at investment banking arm Macquarie Capital were in line with the previous comparable period.
Profit fell 28% to A$430 million.
Persons:
David Gray, Alex Harvey, Macquarie, Shemara Wikramanayake, Wikramanayake, Barrenjoey, Lewis Jackson, Roushni Nair, Rishav Chatterjee, Jamie Freed
Organizations:
Macquarie Group Ltd, REUTERS, Macquarie, Reuters, Citi, Investment, Thomson
Locations:
Sydney, Australia, SYDNEY, Ukraine, North America, Israel, Bengaluru