Macquarie's Commodities and Global Markets (CGM) unit, its biggest earner, has for several years cashed in on increasing hedging activity amid volatility in oil and gas markets.
That had driven the Sydney-based firm's annual earnings to a record A$5.18 billion ($3.53 billion) in fiscal 2023 ended March.
While Macquarie did not disclose a profit figure in its quarterly update, Citi Research had expected first-quarter earnings of around A$1 billion ($680.90 million).
The analysts noted, however, that Macquarie's earnings may have come in below that.
At the end of the quarter, Macquarie's capital surplus stood at A$10.8 billion.
Persons:
Shemara Wikramanayake, Macquarie, Harish Sridharan, Navya Mittal, Echha, Subhranshu Sahu, Christopher Cushing
Organizations:
Macquarie, Citi, Macquarie Group, Macquarie's Commodities, Global Markets, Citi Research, Thomson
Locations:
Sydney, Bengaluru