FY24 yeartodate net profit 39;substantially39; down vs FY23
Profit from marketsfacing businesses falls
Shares fall 4.3 on softerthanexpected outlook
Veteran banker Nicholas O39;Kane to leave

SYDNEY, Feb 13 Reuters Australian financial conglomerate Macquarie Group said on Tuesday its ninemonth profit fell substantially due to weakness in its commodities and global markets business, adding the highprofile head of the division would exit the company.

It also issued a softerthanexpected outlook for the remainder of the financial year ending March 31, sending shares down 4.3 in early trading.

Macquarie had benefited from a surge in commodities prices and volatility in the prior financial year after Russia39;s invasion of Ukraine, but those exceptional conditions had waned, the company said.

Fullyear commodities and global markets income, which reached A6 billion in FY23, was likely to be broadly in line with FY22 levels of A3.9 billion, it added.

In addition to that we had lower fee income in Macquarie Capital where market activity in MA, despite the perceived slowing of interest rate increases, still has not picked up, confidence has not returned and activity levels have not returned, Macquarie CEO Shemara Wikramanayake said in a presentation to investors.

The value of Australian MA activity fell 23 in 2023, according to LSEG data, and Macquarie fell from second to 10th in terms of deals advisory market share.

The gloomy performance update from the Sydneybased…