Australia's Macquarie says first-quarter operating performance flat, shares slide
Recasts, adds share movement and analyst comment
By Echha Jain
July 25 (Reuters) -Top Australian investment bank Macquarie Group MQG.AX said on Thursday its first-quarter operating group contribution was broadly in line with last year, disappointing investors who sent its shares down as much as 3.9%.
"The market has a fiscal 2025 net profit after tax forecast of A$4.11 billion ($2.70 billion) for Macquarie, which is up 17% from previous corresponding period, so arguably the first quarter result is a bit weak versus expectations," Morgans analyst Richard Coles wrote in a note.
In a limited financial update alongside its annual meeting, Macquarie said the combined net profit contribution from its market-facing businesses for the quarter ended June 30 fell from last year, primarily due to timing of asset realisations in Macquarie Capital. The update did not provide any specific figures.
Its annuity-style businesses' combined quarterly contribution was broadly in line with the prior year, the firm said, driven by volume growth, lower operating expenses and lower credit impairment charges in banking and financial services.
Macquarie shares were trading 3.7% lower at A$201.05 at 0058 GMT after posting the biggest intraday percentage loss since Feb. 13.
The Sydney-based firm did not give any forecast for the rest of the financial year but said it remained "well-positioned to deliver superior performance in the medium term due to its diverse business mix across annuity-style and markets-facing businesses."
Macquarie Asset Management oversaw A$915 billion worth of assets as at June-end, down 2% from March-end, it said.
It reported a group capital surplus of A$8.2 billion at the end of June, compared to A$10.7 billion at the end of March.
($1 = 1.5244 Australian dollars)
Reporting by Echha Jain and Sneha Kumar in Bengaluru; Editing by Alan Barona and Jamie Freed
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