Macquarie's Half-Year Profits Fall Short Amid Economic Challenges

Macquarie reported a lower-than-expected half-year profit, citing sluggish activity in its wealth management arm and deferred asset realizations. The financial conglomerate's six-month profit dropped to A$1.61 billion, despite exceeding some analysts' forecasts of A$1.73 billion, reflecting ongoing economic challenges.

Macquarie reported on Friday that its half-year profits fell short of market estimates due to sluggish deal activities and delays in asset realizations within its wealth management division.

The Australian financial juggernaut's profit for the six months ending September 30 dropped to A$1.61 billion.

This profit, while surpassing some forecasts predicting A$1.73 billion, highlights pressing economic challenges faced by the institution.

(With inputs from agencies.)