Macquarie Group's Profit Misses Expectations Amid Asset Realisation Delays
Macquarie Group reported a half-year profit below market expectations due to slow deal activity in its wealth management division and delayed asset realisations. For the six months ending September 30, profits fell to A$1.61 billion from A$1.42 billion, missing the consensus estimate of A$1.73 billion.
Macquarie Group reported on Friday that its half-year profit failed to meet market expectations, significantly impacted by sluggish deal activity within its wealth management division. The company's asset realisations continue to face delays, affecting overall financial results.
For the six months ending September 30, Macquarie's profit attributable to shareholders dropped to A$1.61 billion, down from A$1.42 billion in the same period last year. This falls short of the market consensus estimate, set at A$1.73 billion, as compiled by financial data company Visible Alpha and cited by UBS.
The Australian financial juggernaut is grappling with external pressures in the wealth management sector, as timelines for asset realisations are being pushed further out, challenging the firm's growth trajectory.
(With inputs from agencies.)