By Alice Uribe

SYDNEY--Macquarie Group Ltd., Australia's biggest investment bank and asset manager, said trading conditions softened in the first quarter of the 2023 fiscal year.

In comments released ahead of its annual shareholder meeting on Thursday, Macquarie said the contribution to net profit of its operating group for the three months through June--a measure of earnings before some corporate costs, profit share and income tax--was higher than a year earlier.

"Favorable trading conditions saw Macquarie's operating groups deliver net profit contribution that was up on the first quarter of the 2022 financial year, although trading conditions did soften during the quarter," said Chief Executive Shemara Wikramanayake.

Macquarie said the combined contribution to net profit of its annuity style businesses was significantly ahead of a year ago, while it was slightly higher for its markets-facing businesses.

The company said its financial position comfortably exceeds regulatory minimum requirements, with a group capital surplus of 10.1 billion Australian dollars (US$7.1 billion) at the end of June.


Write to Alice Uribe at alice.uribe@wsj.com


(END) Dow Jones Newswires

07-27-22 1850ET