Macquarie’s commodities business generated more than half the financial conglomerate’s profit after rising more than 54 per cent in 12 months, but its asset management and investment bank recorded falls in earnings.
The international business accounted for 71 per cent of earnings, and Ms Wikramanayake pointed to the public investments business where Macquarie was “still small at $170 billion compared to the $80 trillion of managed funds in the world”. “What we’ve seen over the last few years, the growth in the franchise, and we’re dealing with clients more often in more locations and providing those solutions,” Mr Harvey said.
While MAM slid 23 per cent to $2.34 billion, the banking and financial services division that houses Macquarie’s fast-growing home lending and highly competitive deposit businesses jumped 20 per cent to $1.2 billion.