Macquarie profit climbs to $1.7 billion, but misses expectations

Macquarie has delivered a higher net profit of almost $1.7 billion, buoyed by performance fees in its asset management unit, but the result missed analyst expectations as the commodities arm reported weaker earnings.

The asset management giant and investment bank’s net profit rose 3 per cent in the six months ended September 30, compared to $1.6 billion in the prior corresponding period, the company said on Friday. Analysts were expecting a first-half profit of $1.86 billion and an interim dividend of $3.09.

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