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Macquarie Group Limited (MCQEF)
- Reuters
Macquarie annual profit slumps as commodity windfall fades; shares down
(Reuters) -Australia's top investment bank Macquarie said its annual profit slumped by a third, the sharpest in 15 years, as a stabilisation in energy markets hammered its commodities trading division and it made less money selling green energy assets. The Sydney-listed financial giant said on Friday profits in the year to March were impacted by a normalisation in commodity prices from a year earlier, less money made from selling green energy assets, and increased investment in green energy portfolios. The firm's commodities and global markets (CGM) business - its top profit-generating arm that offers financing and lending services to clients dealing in commodity and financial markets - recorded an annual profit of A$3.21 billion, 47% lower than last year.
- Reuters
Macquarie's $1.5 bln India EV platform to focus on fleet electrification
Australia's Macquarie Group launched on Monday an EV financing platform for India that will focus 95% of its $1.5 billion investment on electrifying fleets of commercial vehicles. The platform, called Vertelo, will offer financing, fleet management and charging infrastructure solutions, its chief executive Sandeep Gambhir said at the launch. The remaining 5% of investment will go towards charging infrastructure and other requirements.
- Reuters
Macquarie's banking unit to stop new car loans to focus on mortgage growth
"This decision will enable us to further prioritise the growth of our home loan and deposit offerings," Ben Perham, Macquarie's head of personal banking, said in a statement. Macquarie's Banking and Financial Services Group, which contributed 15.5% to the infrastructure investor's fiscal 2023 net operating income of A$19.12 billion ($12.33 billion), said the change will not impact existing customers.
