Macquarie Group reports AU$5.18 billion profit for FY23

Macquarie Group Limited (ASX: MBL), an Australian financial services company, has reported a net profit of AU$5.18 billion for the year ended March 2023, a 10% increase from the previous year. The second half of 2023 saw the bank's profits rise by 25% to AU$2.88 billion compared with the first half of 2023, and an 8% increase compared with the same period in the previous year.

The bank's international income made up 71% of its total income for the year. Its assets under management increased by 10% from March 2022 to AU$870.8 billion as of March 2023. Macquarie Group's CEO, Shemara Wikramanayake, said the bank's diversity and expertise enabled it to maintain strong performance throughout the year despite uncertain market conditions. Annuity-style activities generated a combined net profit contribution of AU$4.14 billion, a 17% decrease from the previous year.

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