Macquarie Profit Misses Estimates as Commodities Unit Weighs.

Macquarie Group Ltd. reported a 32% decline in net income to A$3.52 billion ($2.31 billion) for the year ending March 31, falling short of analysts' expectations. The drop in profit was primarily attributed to a decrease in earnings from the commodities and global markets business. Macquarie's commodities trading and hedging business, which had been a major profit driver in recent years, saw a 47% decline in profit contribution. However, the firm's Macquarie Capital division experienced income growth due to the expansion of its private credit portfolio. Macquarie is also expanding its presence in the domestic mortgage market. [Extracted from the article]

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