Oct 28 (Reuters) – Australia’s Macquarie Group (MQG.AX) reported a 12.8% rise in first-half profit on Friday as volatility in oil and gas prices bolstered its commodities trading business.
Financial institutions such as Macquarie have benefited from massive volatility and supply chain disruption in commodities markets that began in 2020 and increased this year with Russia’s invasion of Ukraine. read more
Macquarie’s Commodities and Global Market segment delivered a net profit contribution of about A$2 billion, 15% higher than last year, thanks to more clients hedging against volatile energy markets.
Chief Executive Shemara Wikramanayake said “Macquarie remains well-positioned to deliver superior performance in the medium-term”, even though the company maintains a cautious stance on account of global economic developments.
The financial conglomerate’s attributable profit for the six months to Sept. 30 came in at A$2.31 billion ($1.49…
