MELBOURNE (S&P Global Ratings) May 3, 2024--Australia-headquartered Macquarie Group Ltd.'s (MGL) well-diversified business will continue to support the financial services group's credit profile. MGL (BBB+/Stable/A-2) today announced net profit of A$3,522 million for fiscal 2024 (ended March 31, 2024). While this was down 32% on the previous year, the group's financial and business metrics remain sound and consistent with our expectations. MGL's global footprint and diverse businesses mean that a drop in earnings from some businesses or geographies is typically offset by growth in others. In fiscal 2024, about two-thirds of the group's income came from outside Australia, and the four main businesses—banking and financial services, asset management, advisory and principal investing, and commodities and capital markets—each contributed well to
