...May 5, 2022 MELBOURNE (S&P Global Ratings) May 6, 2022--Australia-headquartered Macquarie Group Ltd.'s (MGL) well-diversified business will continue to support the financial services group's earnings, S&P Global Ratings said today. MGL (###+/Stable/A-2) announced today strong 56% growth in its net profit for the year ended March 31, 2022. We consider that MGL's market-facing activities--such as fees for mergers and acquisitions and customer trading--will continue to support future earnings. Market volatility from ongoing geopolitical uncertainties and rising interest rates should generate additional growth opportunities in these businesses. We believe the group's global footprint will underpin ongoing growth with 75% of income in fiscal 2022 coming from outside of Australia. Furthermore, the recovering Australian economy and rising interest rates should help Macquarie Bank Ltd. (A+/Stable/A-1) grow its earnings in the traditional banking business. The consolidated group's capital surplus...
