MELBOURNE (S&P Global Ratings) May 5, 2023--Australia-headquartered Macquarie Group Ltd.'s (MGL) well-diversified business will continue to support the financial services group's earnings. MGL (BBB+/Stable/A-2) today announced 10% growth in its net profit for fiscal 2023 (ended March 31, 2023), over fiscal 2022, underpinned by the group's commodities and global markets operations, which offset a decline in revenue from the group's asset management business. The results were robust and in line with our expectations. We believe the group's global footprint will underpin ongoing growth with more than 70% of income from outside Australia. We expect that Macquarie Bank Ltd. (A+/Stable/A-1) will continue to increase its earnings from its Australian retail banking business. The relatively benign economic outlook, low unemployment, and strong
