By Alice Uribe

SYDNEY--Macquarie Group Ltd. said varied conditions in the third quarter resulted in a good period for the company, even as its annuity-style businesses profit contribution fell back.

Australia's largest investment bank and asset manager said in an operational briefing Tuesday that its net profit for the nine months through December was slightly higher than a year ago.

"Varied market conditions have resulted in a good quarter for the group reflecting the diversity of our activities," said Chief Executive Shemara Wikramanayake.

Macquarie's annuity-style businesses, which encompass Macquarie Asset Management and Banking and Financial Services, contributed a substantially lower net profit in the three months to December than a year earlier.

For the nine months to December, net profit from those annuity-style businesses was significantly down on the corresponding period of a year ago. Macquarie said this was mainly due to larger green energy sector asset realizations in Macquarie Asset Management a year ago, but partially offset by continued growth in Banking and Financial Services.

The combined net profit of Macquarie's markets-facing businesses, which spans Commodities and Global Markets and Macquarie Capital, was substantially higher in the third quarter than a year ago. For the nine months to December, those businesses' net profit contribution was substantially higher.


Write to Alice Uribe at alice.uribe@wsj.com


(END) Dow Jones Newswires

02-06-23 1658ET