Macquarie’s annual net profit fell 32 per cent to a lower-than-forecast $3.5 billion, as fewer asset sales and lower commodity prices weighed on the investment bank’s performance in the 2024 financial year.

The bank also cut its final dividend to $3.85 from $4.50 a share, which is 40 per cent franked. Macquarie chief executive Shemara Wikramanayake cited “ongoing economic uncertainty and subdued market conditions in many parts of the world” as being behind the result, even though “client franchises remained resilient over the last year”.