A financial services blue-chip group, Macquarie Group Limited (ASX:MQG) warned of challenging market conditions, as the Company’s profits tumbled by 8% on the back of impact caused by COVID-19 pandemic.
The net operating income fell by 3% on the prior year to $12,325 million. Moreover, the Group has slashed its dividend to $4.30 per share, 25% down on the prior year.
In its outlook, Macquarie stated that the market conditions are likely to remain challenging due to the economic uncertainty created by the worldwide impact of coronavirus pandemic, and it is uncertain to assess its impact on the profit in the coming years.
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