“And we’re finding that energy markets are very calm. As far as the Middle East is concerned, it hasn’t really impacted oil supply at all, and Saudi Arabia has kept supplying. So we are actually finding that energy markets are quite subdued now because there’s abundant supply and no demand shock.”

Brent crude, the global benchmark, was trading at $US74 on Friday, down 14 per cent over the past 12 months despite the widening conflict in the Middle East. In the aftermath of Russia’s invasion, Brent soared to about $US120.

The asset management and investment banking group declared an interim dividend of $2.60, which will be 35 per cent franked, down from $3.85 in the six months to March 31, although up from the interim $2.55 a year earlier.

It also extended its $2 billion share buy-back for 12 months. Macquarie reported it had bought about $1 billion as of October 31.

Macquarie has $916.8 billion of assets under management, up 3 per cent from last year, but down 2 per cent from the prior half. Its total net operating income rose 4 per cent to $8.2 billion in the six months to September 30.

In a statement to the Australian Securities Exchange, Macquarie said it was maintaining a “cautious stance” given global conditions, including inflation, geopolitical events and interest rates. It also cited potential tax and regulatory changes and foreign exchange as having had an impact on its performance in the second half.

UBS analyst John Storey said the weaker performance in Macquarie’s commodities division was the main reason the group’s first-half results had fallen short of market expectations, and Macquarie’s commentary on the outlook appeared cautious.

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