Macquarie takes hit on green energy

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Updated

Updated May 3, 2024 - 11.58pm, first published at 8.46am

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A plunge in Macquarie's annual profit has cast fresh doubt in investors' minds about the financial giant's ability to make big returns from buying and selling businesses exposed to the energy transition as deals dry up.

Macquarie, Australia's global bank known locally as the 'Millionaire's Factory', reported a 32 per cent drop in annual net profit to $3.5 billion on Friday.

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