By Alice Uribe

SYDNEY--Macquarie Group Ltd., one of Australia's biggest banks, said trading conditions were mixed in the first quarter of fiscal 2021 and that it couldn't provide earnings guidance for the full fiscal year because of uncertainty stemming from the coronavirus pandemic.

In comments released ahead of its annual shareholder meeting on Thursday, Macquarie said its operating group net profit contribution for the fiscal first quarter--a measure of profit before some corporate costs, profit share and income tax--was slightly down compared to the prior corresponding period. The fiscal first quarter ended in June.

"Macquarie continues to maintain a cautious stance, with a conservative approach to capital, funding and liquidity that positions the group well to respond to the current environment," the bank said, adding that it was still unclear how quickly the global economy would recover from the pandemic.

More specifically, Macquarie said the performance of its annuity-style businesses had improved in the fiscal first quarter, though that was partially offset by lower income in its banking and financial services units.

The bank's markets-facing businesses were down in the fiscal first quarter due to significantly lower investment-related income in its Macquarie Capital unit. That was partially offset by stronger contributions from certain divisions in its commodities and global markets business.

Still, the Sydney-based bank said its financial position "comfortably exceeded" regulatory minimum requirements, with a group capital surplus of 8.1 billion Australian dollars (US$5.8 billion) at June 30. 



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