By Alice Uribe

SYDNEY--Macquarie Group Ltd., Australia's biggest investment bank and asset manager, said trading conditions improved in the first quarter of the 2022 fiscal year.

In comments released ahead of its annual shareholder meeting on Thursday, Macquarie said its operating group net profit contribution for the three months through June--a measure of earnings before some corporate costs, profit share and income tax--was significantly higher than a year earlier.

Macquarie said the combined contribution of its annuity-style businesses to net profit was slightly ahead of a year ago, while it was significantly higher for its markets-facing businesses.

"We continue to maintain a cautious stance, with a conservative approach to capital, funding and liquidity that positions us well to respond to the current environment," the company said. "Macquarie remains well-positioned to deliver superior performance in the medium term."

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

(END) Dow Jones Newswires

07-28-21 1929ET