July 29 (Reuters) - Australian financial conglomerate Macquarie Group said on Thursday its first-quarter profit contribution came in higher than last year, helped by its asset and banking businesses.

The bank did not disclose an operating profit number for the quarter, but cut its annual dividend payout policy range to between 50% and 70% to "allow additional flexibility" to expand its business. (Reporting by Sameer Manekar and Arundhati Dutta in Bengaluru; Editing by Devika Syamnath)