Macquarie Group Reports 24% Drop In Net Profit

Macquarie Group Ltd MQBKY reported a 24% drop in its first-half net profit. Macquarie Group's net profit for the period declined to 305 million Australian dollars ($326.7 million). Its assets under management climbed 6% from March 31 to A$327 billion. Macquarie Group also announced its plans to buy back up to 10% of its shares on the market. Macquarie Group shares jumped 11.50% to close at $26.95 yesterday.