Macquarie Group will maintain its technology spending

Macquarie Group’s managing director and CEO, Shemara Wikramanayake, has announced that the company will continue to invest in technology and other growth opportunities in the short term, in its full-year 2023 results released on Friday. Wikramanayake stated that the banking and financial services (BFS) unit is expected to continue to grow, requiring ongoing investment. She also noted that BFS will continue to modernize its technology in the medium term to improve the client experience and support growth. While higher expenses to support technology investment, volume growth, and compliance and regulatory requirements are expected in the short term, BFS delivered a net profit contribution of $1.201 billion, up 20 percent from the previous year. Overall, Macquarie Group’s financial year 2023 net profit was $5.182 billion, up 10 percent from the previous year.