Macquarie’s top executives have had their pay packets shrink this financial year, with chief executive Shemara Wikramanayake’s pay falling from $32.8 million to $25.2 million, as the commodities-fuelled bonanza cooled for the investment behemoth.

Former Macquarie rainmaker Nick O’Kane’s pay dropped dramatically from $57.6 million in 2023 to $1 million this year. O’Kane was not eligible for the hefty profit share bonuses doled out by Macquarie after he resigned in March. Asset management boss Ben Way also took a cut, taking home an $11.3 million packet.

On Friday, Macquarie reported a $3.5 billion full-year net profit, down 32 per cent on the previous year. Most of the profit was racked up in the six months to March, with a 49 per cent increase from the first half to the second half of the year.

Macquarie announced a final ordinary dividend of $3.85 a share, 40 per cent franked, down from $4.50 a share last year. Shares in the company were trading 1.6 per cent lower at $185 a share at about 11.30am AEST.

The company’s flagship asset management business posted a 48 per cent slump in net profit of $1.2 billion in the financial year, weighed down by lower asset sales in its green investments.

Meanwhile, the commodities and global markets business – which was Macquarie’s golden child last year, benefiting from exceptionally volatile commodity prices – remains the biggest net profit contributor for the company. However, its net profit contribution of $3.2 billion for fiscal 2024 was still 47 per cent lower compared to the exceptional 2023 financial year.

“The overall result reflected substantially lower inventory management and trading income from a strong prior year in North American gas and power, and a decreased contribution from commodities risk management, primarily in EMEA gas and power,” the company said.

Wikramanayake said while Macquarie was facing ongoing economic uncertainty and subdued market conditions across the world, the overall business remains resilient.

Macquarie’s banking and financial services arm, which contributed $1.2 billion in net profit in the period, up three per cent from the previous year, is continuing to grow from strength to strength.