By Stuart Condie

SYDNEY--Macquarie Group Ltd.'s first-half net profit fell by 32% as Australia's biggest investment bank and asset manager absorbed higher credit and other impairment charges tied to the impact of the coronavirus pandemic.

Macquarie on Friday said net profit for the six months through September dropped to 985 million Australian dollars (US$707 million), compared with A$1.46 billion a year earlier. Management had forewarned in September that first-half net profit would be about 35% down on a year earlier.

The group declared an interim dividend of A$1.35 per share, compared with A$2.50 a year ago.

Macquarie said the result included A$447 million of credit and other impairment charges primarily related to the economic impact of the coronavirus. The unfolding effects of the pandemic meant it was unable to provide meaningful full-year guidance, it said in a filing to the Australian Securities Exchange.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

11-05-20 1724ET