Macquarie Group full-year profit rises 29pc to record $2.06b

Friday, 6 May 2016 07:40:17 | Michael Janda

People walking past Macquarie Bank sign (AFP)

Macquarie Group has enjoyed a 29 per cent rise in full-year profit to $2.06 billion, for the 12 months to the end of March, a record annual result for the company.

The investment bank's second half profit of $993 million was up on the same period a year earlier, but down on the first half of the 2016 financial year.

Macquarie said it had $479 billion worth of assets under management at the end of March 2016, down 2 per cent from a year earlier.

However, Macquarie managed to boost its operational income by 9 per cent to $10.1 billion, which more than offset a 6 per cent rise in operating expenses to $7.1 billion.

The company will pay its shareholders a final dividend of $2.40 a share (40 per cent franked) bringing the full-year's payments up to $4 from $3.30 a year earlier.

Macquarie said its annuity-style businesses posted strong profit growth, with banking and financial services also growing earnings.

However, the company's market facing businesses, such as Macquarie Securities, posted a modest fall in earnings.

Macquarie said income from its overseas operations made up 68 per cent of its total earnings.

"The group remains well positioned, with a strong and diverse global platform and proven deep expertise across a range of products and asset classes," said its chief executive Nicholas Moore.

"This is built on the foundation of a strong balance sheet, surplus capital, a robust liquidity and funding position and a conservative approach to risk management which is embedded across all operating groups."

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Macquarie Group full-year profit rises 29pc to record $2.06b

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