Macquarie's banking and financial services arm reports ups and downs in the overall group profit announcement.
Macquarie Group has announced a net profit of $604 million for the first half of the 2009 financial year, which is 19 per cent lower than the 2008 financial year second half result.
"In the context of these market conditions, Macquarie's half-year net profit is a sound result and underscores Macquarie's strong funding and capital position, prior to this credit market disruption," Macquarie Group managing director and chief executive Nicholas Moore said.
The group's operating income decreased 37 per cent to $3 billion and earnings per share declined 46 per cent to $2.17.
"While the extreme market conditions have led to a number of writedowns and one-off costs in the latest half-year, the underlying performance of the Macquarie business has been solid," Moore said.
"Macquarie remains profitable, well-funded, well-capitalised and conservatively geared."
Macquarie's banking and financial services arm reported a 7 per cent decline in wrap funds under advice, but also a 71 per cent rise in retail deposits.
"The launch of the Macquarie Cash XL deposit product strongly contributed to this result, as did the competitive rates being offered through our term deposits," a Macquarie spokesperson said.
"Macquarie's banking and financial services group is continuing to focus on increasing its distribution of integrated banking and wealth management solutions, and looking for solutions to meet the needs of its clients."
The division's adviser numbers in Australia and New Zealand will continue to grow, the spokesperson said.
In Part 2 of our exclusive series, we ask leading names to nominate their best investments, the most effective industry group and the importance of platforms.
British Prime Minister Gordon Brown last month uttered the 'R' word. Brown told parliament Britain will "most likely" head towards a recession. A view also shared by the country's central bank chief. ... read more »
Home delivered!
Daily news, weekday mornings
Get the day's news delivered direct to your inbox. Register here (it's free!) and choose 'yes' to receive the InvestorDaily newsletter.
Catholics revamp fixed interest »
Industry superannuation fund the Catholic Superannuation and Retirement Fund (CSRF) has revamped its fixed income portfolio.
Mercer backs alternatives »
Mercer has awarded $34.15 million in mandates to Tactical Global Management (TGM) and Lazard Asset Management to invest in alternative assets.
On the anniversary of the infamous Gunpowder Plot and also marks the occasion the supposedly most powerful nation in the world has elected its first black president. ... read more »
