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Macquarie half-year profit slips

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By Reporter
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2 minute read

Macquarie Group has announced a $1.05 billion profit after tax for the six months to 30 September 2016, down 2 per cent on the prior corresponding period.

As well as recording a 2 per cent drop in profit compared to the corresponding half-year, Macquarie also saw its operating income fall by 2 per cent to $5.22 billion.

Operating expenses for the half year ending 30 September 2016 were up 1 per cent on the prior corresponding period to $3.73 billion, and up 9 per cent on the half-year ending 31 March 2016.

Macquarie's annualised return on equity was 14.6 per cent, and the interim dividend was $1.90 (45 per cent franked) per share, up on the ordinary dividend for the prior corresponding period of $1.60 (40 per cent franked).

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Macquarie Asset Management contributed $857 million in new profit for the half, down 25 per cent. Assets under management were $493.1 billion as at 30 September 2016.

The bank's core equity tier 1 ratio was 10.4 per cent at 30 September 2016.

The group saw a 21 per cent decrease in fee and commission income to $2.2 billion over the half year. Net operating lease income increased by 20 per cent to $684 million.

The bank's staff numbers fell by 4 per cent over the half year, from 14,372 at 31 March 2016 to 13,816 at 30 September 2016.

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