Macquarie Bank said yesterday it had a strong start to 2007 with profit for the three months to June 30, 2007 substantially up on the previous corresponding period.
At yesterday's annual general meeting in Sydney chief executive Alan Moss said the bank had started the current financial year strongly in all groups.
"The first quarter's performance reflects good market conditions and continued investment in growth," Moss said.
He was also optimistic about the outlook for the current financial year.
Macquarie Bank has forecast strong initial public offering and mergers and acquisitions activity, good growth in its specialist funds and good equity broking volumes, Moss said.
"We expect to benefit from recent international staff growth and to continue to maintain or strengthen our market positions in Australia and internationally," he said.
Already this year the asset hungry bank has announced an agreement with Packer-owned Publishing and Broadcasting to buy Casinos in Canada, the £2.5 billion ($5.8 billion) acquisition of United Kingdom technology firm National Grid Wireless, the £1.9 billion ($4.4 billion) acquisition of United Kingdom communications group Airwave, and the $US615 million ($700 million) acquisition of United States based Mercury Air Centers.
Macquarie Bank reported a full year profit of almost $1.5 billion to January 2007, up 60 per cent on the previous corresponding period.
Macquarie Bank shares closed yesterday at $91.74, up almost 1 per cent on the day.
