Macquarie Group has reported a net profit of $1.604 billion for the full year to 31 March 2015.
In a statement issued to the ASX, Macquarie reported a 27 per cent profit increase for its financial year ending March 2015, which included a $926 million in earnings during the second half of the financial year.
“Today’s result reflects the return on many years of investment across the business, enabling the group to further capitalise on improved trading conditions,” Macquarie Group chief executive and managing director Nicholas Moore said.
“This resulted in a significant increase to Macquarie’s operating income and profit, with five of the six operating groups delivering increased net profit contributions.”
Macquarie also reported its annuity-style businesses combined net profit for the financial year increased by $710 million or 33 per cent from the previous year.
The group’s capital markets-facing businesses combined net profit also increased, growing $216 million or 19 per cent.
Also reported for the financial year was an increase in Macquarie’s assets under management which currently sits at 486.3 billion, an increase of 14 per cent from $426.9 billion at 31 March 2014.
The growth of the group’s assets under management was attributed to additional investments and “favourable foreign exchange and market movements”.
Commenting on the group's outlook, Mr Moore said Macquarie remains “well positioned to deliver superior performance” in the medium term.
“[This is] due to its deep expertise in major markets, strength in diversity and ability to adapt our portfolio mix to changing market conditions, the ongoing benefits of continued cost initiatives, a strong and conservative balance sheet, and a proven risk management framework and culture,” he said.
Magellan chairman and CIO Hamish Douglass has said he’s not afraid of missing out on a “short-term market rally” and that mutant virus...