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Macquarie announces $1.25bn half-year profit

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By Reporter
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3 minute read

Macquarie has posted a $1.25 billion net profit for the six months to 30 September 2017, up 19 per cent on the prior corresponding half-year.

The Macquarie result is up 7 per cent on the half-year ended 31 March 2017, and up 19 per cent on the half-year ended 30 September 2016.

The investment bank saw its operating income increase 3 per cent on the prior corresponding period to $5.4 billion.

Macquarie's annuity-style businesses increased their contribution to the group's net profit (up 28 per cent on the prior corresponding period) while the capital markets-facing businesses saw their contribution decrease by 18 per cent.

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The group's assets under management as at 30 September 2017 was $473.6 billion, down 2 per cent from 31 March 2017.

The banks core equity tier one ratio sits at 11 per cent, and the bank's leverage ratio is 6.1 per cent.

Commenting on the result, Macquarie managing director Nicholas Moore said the result highlighted the strength of the bank's global platform and the "diversity of its business mix".

"During the half-year we continued to build on the strength of our Australian franchise, while international income accounted for 62 per cent of the group's total income," Mr Moore said.

"The group remains well positioned, with a strong and diverse global platform and deep expertise across a range of products and asset classes.

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