#Australia#Macquarie#Profit

Macquarie predicts 10% rise in full-year profit

Galia Ilan
|Nov 2|magazine5 min read

The Australian financial institution, Macquarie Group, has released it half-year results, predicting a 10% rise in profit for the full year.

The bank noted a 5% increase in its half-year profit ending September, with the figure reaching $1.3bn.

The firm has attributed to success to its commodities, markets, and capital arms.

“1H19 highlighted the strength of Macquarie’s global platform, the diversity of its business mix and its ongoing ability to adapt to changing conditions,” said Nicholas Moore, Managing Director and CEO of Macquarie.

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“Macquarie remains well funded with a solid and conservative balance sheet and we continue to pursue our strategy of diversifying funding sources by growing the deposit base and accessing a variety of funding markets,” stated Alex Harvey, CFO of Macquarie.

Macquarie also announced its intentions to return $2.04bn from Macquarie Bank Limited to the parent company.

“Macquarie remains well-positioned to deliver superior performance in the medium term due to our deep expertise in major markets, strength in diversity and ability to adapt the 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,” remarked Shemara Wikramanayake, CEO Designate of Macquarie.