(4 May 2018 – Australia) Macquarie Group has bucked the softer results from Australia’s large banks announcing a 15 percent increase in net profit.
Macquarie’s business mix and skew towards international markets has delivered stronger growth for the group compared to the Big Four who are battling a slowing mortgage market.
While the major Australian banks make the vast bulk of their profit from retail and commercial banking in the domestic economy, where credit growth is currently slowing, less than a third of Macquarie’s profits are derived from Australia.
While the group has not been called to give evidence before the royal commission, it has conceded it may be affected by any regulatory backlash and increase in compliance costs that may come about as a result of the inquiry.