(27 April 2012 – Australia) Macquarie Group has posted a 24 percent fall in net profit to A$730 million for the 12 months to March 31. Macquarie expects better results in 2013, providing market conditions do not deteriorate.The results included a stronger second half, with net profit up 39 percent following a 22 percent increase in profits from annuity-style businesses and a rebound in the fixed interest, commodities and currencies business unit.
Macquarie stripped A$491 million from expenses, which fell 8 percent, including job cuts across securities, investment banking, technology and back office roles.
Nicholas Moore, Macquarie’s Group Managing Director said there had been substantially lower levels of client activity in many of the capital markets-facing businesses in the year to March 31 due to global uncertainty, which was partly offset by the ongoing growth of annuity style businesses.
Macquarie declared an unfranked final dividend of 75c a share, taking its payout to A$1.40 unfranked for the year, down from A$1.86 previously.