(30 October 2009 – Australia) Macquarie Group has announced its half yearly results indicating that it has improved since the last half but is still down 21 percent on the same period last year.For the half year period ending 30 September 2009, the group’s net profit was up A$479 million, this is a 79 percent increase on the last six month period.
However, the net profit for the prior corresponding period is down 21 percent from A$604 million.
The net impact of the group’s write downs, impairments, equity accounted gains and one-off items was a hit of A$414 million.
Nicolas Moore, chief executive officer, Macquarie, said that short term forecasting was difficult because markets remain volatile, despite the recent improvements.
The bank is currently expecting the profit for the next six month period to be broadly in line with the first half, but this remains subject to market conditions and significant swing factors and excludes the impact of one off items, Mr Moore added.
Mr Moore highlighted that while there have been some improving trends in a number of major markets; overall the bank will continue to maintain a cautious stance with a conservative approach to funding and capital.