(10 February 2004 – Australia) Macquarie Bank chief executive Allan Moss has said a strong second half of the year will see the bank post an “exceptional profit” for the full year to March 31, 2004.Moss said all of the bank’s business divisions had benefited from favourable domestic and international conditions but warned that this was unlikely to continue next year as conditions became more challenging.
The bank had prepared investors for a weaker second half performance than the A$242 million net profit of the first six months, however Moss said the bank would finish the year just as strongly.
Moss said the contribution of the bank’s Direct Investment division was “particularly notable” reflecting a number of medium and long term investments such as the Tower Technology, Repco, Invocare, JB Hi-Fi and Sabco businesses.
Macquarie Bank is currently in negotiations with ING over purchasing the Dutch giant’s Asian equity sales, trading, research and Equity Capital Sales businesses.
The businesses are spread across 10 Asian countries and the deal would also include Asian sales and trading desks in London and New York.
An announcement is expected to be made before March.