Fees flow strongly for Macquarie
(14 November 2006 - Australia) Macquarie Bank has posted a better than expected 51 percent first half profit increase built on strong fee income and "one off" asset sales.
The investment bank said its second half performance would also improve on last year but said its recent level of growth had been extraordinary, with results benefiting from a number of one-off transactions.'
'This growth may be difficult to repeat in the short term,' Macquarie said.
The bank's net profit for the six months to September grew A$730 million from A$482 million in 2005.
Macquarie said its international operations, numbering some 21 countries, accounted for 44 percent of the bank's operating income in the first half of the year and that its overseas staff had grown 48 percent to 3,006.
'Equity markets in key regions have held up well, contributing to strong broking revenues, however, Asian equity derivatives were significantly down on a very strong prior corresponding period due to increased competition,' Macquarie chief executive Allan Moss said.
'This growth may be difficult to repeat in the short term,' Macquarie said.
The bank's net profit for the six months to September grew A$730 million from A$482 million in 2005.
Macquarie said its international operations, numbering some 21 countries, accounted for 44 percent of the bank's operating income in the first half of the year and that its overseas staff had grown 48 percent to 3,006.
'Equity markets in key regions have held up well, contributing to strong broking revenues, however, Asian equity derivatives were significantly down on a very strong prior corresponding period due to increased competition,' Macquarie chief executive Allan Moss said.
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