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Mac Bank delivers positive result, says more to come

Mac Bank delivers positive result, says more to come

(14th November 2003 – Australia) Macquarie Bank has posted a half-year to September net profit of A$242 million, a 32 percent increase on the same period last year. The bank said the result, which beat most analysts’ forecasts, was built on a strong rise in income from its 22 international operations and a number of asset sales, including the bank’s stake in East African Gold Mines. The bank’s figure was also boosted by advisory fees from booming mergers and acquisitions activity.

Chief executive Allan Moss said the Investment Banking Group and the overseas performance of its Equity Markets Group were strong contributors to the result.

"Underpinning the record result were improving conditions in international equity markets, a solid corporate deal flow, a notable contribution from asset realisations, and a number of international infrastructure opportunities which came to fruition," he said.

Moss said the bank would continue to benefit from exceptionally favourable domestic market conditions and favourable international conditions. He tipped the second half to be significantly up on the corresponding period last year.

Macquarie Bank said it would pay a first half dividend of 52 cents, up from 41 cents last year.
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