Mac Bank flags another bumper year
(26 September 2005 – Australia) Macquarie Bank plans to emulate last year’s bumper profit of A$823 million if global equity markets continue to be better than expected.
"The Bank expects continued good growth in revenue and earnings across most businesses over the medium term, subject to market conditions not deteriorating materially, and its international businesses are expected to experience continued good growth," Macquarie Bank deputy managing director Richard Sheppard said.
"The contribution to the profit for the six months ended September 2005 from the Equity Markets Group is anticipated to be more than double last year’s first half profit for that group," he said.
Sheppard said all broking businesses were performing well and that there had been strong contributions from performance fees.
He said the bank would match the figure posted in 2004 despite that result benefiting from a one off gain because of the formation of Macquarie Goodman Group.
Sheppard said the first half profit result for the six months ended September 2005 was expected to be broadly in line with the previous year’s second half profit, which was A$448 million with the Macquarie Goodman factor taken out.
He said the bank was well placed because of its good businesses, diversification, committed quality staff and effective prudential controls.
"There is possible upside to the full year result from specialist fund initiatives and asset realisations," Sheppard said.
"The contribution to the profit for the six months ended September 2005 from the Equity Markets Group is anticipated to be more than double last year’s first half profit for that group," he said.
Sheppard said all broking businesses were performing well and that there had been strong contributions from performance fees.
He said the bank would match the figure posted in 2004 despite that result benefiting from a one off gain because of the formation of Macquarie Goodman Group.
Sheppard said the first half profit result for the six months ended September 2005 was expected to be broadly in line with the previous year’s second half profit, which was A$448 million with the Macquarie Goodman factor taken out.
He said the bank was well placed because of its good businesses, diversification, committed quality staff and effective prudential controls.
"There is possible upside to the full year result from specialist fund initiatives and asset realisations," Sheppard said.
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