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Mac Bank going gangbusters offshore

Mac Bank going gangbusters offshore

(14 November 2007 – Australia) Macquarie Bank has posted a $A1.06 billion profit after tax for the half year to 30 September 2007. This marks a 45 percent increase on the same period last year.

The bank said profit growth was driven by a 38 percent rise in total income, of which 55 percent came from the bank’s international operations.

Over the past six months, international income was up 70 percent on the same period last year and Macquarie’s international staff numbers grew 22 percent to 4,264.

Macquarie Group managing director and chief executive officer, Allan Moss, said the bank was particularly pleased with the outstanding contribution from Asia Pacific, which was largely unaffected by the credit crunch.

He said Macquarie was managing to pick up quality staff, while keeping its cost to income ratio low.

Moss said more than half of the operating income for its Macquarie Capital, Equity Markets, Treasury and Commodities, Real Estate and Funds Management businesses came from its international activities.
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