Mac Bank increases profits 21 percent
(3 May 2010 – Australia) Macquarie Group reported a 21 percent increase in its full year profit of A$1.05 billion after tax at the end of last week.
The bank’s operating income before write-downs, impairments, equity accounted gains/losses and one off items was down 2 percent on last year to A$7.0 billion.
The net impact of writedowns, impairments, equity accounted gains or losses and one-off items was a loss of A$388 million.
Nicolas Moore, chief executive officer, said that operating conditions continued to improve during the year, leading to greater activity across many of the investment bank’s businesses.
Macquarie confirmed that they have a total pool of A$4 billion of capital excess to meet the group's minimum regulatory requirement.
Income from its securities division more than doubled as net trading income rose 17 percent on gains from Taiwanese, Indian and Korean exchange traded instruments.
Income from the fixed income, currencies and commodities group rose 63 percent. Trading activity in that segment has bolstered by recent US investment banking results as well.
The group declared a final dividend of $1 a share, up from last year's 40 cents per-share.
The group reported full-year returns on equity of 10 percent, up from 9.9 percent a year earlier.
The full-year compensation ratio was 43 per cent. The group is forecasting that will rise in fiscal 2011.
During the year, Macquarie businesses continued to evolve to reflect its clients’ needs, expanding its global presence and product offering by organically growing existing businesses and made a number of strategic acquisitions, predominantly in North America and Europe, the bank’s head said in a statement.
While Macquarie has deployed funding during the period for business initiatives and acquisitions, it has continued to maintain a conservative approach to capital and funding, Mr Moore said.
The net impact of writedowns, impairments, equity accounted gains or losses and one-off items was a loss of A$388 million.
Nicolas Moore, chief executive officer, said that operating conditions continued to improve during the year, leading to greater activity across many of the investment bank’s businesses.
Macquarie confirmed that they have a total pool of A$4 billion of capital excess to meet the group's minimum regulatory requirement.
Income from its securities division more than doubled as net trading income rose 17 percent on gains from Taiwanese, Indian and Korean exchange traded instruments.
Income from the fixed income, currencies and commodities group rose 63 percent. Trading activity in that segment has bolstered by recent US investment banking results as well.
The group declared a final dividend of $1 a share, up from last year's 40 cents per-share.
The group reported full-year returns on equity of 10 percent, up from 9.9 percent a year earlier.
The full-year compensation ratio was 43 per cent. The group is forecasting that will rise in fiscal 2011.
During the year, Macquarie businesses continued to evolve to reflect its clients’ needs, expanding its global presence and product offering by organically growing existing businesses and made a number of strategic acquisitions, predominantly in North America and Europe, the bank’s head said in a statement.
While Macquarie has deployed funding during the period for business initiatives and acquisitions, it has continued to maintain a conservative approach to capital and funding, Mr Moore said.
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