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Mac profit jumps

Mac profit jumps

(21 May 2008 – Australia) Macquarie Group has announced a 23 percent rise in annual profits, something the bank warns may not continue this coming year. Despite recording a net profit of A$1.8 billion for the year ended March 31 2008, up from A$1.46 billion in the prior corresponding year, the bank said that the upcoming year will be much tougher due to volatile financial conditions.

The key drivers of the Macquarie's result included strong performances in its equities-related businesses in Asia, Australia and Europe.

The group’s full year operating income increased 15 percent to A$8.2 billion.

Macquarie managing director and chief executive officer designate, Nicholas Moore, said that the current state of financial markets means that it will be challenging to repeat last year's record performance.

Moore noted, however, that over the medium term the group continued to be well placed, due to effective risk management, good businesses, committed quality staff, the strength, diversification and global reach of the businesses and a strong capital base.

He also said that there was a strong possibility of opportunities for acquisitions in the current environment due to the banks strong capital position, which has expanded to A$10 billion, from A$7.5 billion over the year.
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