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Macquarie posts smaller first-half profit than expected

Macquarie posts smaller first-half profit than expected

(29 October 2012 – Australia) Australia’s top investment bank, Macquarie reported a smaller-than-expected 18.4 percent rise in first-half net profit with A$361 million. Macquarie, reported its lowest full-year net profit in eight years in April, and said its first-half net was A$361 million, up from A$305 million a year ago but below the A$375 million expected by analysts.

The investment bank reiterated it expected year-to-March 2013 earnings would be better than the year ago result, subject to market conditions, though its advisory and securities trading businesses were still bearing the brunt of turbulent financial markets.

Analysts on average expect Macquarie to report a net profit of A$858.6 million for the year ending March 2013 versus A$730 million a year earlier.

'Macquarie's capital markets facing businesses, although continuing to face subdued market conditions, delivered a combined result that was up on (a year ago),' chief executive Nicholas Moore, who is leading Macquarie's move away from riskier products, said in a statement.

The investment bank had no plans to sell its Asia cash equities business, and while it wants to invest its surplus capital, no acquisitions were imminent, deputy managing director Greg Ward said.

Sources have said Macquarie is among bidders for Rabobank's asset management arm, Robeco.
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