Macquarie profit declines
Macquarie Group has reversed the trend of big bank profits this week, reporting a 16 per cent decline in net profit after tax to $403 million.
The banking group’s chairman, Nicholas Moore, said that the decline had been foreshadowed in the company’s market update in September and was attributable to subdued market conditions affecting activity across a number of businesses, particularly fixed income, currencies and commodities.
However, he said more favourable market conditions and benefits from recent initiatives had resulted in improved performances for Macquarie Funds Group, Corporate and Asset Finance and the Banking and Financial Services Group.
Moore said that continuing uncertain market conditions made short-term forecasting difficult, and that while market conditions in September and October had shown some signs of improvement, activity continued to track below normal levels.
He said on that basis, the company expected its financial year 2011 result to be broadly in line with the previous financial year.
AUTHOR
Mike Taylor
Recommended for you
In this episode of Relative Return Insider, host Keith Ford and AMP economist My Bui explore Prime Minister Anthony Albanese’s trip to the US and the critical minerals deal stemming from his meeting with President Donald Trump.
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver unpack the latest unemployment numbers and what they mean for a rate cut, as well as how the latest flare-up in the ongoing US–China trade dispute has highlighted the remaining disparity between gold and bitcoin.
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver take a look at the unfolding impacts and potential economic ramifications of the US government shutdown and the surge in gold and bitcoin prices.
In the latest episode of Relative Return Insider, host Keith Ford and AMP chief economist, Dr Shane Oliver, discuss this week’s RBA interest rate decision, a potential government shutdown in the US, and a new property scheme aimed at first home buyers.
