Macquarie Group on Friday announced a 5 per cent year-on-year rise in net profit to just over $1.3 billion for the for first half of fiscal 2019, after a strong contribution from international operations.
The investment bank said its annuity-style businesses – which include Macquarie Asset Management, Corporate and Asset Finance, and Banking and Financial Services – saw combined net profit fall 29 per cent year over year.
In contrast, Macquarie’s capital markets facing businesses posted a combined net profit contribution of $1.1 billion, up 95 per cent on the first half of fiscal 2018.
“During the half year we continued to build upon the strength of our Australian franchise, while international income accounted for 67 per cent of the group’s total income,” Macquarie chief executive Nicholas Moore said.
Macquarie’s assets under management at 30 September 2018 stood at $551 million, up 11 per cent from 31 March 2018.
The bank announced a half-year dividend of $2.15, franked to 45 per cent, up from an ordinary dividend of $2.05 in the first half of fiscal 2018. The dividend will be paid on 18 December 2018 to shareholders on record as of 13 November 2018.
CEO designate, Shemara Wikramanayake said she expects the bank’s full-year 2019 result to be up about 10 per cent on fiscal 2018.
“Macquarie remains well-positioned to deliver superior performance in the medium term due to our deep expertise in major markets, strength in diversity and ability to adapt the portfolio mix to changing market conditions, the ongoing benefits of continued cost initiatives, a strong and conservative balance sheet and a proven risk management framework and culture,” she said.
