Macquarie Bank bullish despite volatility
Macquarie Bank remains bullish about its prospects of achieving a strong profit result for the current financial year, but has acknowledged that market conditions remain volatile.
The bank’s deputy managing director, Richard Sheppard, has told a London investment conference today that the bank expects a financial year result of approximately $1.8 billion, which, if achieved, would be well up on last year and would represent a record result.
However, he said that achieving the result remained subject to market conditions, which remained volatile.
“In particular, we note that listed Real Estate Investment Trust (REIT) prices have significantly deteriorated since our February operational briefing,” he said.
Sheppard said Macquarie Bank remained well placed due to the diversity of its geography, business and product and the commitment of its staff.
He said the company had a strong capital base providing the ability to capture strategic initiatives.
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
