The Bull

Sunday 21

April, 2019 6:48 PM



Macquarie flags near $3bn record profit

Macquarie flags near $3bn record profit

Macquarie Group expects to make a record annual profit for a fourth straight year after flagging a 15 per cent improvement on FY18's $2.557 billion.

Share |

By AAP 12.02.2019 10:59 AM

Macquarie Group expects annual profit to soar 15 per cent to nearly $3 billion for what should be a fourth straight record result.

The wealth management and financial services group said on Tuesday that a strong performance from Macquarie Capital, which advised on deals including Wesfarmers' demerger of Coles, had contributed to "significant realisations" over the three months to December.

Macquarie's bottom line improved 15.34 per cent last year to $2.557 billion.

Another 15 per cent increase in FY19 would drive full-year profit to $2.94 billion, a more than 80 per cent improvement over five years.

Shemara Wikramanayake - who took over as chief executive in November - greeted Tuesday's trading update in language indistinguishable from that used at successive profit announcements by her predecessor, Nicholas Moore.

"Macquarie remains well positioned to deliver superior performance in the medium term," Ms Wikramanayake said.

"This is due to our deep expertise in major markets, strength in diversity and ability to adapt the portfolio mix to changing market conditions, as well as the ongoing benefits of continued cost initiatives, a strong and conservative balance sheet and a proven risk management framework and culture."

Macquarie shares rose $1.57, or 1.3 per cent, to $123.55 by 1046 AEDT.

The stock has more than doubled in value over the past three years and has risen about 30 per cent since April 2017, compared to the broader financial sector's 16 per cent decline.

Archive
Markets
Index: Points Change Percent

PLEASE SUPPORT OUR SPONSORS, AUSTRALIA'S LEADING BROKERS:



© Copyright TheBull.com.au. All rights reserved.