Macquarie bank is on track to a record full year profit nearing $2 billion.
In an operational briefing to be delivered later today, Macquarie will say the 2016 year to March is expected to be up on 2015 when the group posted a 27% rise in net profit to $1.604 billion, its second best result.
Since then it’s posted a record 58% rise in half year profit to $1.070 billion.
The bank says the second half won’t be that good but certainly will be better than the same six months in 2015.
Macquarie bank posted a full year record profit of $1.8 billion in 2008.
CEO Nicholas Moore says trading conditions across the group were “satisfactory” in the December 2015 quarter.
âMacquarie remains well positioned to deliver superior performance in the medium term due to its deep expertise in major markets, strength in diversity and ability to adapt our 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,” he says.
Macquarie has been outperforming the big four banks which posted a combined $30 billion in cash profit for the latest full year but most of the growth was in single digits.
Westpac was the last of the big banks to post results, a 3% rise in full year cash profit to $7.82 billion, driven by retail and business banking.