Mac Bank is on track for a near record profit in 2016

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Macquarie Bank expects to improve profit in 2016, surpassing the near record result of the last 12 months.

CEO Nicholas Moore says business for the first quarter of the 2016 financial year is significantly up on the same three months last financial year.

“Macquarie’s annuity style businesses were up significantly on 1Q15, driven by the underlying growth of the businesses, a weaker Australian dollar, as well as increased performance fees and asset disposals in Macquarie Asset Management,” he says.

Macquarie Group posted a 27% rise in net profit to $1.604 billion for the 12 months to the end of March, its second best result on record.

Moore says the company currently expects the 2016 full year net profit to be up on that 2015 result.

The divisions expected to do better than 2015 include Banking and Financial Services, Macquarie Securities Group and Macquarie Capital, as this chart shows:

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