Macquarie Bank shares are flying high on a bright trading update

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Macquarie Group shares are up 3%, hitting a post-GFC high of $70, after a bright trading update and a forecast of increased profits.

CEO Nicholas Moore says the full 2015 financial year profit is expected to be up significantly, between 10% and 20% stronger than the previous year.

The other banks are mostly lower or flat with the Commonwealth, ex-dividend, down almost 3% to $90.73. The ANZ was down more than 2% to $35.06 with investors disappointed at its profit results.

Macquarie is expected to post a 12 month net profit of about $1.45 billion when its financial year ends March 31.

Trading conditions across continued to improve during the December quarter.

The bank benefited from market volatility in oil and gas prices which generated increased customer activity.

This same volatility in markets also brought stronger flows in foreign exchange.

Macquarie’s Commodities and Financial Markets divisions is ranked the third biggest physical gas marketer in North America.

The bank now has 1.6% of the Australian mortgage market. The Banking and Financial Services division increased its Australian mortgage portfolio to $22.3 billion at the end of December from $19.8 billion in September 2014.

Retail deposits increased 1% to $35.7 billion.

And Macquarie Asset Management now has assets under management of $453.3 billion.

Macquarie posted a net profit of $678 million for the half year ended September 30, up 35% on the same period last year.

Macquarie Bank shares are trading 3% up at $70.54.

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