Macquarie Bank shares are on a tear after near record profits

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Shares in Macquarie Group soared in early trade after the bank posted near record profits for the full year to the end of March.

The bank announced a 27% rise in profit to $1.604 million, well ahead of market expectations and its second best result on record.

Macquarie is trading more than 4.5% higher at $79.99.

The results steadied financial stocks, which have taken a beating over the last two trading sessions, as confidence in banks faded.

NAB was still in a trading halt over its plans to raise $5.5 billion but Westpac was up 1.09% to $34.27.

Commonwealth, which this week posted a disappointing flat half year result, was up 0.9% to $83.86.

The ANZ, which is trading ex-dividend, is down 1.41% to $32.54.

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