Macquarie Bank smashes full year profit, up 27% to $1.604 billion

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Macquarie Group posted a 27% rise in full year net profit to $1.604 million, well ahead of market expectations of about $1.45 billion, and its second best result on record.

The profit for the 12 months to March was on a 14% increase in operating income to $9.3 billion. Expenses were up 12% to $6.8 billion.

The bank’s record profit result was $1.8 billion in 2008.

CEO Nicholas Moore said the group is well positioned to deliver superior performance in the medium term.

Macquarie expects net profit for 2016 will be broadly in line with 2015.

Macquarie announced a final ordinary dividend of $2.00 a share, 40% franked. The total ordinary dividend payment for the year was $3.30 a share, up from $2.606.

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