Macquarie Bank's Half Year $678 Million Profit Is Up 35% And Stronger Than Expected

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

CEO Nicholas Moore says the result is stronger than expected given the timing of transactions.

He says the six months saw the annuity-style businesses, Macquarie Funds, Corporate and Asset Finance and Banking and Financial Services continue to perform well, with combined net profit contribution up 38%.

Macquarie’s capital markets-facing businesses, Macquarie Securities, Macquarie Capital and Fixed Income, Currencies and Commodities combined net profit contribution was up 11%.

Net operating income of $4.3 billion for the six months increased 17%, while total operating expenses of $3.2 billion rose 11%.

Moore says the group is well positioned, with a strong and diverse global platform and specialist skills across a range of products and asset classes.

The bank expects full year results to be slightly up on 2014.

Macquarie announced an interim dividend of $1.30 per share, 40% franked.

Results:

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