- Macquarie Bank expects its 2019 profit to be near $3 billion, a bigger record than expected.
- The company increased its profit guidance today, to 15% higher than last year.
- The result will be boosted by the bank’s holding in Quadrant Energy which is being acquired by energy giant Santos.
Macquarie today increased its full year profit guidance because of its holding in Quadrant Energy which is being acquired by energy giant Santos for $US2.15 billion ($A2.95 billion).
The bank says it now expects its 2019 result to be 15% higher than last year, up from its original estimate of 10%.
Macquarie last year posted a full year net profit of $2.56 billion, a record and the 49th year in a row of profitability.
A 15% rise would put the 2019 profit at $2.94 billion.
A short time ago, Macquarie shares were up 2.2% to$121.46.
Macquarie holds 21.8% of Quadrant Energy and expects to receive the proceeds of the transaction during the 2019 financial year.
Quadrant is an oil and gas company with a primary focus on activities in the Exmouth and Carnarvon Basins in Western Australia.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.