Macquarie Group posts profit decline

macquarie-bank/market-volatility/australian-securities-exchange/chief-executive/

27 April 2012
| By Staff |
image
image
expand image

A more robust second half has failed to prevent Macquarie Group reporting a 24 per cent decline in net profit to $730 million.

In an announcement released to the Australian Securities Exchange today, the company announced net profit after tax attributable to ordinary shareholders of $730 million for the full year ended 31 March 2012, down 24 per cent.

It said profit for the second half of the year was $425 million, up 39 per cent on the first half.

Commenting on the result, Macquarie Group chief executive Nicholas Moore said global economic uncertainty had led to substantially lower levels of client activity in many of the company's capital markets-facing businesses.

He said this had been partly offset by the ongoing growth of Macquarie's annuity-style businesses.

However, all of Macquarie's operating groups maintained strong franchise positions during the year, according to Moore.

Macquarie announced a final unfranked dividend of $A0.75 per share, up from the first-half dividend of $A0.65 per share. However the total financial year unfranked dividend of $A1.40 per share is lower than that for last year.

Looking over the horizon, the company said market volatility made forecasting difficult, but it currently expected the 2013 financial year to be an improvement on the results achieved in 2012.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 6 days ago

TOP PERFORMING FUNDS