Macquarie profit declines
Macquarie Group has reversed the trend of big bank profits this week, reporting a 16 per cent decline in net profit after tax to $403 million.
The banking group’s chairman, Nicholas Moore, said that the decline had been foreshadowed in the company’s market update in September and was attributable to subdued market conditions affecting activity across a number of businesses, particularly fixed income, currencies and commodities.
However, he said more favourable market conditions and benefits from recent initiatives had resulted in improved performances for Macquarie Funds Group, Corporate and Asset Finance and the Banking and Financial Services Group.
Moore said that continuing uncertain market conditions made short-term forecasting difficult, and that while market conditions in September and October had shown some signs of improvement, activity continued to track below normal levels.
He said on that basis, the company expected its financial year 2011 result to be broadly in line with the previous financial year.
Recommended for you
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford are joined by special guest Shane Oliver, chief economist at AMP, to break down what’s happening with the Trump trade and the broader global economy, and what it means for Australia.
In this episode, hosts Maja Garaca Djurdjevic and Keith Ford take a look at what’s making news in the investment world, from President-elect Donald Trump’s cabinet nominations to Cbus fronting up to a Senate inquiry.
In this new episode of The Manager Mix, host Laura Dew speaks with Claire Smith, head of private assets sales at Schroders, to discuss semi-liquid global private equity.
In this episode of Relative Return, host Laura Dew speaks with Eric Braz, MFS portfolio manager on the global small and mid-cap fund, the MFS Global New Discovery Strategy, to discuss the power of small and mid-cap investing in today’s global markets.