Macquarie’s profit bucks trend
MacquarieBankhas posted a $333 million after tax profit for the year to March 31, due to each division of the group increasing profit and market share and achieving a record or near-record result.
The bank’s total funds under management (FUM) climbed $11 billion to $52.3 billion on the back of sizeable increases in its specialist infrastructure and property funds.
The funds management group also recorded a marginal profit, but FUM in the division still grew by 13 per cent, climbing from $27.1 billion to $30.7 billion.
Macquarie says it bucked the trend of managers losing funds by increasing market share and maintaining its reputation as a key provider of unlisted funds invested in cash, fixed interest, currency and listed property, which it says each produced strong inflows.
The bank’s Financial Services Group recorded its first profit after breaking even during the year — much of it driven by the growth in the platform business with theMacquarie Wrap Solutionsproduct leaping up 62 per cent from $3.9 billion to $6.3 billion.
The huge profit, an increase of 33 per cent on last year’s profit of $250 million, has also been a win for shareholders, with Macquarie Bank chair David Clarke stating they will receive a fully franked final dividend of 52 cents per share for the year to March 31, 2003, and a special fully franked dividend of 50 cents per share.
AUTHOR
Jason Spits
Recommended for you
In this week’s episode of Relative Return Unplugged, AMP’s chief economist, Shane Oliver, joins us to break down Labor’s budget, focusing on its re-election strategy and cost-of-living support, and cautioning about the long-term impact of structural deficits, increased government spending, and potential risks to productivity growth.
In this episode of Relative Return, host Laura Dew chats with Mark Barnes, head of investment research, and Catherine Yoshimoto, director of product management, from FTSE Russell about markets in Donald Trump's second presidency and how US small caps are faring compared to their large-caps counterpart.
In this episode of Relative Return Unplugged, we examine the push for superannuation tax reforms aimed at saving $10 billion annually, as well as the immense pressure being placed on Treasurer Jim Chalmers ahead of the budget and Deloitte’s warning of a $26.1 billion deficit.
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford are joined by AMP’s chief economist, Shane Oliver, to discuss the ever-evolving state of global markets as the US pursues its protectionist trade war.
