Australia's Macquarie Group annual profit jumps 27%
Add BT as a preferred source
[SYDNEY] Macquarie Group, Australia's top investment bank, on Friday posted its best annual profit since the 2008 global financial crisis, led by growth in its annuity-style businesses as well as commodities trading and foreign exchange units.
Net profit jumped 27 per cent to A$1.6 billion(US$1.26 billion) for the year to March 31 compared with A$1.27 billion a year ago and topped analysts' consensus forecast of A$1.5 billion.
The bank in February had forecast a net profit increase at the upper end of the 10- to 20-per cent range.
The results will give investors confidence in Macquarie's strategy of "de-risking" from its traditional investment banking operations and focusing on more stable returns from activities such as retail banking and annuity-style businesses.
Macquarie also unveiled a final dividend of A$2 each, taking the full year dividend to A$3.3 a share, up 27 percent from a year ago.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
Digital Realty, STT GDC among data centre operators awarded 50 MW of new capacity in Singapore
Jardine C&C selling Singapore, Malaysia dealerships to Indonesia’s Chandra Asri for US$221 million gain
When every phone becomes a satellite phone, what happens to Asia’s telcos?
‘How come you’re so young?’: Gen Z couple takes on Singapore’s established bullion dealers
