📈 69% of S&P 500 stocks beating the index - a historic record! Pick the best ones with AI.See top stocks

UPDATE 1-Australia's Macquarie expects record annual profit

Published 06/02/2018, 09:35 am
Updated 06/02/2018, 09:40 am
© Reuters.  UPDATE 1-Australia's Macquarie expects record annual profit
MQG
-

(Adds details about buyback, share milestone, capital ratio)

Feb 6 (Reuters) - Macquarie Group Ltd MQG.AX said on Tuesday it expects a record annual profit, adding that trading conditions across the group were "satisfactory" in the December quarter.

Australia's biggest investment bank said its nine-month earnings from annuity-style businesses were higher from the year-ago period, and that net profit for the full year would be about 10 percent above last year's record profit of A$2.2 billion ($1.73 billion).

The Sydney-listed company added that the passing of the U.S. tax cut will not impact its net profit for the year ended March 31, though it will reduce the bank's U.S. effective tax rate by about 25 percent from the start of fiscal 2019.

Macquarie shares have risen sharply over the past few months, brushing off concerns around an inquiry into the scandal-hit Australian financial sector to scale a record high last week. bank's asset management business, its biggest-earning unit, saw a 2 percent increase in assets under management as at Dec. 31 compared with three months ago.

The company, dubbed the "millionaire's factory" due to the salaries of its most successful executives, added that its share buyback program remains in place. In October, Macquarie had announced a A$1 billion buyback. common equity tier 1 capital ratio as at Dec. 31 was 10.7 percent down from 11 percent at Sept. 30. ($1 = 1.2689 Australian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.