Macquarie Posts First Profit Rise Since 2010
This article is for subscribers only.
Macquarie Group Ltd., Australia’s biggest investment bank, posted its first profit growth in three years on cost cuts and higher fund management fees, sparking the biggest share-price gain since 2009.
Profit for the 12 months ended March 31 rose to A$851 million ($873 million) from an eight-year low of A$730 million a year earlier, beating the A$821 million average estimate of 13 analysts surveyed by Bloomberg. Macquarie’s stock jumped as much as 12 percent as the bank increased its dividend and said it expects profit to rise further this financial year.