Macquarie Says Annual Results to Improve on Stronger Second Half
Macquarie Group Ltd. (MQG), Australia’s largest investment bank, expects its financial results for the year ending March 2014 will improve from the previous 12 months, driven by a stronger second half.
Results for the six months ending Sept. 30 will be broadly in line with the previous half year, Sydney-based Macquarie said in a statement to the Australian Stock Exchange today, without providing figures. The comments are in line with those the bank made at its annual general meeting in July.
“Over the medium term, Macquarie remains well positioned to deliver superior performance,” it said in the statement, which accompanied presentation materials to be shown at a CLSA Investors Forum in Hong Kong today. “We are seeing the ongoing benefits of continued cost initiatives, our balance sheet is strong and conservative, and we have a proven risk management framework and culture.”
Macquarie’s profit for the 12 months ended March 31 rose to A$851 million ($799 million) from an eight-year low of A$730 million a year earlier. The bank is expected to report earnings of A$1.09 billion this fiscal year, according to the average estimate of 13 analysts surveyed by Bloomberg.
In its presentation materials, Macquarie reiterated that it expects improved profits from its funds and trading units and from its advisory and underwriting businesses.
Shares of Macquarie fell 1.6 percent to A$49.21 at 11:04 a.m. in Sydney trading. The benchmark S&P/ASX 200 index dropped 0.8 percent.
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