Macquarie Group has lifted first-half profit 11 per cent to $1.46 billion and increased its interim dividend but maintains its full-year result will fall short of last year’s record.
The financial services giant says net operating income for the six months to September 30 rose 8.0 per cent to $6.32 billion, while assets under management edged up 2.0 per cent to $563.4 billion.
Macquarie will pay an interim dividend of $2.50 per share, up from $2.15 a year ago, though the franking level has been reduced from 45 per cent to 40 per cent.
Chief executive Shemara Wikramanayake said the group had benefited from favourable market conditions across commodities and global markets, but again flagged an FY20 profit “slightly down” on the $2.98 billion reported in May.
She said the group’s short-term outlook remains subject to a range of factors including potential regulatory changes and tax uncertainties.
“Macquarie remains well-positioned to deliver superior performance in the medium term due to our deep expertise in major markets, strength in business and geographic diversity and ability to adapt the portfolio mix to changing market conditions,” Ms Wikramanayake said.
Macquarie Group’s shares were worth $133.92 before Friday’s open, up 23.26 per cent in 2019, and within touching distance of the record high of $136.84 set in April.
AAP
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