Macquarie Group has posted an interim profit of $1.6 billion, falling short of analysts’ expectations, as the investment group reported softer earnings compared with its March half.
Its interim profits for the six months to September 30 climbed 14 per cent compared to the same period a year earlier, but fell 23 per cent compared with the six months to March. Analysts expected Macquarie to post an interim profit of about $1.7 billion.The asset management and investment banking group declared an interim dividend of $2.60, which will be 35 per cent franked – down from the $3.85 in the six months to March 31, although up from the $2.55 interim dividend paid a year earlier.
Macquarie reported $916.8 billion of assets under management, up 3 per cent from last year, but down 2 per cent from the prior half. “Macquarie’s improved performance this half year was underpinned by improved realisations in Macquarie Asset Management and further progress in the digitisation program in banking and financial services, reflecting the ongoing benefits of our diverse business mix,” chief executive Shemara Wikramanayake said.