MELBOURNE, Australia--Macquarie Group Ltd. (MQG.AU), Australia's biggest investment bank, flagged a rise in profit for the first half of the fiscal year on the back of stronger performance fees.
Macquarie said it continued to expect its net profit for the full-year will be broadly in line with the prior year, but the strength in fees meant its first-half profit was set to be up year-over-year and in line with the final six months of the previous fiscal year.
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The bank reiterated its balance sheet was strong and conservative and it was seeing the ongoing benefits of continued cost cutting.
In the year through March, Macquarie recorded a 7.5% rise in profit to 2.22 billion Australian dollars (US$1.79 billion). For the first half of that year, profit was down 2% on-year at A$1.05 billion.
Macquarie, which began as a subsidiary of London merchant bank Hill Samuel & Co. and opened its first office in Sydney in 1970, has in recent years shifted toward more reliable asset-management, financing and commercial-banking operations to cushion volatility in investment banking and trading. These annuity-style operations now contribute the bulk of the bank's earnings.
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(END) Dow Jones Newswires
September 10, 2017 19:30 ET (23:30 GMT)