Macquarie – mixed result and a buy-back
Amid newspaper reports of redundancies within Macquarie Group the company has announced 39% decrease in first half net profit of $1,415 million and an on-market share buyback of up to $2 billion.
The company said that the net profit was down 51% on its second half FY23.
Macquarie Group managing director and chief executive, Shemara Wikramanayake described the underlying franchises of the company as being “resilient in less certain market conditions”.
“Our annuity-style businesses saw growth in loan books, deposits and assets under management, but the first-alf result was substantially down compared to a strong period of realisations in the prior corresponding period,” she said.
Divisionally, the company reported that Macquarie Asset Management delivered a net profit contribution of $407 million, down 71% from $1,702 million on the first half of FY23, while Banking and Financial Services delivered a net profit contribution of $638 million, up 10%.
It is said Macquarie Capital delivered a net profit contribution of $430 million, down 28%.
The company declared an interim ordinary dividend of $2.55 40% franked.
I expect whatever outcome occurs, certain super fund trustees will get a great deal.
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