Careful Macquarie Group posts record December quarter
Improved market conditions have helped drive Macquarie Group to a record December quarter.
The big financial services group reported to the Australian Securities Exchange (ASX) today that Macquarie Capital had been a major contributor to the strong quarter while Macquarie Asset Management and Banking and Financial Services were down mainly due to the timing of performance fees and investment related income.
However, it said that the net contribution for the nine months to 31 December was up on the same time the prior year mainly due to continued volume growth within Banking and Financial Services while Macquarie Asset Management was broadly in line driven by income from Macquarie Infrastructure Corporation and higher base fees.
Commenting on the update, Macquarie Group chief executive and managing director, Shemara Wikramanayake said the company continued to maintain a cautious stance, with a conservative approach to capital, funding and liquidity.
“We remain well positioned over the medium term, based on our deep expertise in major markets, a diversified and adaptable mix of strong businesses, an ongoing program to identify cost saving initiatives and efficiency, a strong and conservative balance sheet and proven risk management framework and culture,” she said.