Thursday , April 2 2020
Breaking News
Home / Business / Macquarie affirms guidance for softer full year

Macquarie affirms guidance for softer full year

Its funds management arm had $587.5 billion in assets under management, a 5 per cent increase on the September quarter, while its domestic banking business posted solid growth in its balance sheet. The banking and financial services division notched up 11 per cent in its $48.6 billion mortgage portfolio, alongside 3 per cent growth in deposits, to $57.7 billion.

Profits in the more volatile “markets-facing” businesses, however, were “significantly down” in the quarter, Macquarie said, mainly due to much lower investment-related income. The company said this was in part because of a particularly strong quarter in the prior corresponding period, in which the group realised some large assets.

Shares in Macquarie have had a strong run in the past year, rising by about 20 per cent to $146.34.

Ms Wikramanayake said that over the medium term, Macquarie remained “well positioned to deliver superior performance” due to its deep expertise, its business and geographic and business diversity, and an ongoing focus on saving costs and efficiency.

More to come

About admin

Check Also

Westpac’s new chief warns post-virus economy will be different

Loading Mr King, a 25-year veteran of Westpac, was on Thursday appointed to be its …