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Macquarie delivers record net profit

by Staff Reporter2 minute read

Macquarie Group delivered a record net profit today of $1.8 billion after tax for the year ending 31 March 2008 – 23 per cent up on the prior corresponding period.

Ian Moss, managing director and chief executive said the bank remained “very profitable, well capitalised and well funded.”

“Despite market conditions, our global business platform has never been stronger,” he said.

Whether the bank will be able to repeat its solid performance moving forward remains uncertain however.

Incoming managing director and chief executive of the group Nicholas Moore said that current market conditions made any short-term forecasting difficult.

“The current state of financial markets means that it will be challenging to repeat last year’s record performance, but this may be achievable,” he said.

Mr Moore also indicated that acquisitions could be on the cards because of the group’s “strong capital position”.

Published: 20-05-08

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