Macquarie Group Ltd (ASX: MQG) has just reported its half year result of the 2019 financial year.
Macquarie is Australia’s leading investment bank with operations in every major region.
Macquarie’s half year report
Macquarie revealed its net operating income grew by 8% to $5.83 billion, which was also an improvement of 6% on the second half of last year. Net profit improved by 5% to $1.31 billion, although it was in line with the second half of last year.
Macquarie’s total assets under management (AUM) grew by 11% to $551 billion compared to the figure six months prior.
However, the two main operating divisions had varying performances. The ‘annuity-style’ businesses saw combined profit fall 29% whilst the ‘capital markets facing businesses’ combined profit grew by 95%.
Macquarie outgoing CEO and Managing Director Nicholas Moore said: “1H19 highlighted the strength of Macquarie’s global platform, the diversity of its business mix and its ongoing ability to adapt to changing conditions.”
Dividend
Macquarie increased the interim dividend by almost 5% to $2.15, which was franked to 45%. Click here to learn what franking means.
Outlook
Incoming Macquarie CEO Shemara Wikramanayake said that the investment bank is predicting profit growth of 10% in FY18.
She also said: “Macquarie remains well-positioned to deliver superior performance in the medium-term,”
The Macquarie share price is up 18.6% over the past year according to Google Finance.
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