Macquarie says market conditions lead to ‘record quarter’
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1 min read . Updated: 08 Feb 2022, 08:07 PM IST - CEO: Company ‘well positioned over the medium term’
Macquarie Group Ltd. said better market conditions in the three months through December have resulted in a “record quarter" for the group, but did not provide specific guidance.
Australia’s largest investment bank and asset manager said in an operational briefing on Tuesday, that its markets facing businesses combined net profit contribution was substantially higher than the third quarter of the 2021 fiscal year.
“Improved overall market conditions have resulted in a record quarter for the group," said Chief Executive Shemara Wikramanayake.
Macquarie’s annuity-style businesses combined contribution to third-quarter net profit was down on year, mainly due to the timing of performance fees and investment-related income.
Still, the group’s financial position comfortably exceeds regulatory requirements, Macquarie said. It pointed to a group capital surplus of 11.5 billion Australian dollars (US$8.2 billion) and a Bank CET1 ratio of 12.2%.
“We continue to maintain a cautious stance, with a conservative approach to capital, funding and liquidity that positions us well to respond to the current environment," said Ms. Wikramanayake. “More broadly, we remain well positioned over the medium term."
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This story has been published from a wire agency feed without modifications to the text
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