Macquarie Bank confident of exceeding last year's first half profit result
30 September 2004
Macquarie Bank Deputy Managing Director Richard Sheppard said today the Bank was confident of exceeding last year’s first half profit result in the six months ended September 2004, despite lower performance fees from specialist funds.
Speaking at the Merrill Lynch Australasia Investor Conference in New York, Mr Sheppard said all the Bank’s major businesses had performed well in the first half, including Australian and international equities-related businesses.
“We are now more confident that the full year result will be in line with the prior corresponding period despite lower performance fees from specialist funds and lower profits from asset realisations.
“However, repeating last year’s excellent second half result will be challenging because it benefited from very buoyant equity market conditions in Hong Kong and very large profits from asset realisations, especially through Macquarie Direct Investment,” he said.
Mr Sheppard said in the medium term Macquarie Bank was well placed due to good businesses, diversification, committed quality staff and effective prudential controls.
The Bank expects continued good growth in revenue and earnings across most businesses over the medium term, subject to market conditions not deteriorating materially, and its international businesses are expected to experience continued good growth.
Mr Sheppard noted that the Bank has maintained a consistent and rigorous risk management process over the last decade, in which its profit has grown by 6.7 times. Total staff numbers had now grown to approximately 6,000, of which 1,500 are now located outside Australia.
For further information please contact
Dennis Leong
Macquarie Bank Investor Relations
612 8232 3273
Matthew Russell
Macquarie Bank Public Relations
612 8232 4102