Macquarie Group, reporting its first full-year earnings under Chief Executive Shemara Wikramanayake, said on May 3 that net profit for the 12 months to the end of March rose 17 percent to a record A$2.98 billion . The group had indicated full-year earnings would rise up to 15 percent.The Australian bank said it expected fiscal 2020 results to be “slightly down” from fiscal 2019.
Profit from the bank’s core “annuity-style businesses” – including banking and finance, funds management and leasing units – dipped 4 percent, weighed down by its asset management business. Assets under management rose 11 percent to A$551 billion at the end of March. Macquarie shares, which have been trading around a record high, fell almost 6 percent to A$128.4, in Sydney morning trade.
Source: Digital Coin News (digitalcoinnews.net)
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