Australia’s largest investment bank, Macquarie, has confirmed it earned a record result in 2015-16, but has hauled back on expectations for a better result in the current financial year.
Macquarie in fact beat analyst expectations to post a record $2.06 billion annual profit for the year to March 31.
But directors cautioned investors saying next year’s result will be “broadly in line” with 2016. Some analysts had been looking for a higher result in 2016-17
The Sydney-based company’s result was up 29% to $2.06 billion profit, it said in a statement to the ASX before trading this morning.
That result easily tops a previous annual profit high delivered in 2008 of $1.8 billion.
CEO, Nicholas Moore had earlier this year, issued earnings guidance suggesting that the 2016 result would be higher than last year’s $1.6 billion.
On Thursday, Macquarie’s shares closed 1.8% firmer at $65.30
A final dividend of $2.40 a share was declared, making for a full year payout of a record $4 share, up from $3.30 a share in 2014-15.