Macquarie Beats Expectations

By Glenn Dyer | More Articles by Glenn Dyer

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.

Glenn Dyer

About Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

View more articles by Glenn Dyer →