Australia's Macquarie Group has reported attributable net profit after tax of A$1.05bn for the first half of fiscal 2017, down 2% compared to the year ago period.
For the period ended 30 September 2016, net operating income dropped 2% to A$5.22bn compared to year ago period, while operating expenses increased 1% year-on-year to A$3.73bn.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Net interest and trading income slumped 18% to A$1.86bn from A$2.27bn a year earlier, while fee and commission income dipped 21% to A$2.20bn from A$2.79bn a year ago.
The group’s assets under management (AUM) at 30 September 2016 stood at A$493.1bn, a 3% rise from A$478.6bn at 31 March 2016.
Macquarie Group managing director and CEO Nicholas Moore said: “1H17 highlighted the strength of Macquarie’s global platform, the benefit of recent acquisitions and its ability to adapt to changing conditions.”
Macquarie Asset Management recorded a net profit of A$857m for the first half of fiscal 2017, a decline of 25% from A$1.14bn from the prior corresponding period. The unit’s performance fee income during the period plummeted 72% year-on-year.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“Macquarie remains well positioned to deliver superior performance in the medium-term due to its deep expertise in major markets, strength in diversity and ability to adapt its portfolio mix to changing market conditions, the ongoing benefits of continued cost initiatives, a strong and conservative balance sheet and a proven risk management framework and culture,” Moore added.
