Macquarie Group Limited [ASX:MQG] have recently announced a net profit upgrade scaling to over $2 million dollars for the year.
This is an increase of 15% from last year’s net profit figures.
Macquarie’s businesses have grown significantly, despite facing challenging market conditions during recent years.
It has seen a consistent share value increase, as today shares of Macquarie grew by 1.86%.
Their shares have been growing rapidly since last month, with the trend continuing today.
Macquarie properly adapts to its challenges
Its annuity businesses such as Macquarie Asset Management have had another strong year.
They have displayed a positive turnover of net profit contributions valued at a total of $3 million US dollars.
This is a 6% increase on last year’s figures.
Macquarie Asset Management performed well in comparison to 2017, benefiting from increased performance fees.
All of Macquarie’s franchises have been performing well.
Macquarie reported on its director’s letter:
‘While our Australian franchise maintained its strong position, the offshore businesses continued to perform well, with international income accounting for 67% of Macquarie’s total income for the year ended 31 March 2018. Total international income was $A7,127 million for the year ended 31 March 2018, an increase of 8% from $A6,612 million in the prior year.’
Strong operating expenses have helped Macquarie surpass prior figures, helping its offshore businesses perform well throughout the year.
Total international income grew to strong numbers leading up to the end of March this year.
Macquarie’s policy of holding a strong capital level have helped support its business, contributing to healthy growth of its capital base which turns ahead of the company’s business requirements.
Its board had resolved to completely pay a final ordinary dividend worth of shares for the first and second half of this year.
Macquarie has stayed true to its policy, while growing its business in a smart manner.
For Money Morning
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