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Macquarie says fees lifting H1 performance

Stuart Condie  |  11 Sep 2017Text size  Decrease  Increase  |  

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SYDNEY - [AAP] Macquarie Group (ASX: MQG) has flagged what it expects will be an improved first-half result due to stronger performance fees.

The wealth management company on Monday said the six months to September 30 will be in line with the second half of the last financial year, and better than the prior corresponding period.

Full-year profit is still expected to be broadly in line with the record $2.2 billion reported in 2016/17, Macquarie said in an investor presentation.

Macquarie said its operating groups had performed in line with expectations in the first quarter.

"The group has deep expertise in major markets and we continue to build on our strength in diversity and adapt our portfolio mix to changing market conditions," Macquarie said.

"We are seeing the ongoing benefits of continued cost initiatives, our balance sheet is strong and conservative, and we have a proven risk management framework and culture."

Nonetheless, Macquarie warned that its short-term outlook was subject to potential regulatory changes and tax uncertainties.

Chairman Peter Warne in July said the federal government's bank levy will have an estimated pre-tax annual cost of $66 million.

 

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