21% Decline in Profits Reported by Macquarie

Macquarie Macquarie, Australia's leading investment banking group, recently posted a 21% fall in its profits for the first year, but also said that it was on its way to post at least a 10% rise in the complete year report. In light of the steadily improving market conditions and economy, the bank is optimistic about the times to come.

According to the figures made public by the bank, its operating earnings saw a fall of nearly 11% as compared to last year, and now stood at A$3.5 Billion. Also, earnings per share for the reported half fiscal year fell by 31%. The price of each share was reported as A$1.45, much less compared to the price posted last year for the same period.

Macquarie CEO Nicholas Moore, although positive that the reported figures will improve in the coming year did say, "But this remains subject to market conditions and significant swing factors and excludes the impact of one-off item. While there have been some improving trends in a number of major markets, overall we continue to maintain a cautious stance with a conservative approach to funding and capital".

Despite a low profit figure posted, in early trading, Macquarie's share prices saw a 1.8% rise.