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Macquarie's full-year profit gains 21%
April 30, 2010 - 8:55AM

Macquarie Group increased full year profit 21 per cent as Australia's biggest investment bank benefitted from improved market conditions and its increased diversification and global reach.

Net profit rose to $1.05 billion for the 12 months to March 31 from $871 million in the prior corresponding period, Sydney-based Macquarie said in a statement this morning.

The bank declared an unfranked dividend of 100 cents per share, taking the full year payment to 186 cents.

''Operating conditions continued to improve during the year, leading to greater activity across many of our businesses,'' Macquarie chief executive Nicholas Moore said in a statement.

''We expanded our global presence and product offering by organically growing existing businesses and made a number of strategic acquisitions, predominantly in North America and Europe.''

Macquarie has taken advantage of the cheaper asset prices and struggling rival investment banks in the wake of the global financial crisis to expand into places and markets where it did not have a strong presence.

Macquarie itself maintained a strong financial position through the financial crisis and said its capital position stood at $11.8 billion, $4 billion in excess of regulatory capital requirements.

AAP