Macquarie says its first half results will up about 40%, helped by a weaker Australian dollar. A “weakening of the Australian dollar and improved trading conditions” across most businesses, including Macquarie Securities and Macquarie Asset Management, will lift results for the six months, the bank’s chief financial office, Patrick Upfold, says. However, for the full year the company hasn’t changed its guidance of a better profit in 2016 than 2015’s record year. The second six months of 2016 is expected to be broadly in line with the first half because performance fees are expected to be lower. The company benefits from a falling Australian dollar because 70% of its business is outside Australia, as this chart shows: “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,” Upfold told the CLSA Investors’ Forum in Hong Kong. “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.” Macquarie Group posted a 27% rise in net profit to $1.604 billion for the 12 months to the end of March, its second best result on record. A short time ago, Macquarie’s shares were up about 2.8% to $77.98. Site highlights each day to your inbox. Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.
Macquarie - predicts half net profit AUD 949m ($674m), up 40% YoY. Analysts now predict a FY16 profit of around AUD 1.9bn ($1.3bn), 7.5% ahead of its current forecasts.