Financial Shares News Macquarie Group (MQG)

Macquarie Group ASX MQGMacquarie Group (MQG) is Australia’s largest and leading investment bank, and is widely considered among the blue chip stocks.

MQG has evolved over time into a complex portfolio of businesses which include banking, investment banking, asset management and private equity.

On Friday, MQG posted its first half results. First half net profit fell 16% to $403 million (from $479 million) beating previous guidance of a 25% drop.

Should market conditions continue to improve, MQG should report FY profit in line with the prior year.

Considering MQG reported FY earnings of $1.05 billion last year, second half earnings of $647 million are required to deliver that FY result.

MQG declared an interim dividend of 86 cents a share, in line with the interim dividend from last year.

The results and comments were well received by the stock market, which saw MQG shares finish the session up a whopping 4.8%.