Macquarie 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%.