Macquarie Group (MQG) is Australia’s largest and leading investment bank and is considered among the market’s 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 29 April, MQG reported a 9% fall in FY11 net profit to $956 million, slightly ahead of its previous guidance of a $947 million profit.

MQG blamed the poor result on subdued equity market activity and higher costs.  Earnings did recover in the 2H11 though, with profit rising 37% from the 1H11.

The group also declared a final dividend of $1.00 per share (unfranked), which was ahead of analyst estimates of an 87.6 cent dividend.

Macquarie Group said it was more optimistic about the FY12, although the outlook was dependant on market conditions and the performance of its investment banking division.

Nevertheless, it will be one of the stocks to watch if market conditions ultimately do improve.

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