Banking boss praises troops
The Macquarie Group says some keen business decisions and strategic acquisitions have stood them in good stead, financially speaking.
The Sydney-based bank is reporting a net profit of $851 million in the year to the end of March, and they expect the proceeding twelve months to be even better.
Macquarie says providing conditions do not deteriorate, there should be a significant improvement on that figure, CEO Nicholas Moore believes global markets are looking up too, saying: “[the] strength of the US recovery I think we find very heartening... but this time last year we were very nervous about where Europe was and I think we feel more confident about Europe today. The negative of course out there is... the perceived weakness in China and here in our local market.”
Mr Moore says the bank’s success has come through cool-headed and considered decision-making: “Our teams continue to be very busy... looking at potential opportunities, but of course we are looking at them on a very rational basis the prices of assets in recent years have tended to move up, so it makes it harder to find acquisitions that meet our criteria, but that doesn't mean it’s not possible.”
Macquarie is currently trading at around 43.4 points just after 11 A.M today on the Australian Stock Exchange.