Macquarie posts growth in financial services business

The banking and financial services division delivered a net profit contribution of $513 million for the financial year, up 47 per cent from $350 million in 2016.

The result reflects increased income from growth in Australian lending, deposition and platform average volumes as well as gain on sale of Macquarie Life’s risk insurance business.

Funds on platform have reached $72.2 billion, up 24 per cent on March 2016. The increase comes after the successful migration of the ANZ Oasis wrap super and investment assets onto Macquarie’s platforms.

Macquarie Group managing director and chief executive Nicholas Moore said the results “highlighted the strength of Macquarie’s global platform, the benefit of recent acquisitions and its ability to adapt to changing conditions”.

“The group remains well positioned, with a strong and diverse global platform and deep expertise across a range of products and asset classes,” Mr Moore said.

“This is built on the foundation of a strong balance sheet, surplus capital, a robust liquidity and funding position and a conservative approach to risk management, which is embedded across all operating groups.”