Good times roll for investment banker
An article for all you Aussies out there on MACQUARIE Bank and how they "thrashed current profit expectations."
Australia's largest investment bank yesterday unveiled a healthy 51 per cent interim profit increase to a staggering $730 million.
The announcement came just two months after saying it expected to beat profit by at least 40 per cent and was significantly above numbers being predicted by analysts.However while the bank said the second half's result would be strong, it is unlikely the good fortune would continue into the following financial year.
Chief executive Allan Moss said repeating its solid growth in the short term would be a challenge.
"The bank notes that the recent level of growth has been extraordinary, with results benefiting from a number of one-off transactions," Mr Moss said. "This growth may be difficult to repeat in the short term."