Investment bank Macquarie Group Ltd
(ASX:MQG) says it has surplus capital of $4.3 billion as at June 30 2009, and that operational performance improved in the June quarter.
In an update to the market ahead of the company’s annual general meeting, Macquarie says profit for the six months to September 30 is currently estimated to be approximately midway between the profits reported for the first half and the second half of its 2009 financial year to March 31.
However Macquarie says its guidance remains subject to the impact of market conditions and significant swing factors and excludes the impact of one-off items.
CEO Nicholas Moore says Macquarie’s surplus capital and high cash levels, strong team and market conditions provide opportunities for medium term growth.
Moore says that ongoing organic growth initiatives and incremental acquisitions remain underpinned by effective risk management.
Macquarie Group’s 2009 net profit more than halved from its result in 2008.
