Macquarie Group Limited’s (ASX:MQG) has reported a 24 per cent drop in its full year net profit, coming in at $730 million.
Australia’s largest investment blank was struck by subdued activity in global markets in the full year ended on March 31, 2012 and shed 1300 jobs over the period.
CEO Nicholas Moore says the result was impacted by substantially lower levels of client activity in many of its capital markets facing businesses caused by global uncertainty.
On a positive note, Macquarie’s second half profit improved 39 per cent from the first half on the back of improvements in Fixed Income, Currencies and Commodities and its annuity style businesses.
Macquarie has also today confirmed it will spend up to $500 million to buy back up to 10 per cent of its shares.
A final unfranked dividend of 75 cents per share has been declared.
