Australia’s Macquarie Group reported a record profit of A$2.04bn ($1.54bn) in the six months to September, up from A$985mn ($742mn), and slightly higher than the prior half’s A$2.03bn ($1.53bn). The company recorded double-digit growth compared to a year earlier in all its four businesses, including a local bank and its commodities and global markets unit, which saw a 60% rise in profit. Macquarie announced a A$2.72 ($2.05) dividend per share, ~50% of its profits.
The company said it would raise A$1.5bn ($1.13bn) in a share placement at a price to be determined on Friday, plus an extra amount via a shareholder offer. The funds would add to its current A$8.4bn ($6.33bn) in surplus capital. CEO Shemara Wikramanayake said that Macquarie’s managed funds have a separate A$27.9bn ($21.03bn) in equity “dry powder” to deploy. He added that the newly raised capital “would allow the bank to both maintain an appropriate capital surplus and continue to invest after deploying A$5.5 billion ($4.15bn) in the year to September”. The bank’s CET1 ratio stood at 14.8% in September vs. 16.2% in March