Powered by MOMENTUM MEDIA
subscribe to our newsletter

Global player sees mortgage portfolio rise as profits drop

Macquarie Group has seen its net profit for the first half of the financial year 2017 drop by 2 per cent, while its Australian mortgage portfolio has risen 4 per cent to $28.6 billion.

In a trading update to the ASX, Macquarie Group said its net profit for the first half of the 2017 financial year was $1.05 billion, down 2 per cent from the same period last year, but up 6 per cent on the half-year ended 31 March 2016.

The group said its Australian mortgage portfolio of $28.6 billion increased 4 per cent on 30 September 2015, and now represents approximately 2 per cent of the Australian mortgage market.

Macquarie Group said its banking and financial services arm delivered a net profit contribution of $261 million for the first half of 2017, up 54 per cent from $170 million in the first half of 2016.

“The improved result reflects increased income from growth in Australian lending, deposit and platform volumes,” the company said.

Advertisement
Advertisement

PROMOTED CONTENT


“1H17 highlighted the strength of Macquarie’s global platform, the benefit of recent acquisitions and its ability to adapt to changing conditions,” managing director and chief executive officer Nicholas Moore said.

[Related: Banking group snaps up real estate portal]

Global player sees mortgage portfolio rise as profits drop
mortgagebusiness

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Latest News

Banks are too reliant on regulatory oversight to do what is right for borrowers, the big four boss has said. ...

There has been a surge in Melbourne residents migrating to regional Victoria, and an uplift in new housing approvals in Geelong, new researc...

ASIC reported a significant increase in the number of ACL and AFSL applications it received in the past year due to licensing reforms, inclu...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.