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.

“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]

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Francesca Krakue

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