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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.

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“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
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