Powered by MOMENTUM MEDIA
subscribe to our newsletter

Macquarie updates short-term outlook

The financial services group has updated its short-term outlook, outlining that it currently anticipates its 1H21 result to be down 35 per cent.

Presenting at the Jefferies Asia Forum this week, the banking and financial services group revealed that its short-term outlook has been updated since its AGM on 30 July 2020.

The group outlined that market conditions are likely to “remain challenging”, especially given the “significant and unprecedented uncertainty caused by the worldwide impact of COVID-19 and the uncertain speed of the global economic recovery”.

While Macquarie said that there was still uncertainty around how these conditions will adversely impact its overall FY21 profitability (and was therefore unable to provide “meaningful earnings guidance” for FY21), it revealed that it currently anticipates the 1H21 result to be down approximately 35 per cent on 1H20.

Moreover, the group outlined that it anticipates the 1H21 to be down approximately 25 per cent on 2H20.

Advertisement
Advertisement

PROMOTED CONTENT


In 1H20, the group’s operating profit attributable to shareholders was $1.46 billion, falling to $1.27 billion in 2H20.

According to the group, the range of factors that will influence the short-term outlook include external factors such as the duration and severity of the COVID-19 pandemic and the speed of the economy, but also factors such as fewer materials asset realisations and a reduced number of successful transactions (Macquarie Capital), delays in timing of asset sales (Macquarie Asset Management), and a reduced number of Macquarie Capital.

[Related: Credit impairments hit Macquarie’s profits]

Macquarie updates short-term outlook
Macquarie updates short-term outlook
mortgagebusiness

If you have ever considered how you could better service your SME clients but lack the knowledge or confidence to do this beyond referring them on, this is a must-attend event for you. Don't miss SME Broker Bootcamp, a jam-packed, free-to-attend, practical workshop. Register today and secure your place at this interactive, flexible, must-attend event.

Reporter

If you have any news, ideas or enquiries for Mortgage Business - please contact This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Latest News

Sales of new detached homes continued to increase for five consecutive months, despite the end of HomeBuilder grants, confirming a strong d...

An economist with Bluestone has responded to predictions that the cash rate will increase in August, calling the notion “nonsensical”. ...

The Real Estate Institute of Australia (REIA) said it’s expecting demand for sustainable homes and living to increase over 2022. ...

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!

When do you expect the cash rate to start increasing?

Website Notifications

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