Australian bank posts bumper earnings after market chaos caused by pandemic and Ukraine war
Australia’s biggest investment bank Macquarie Group profited from volatility on global commodity markets and record dealmaking, driving full-year net profit up 56 per cent from the previous year to a record high of A$4.7bn (US$3.3bn).
The Australian group’s commodities and global markets division was the biggest contributor to profits, with increased volatility pushing up demand for its hedging and trading services. Earnings before corporate costs and tax in that division were up 50 per cent year on year to A$3.9bn.
The group’s investment banking division, Macquarie Capital, also delivered record earnings, advising on deals valued at A$457bn globally, while earning A$2.56bn in investment income largely through the sale of stakes in existing assets.
Read more: FT
