Macquarie: Interim result 2016 and SPP

Not entirely unpredictably, Macquarie has beaten its thrice upgraded guidance for first-half net profit, with the asset management business in particular firing on all cylinders.

You might have thought that after upgrading their first-half profit guidance three times – most recently after the period end – Macquarie Group management could have got it right. A cynic would perhaps say they did, with first-half net profit coming in 2% ahead of the final upgrade – well, you wouldn’t want anyone to be disappointed, would you?

It’s hard to imagine anyone was, with the pre-tax profit rising 44% to $1.6bn thanks to a 24% rise in operating income, to $5.3bn, combined with only a 17% rise in expenses, to $3.7bn, and a healthy dose of operational leverage.

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