Macquarie Group HY Profit Down

Macquarie Group Limited (MQG.AX,MQBKY.PK) reported a net profit after tax attributable to ordinary shareholders of A$985 million for the half year ended 30 September 2020, down 32 percent on the half year ended 30 September 2019.

The company noted that recent months have been overshadowed by the profound human impact of the COVID-19 global health crisis and its economic consequences. The impacts are reflected in its result, notably in credit and other impairment charges in relation to the ongoing impact of COVID-19 on its clients and customers and in delays to realizing assets from our balance sheet and our funds.

Net operating income, excluding credit and other impairment charges, was A$5.97 billion, down eight per cent from last year.

Macquarie's assets under management at 30 September 2020 were A$556.3 billion, down seven percent from A$598.9 billion at 31 March 2020, largely due to foreign exchange impacts and a reduction in contractual insurance assets in Macquarie Investment Management.

The company announced a first-half of fiscal year 2021 interim ordinary dividend of A$1.35 per share, down on last year interim ordinary dividend of A$2.50 per share.

The company said it is currently unable to provide meaningful earnings guidance for fiscal year 2021, citing uncertainty caused by the worldwide impact of COVID-19.

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