Macquarie Group optimistic for better earnings in 2012
Macquarie Group Ltd. (ASX:MQG) is optimistic that with better market conditions, the second half of the year would bode well for its businesses particularly for Macquarie Securities and Macquarie Capital.
Chief Executive Officer Nicholas Moore said in a statement: "Overall we expect an improved full-year 2012 result."
Spearheading successful deals such Rio Tinto Ltd's A$3.9 billion offer for Riversdale Mining Ltd., and advised Origin Energy Ltd for its purchase of New South Wales electricity assets.
He noted that the full-year result will be dependent upon market conditions, particularly for Macquarie Securities and Macquarie Capital.
Mr Moore reported that the company's full-year profit dropped 9 percent to A$956 million from a year earlier, beating the median estimate of eight analysts surveyed by Bloomberg News for a A$947 million profit.
Based on the same annual report released today, Mr Moore's compensation was pegged at A$8.69 million in the year to March 31, down from A$9.56 million the previous year.
Transactions involving companies in Asia in the six months to March 31 climbed to $384 billion from $310 billion in the prior six months, according to data compiled by Bloomberg.
The proportion of Macquarie's full-year income generated outside Australia was 60 percent, with 30 percent derived from the Americas. Australia made up 40 percent, Asia contributed 16 percent, while Europe, the Middle East and Africa accounted for 14 percent.
As one of the top and oldest financial institutions, Macquarie, founded in 1969 started with only three employees and now has a 15,556-strong payroll as of March 31. The bank doubled his workforce in the Americas in the last two years by buying units such as Fox-Pitt Kelton Cochran Caronia Waller LLC.