Macquarie Bank updates full year outlook

Macquarie Bank Deputy Managing Director, Mr Richard Sheppard, today said the Bank was experiencing continued good market conditions and transaction levels.

“We now expect that the profit for the half year ending 31 March 2007 will exceed the first half profit of $A638 million (excluding the $A92 million profit on the realisation of the Bank’s holding in the Macquarie Goodman Group (MGQ)),” he said.

Speaking ahead of investor briefings in London and New York, Mr Sheppard said: “This represents an improvement on the guidance issued at the Bank’s operational briefing on 6 February.”

The Bank said on 6 February that it had expected the profit for the half year to 31 March 2007, to be up on the prior corresponding period, subject to market conditions, but probably slightly down on the first six months ended 30 September 2006, excluding the $A92 million MGQ profit.

Mr Sheppard also noted that: “If this is achieved it means the full year result for the year ended 31 March, 2007 would be up at least 50% on the prior corresponding period.”

“The swing factors that could still affect the final result include trading conditions and volumes during March, and the outcome of transactions across the Bank’s businesses,” Mr Sheppard advised.

Mr Sheppard also said that as previously foreshadowed on 6 February, the Bank has now formally lodged its application for a Non-Operating Holding Company structure with the Australian Prudential Regulation Authority.