Macquarie reports 21% drop in profits

Macquarie Group reported a 21 per cent drop in first-half net profits on Friday but the Australian investment bank signalled it was on course for a 10 per cent rise in the full year on the back of improved market conditions.

Nicholas Moore, chief executive, said second-half profits were expected to be “broadly in line” with the first half’s A$479m ($437m), for an annual outcome of about A$958m. In the 2008-09 year, Macquarie reported a net profit of A$871m.