Bulletin: Ratings On Macquarie Group And Macquarie Bank Unchanged On Full-Year Results

SYDNEY (S&P Global Ratings) May 6, 2016--S&P Global Ratings today said that its ratings on Macquarie Group Ltd. (MGL; BBB/Stable/A-2) and MGL's core operating entity Macquarie Bank Ltd. (MBL; A/Stable/A-1) are unchanged following the announcement by MGL of its full-year (ended March 31, 2016) profit of A$2.1 billion. MGL's and MBL's results are in line with our expectations. MGL's net profit after tax of A$2.1 billion was up 29% compared with 2015. The higher earnings in 2016 reflect, in the main, the deprecation of the Australian dollar (68% of the group's total income is generated internationally), increased trading income impacted by market volatility, and growth in lending (vehicle and asset finance, residential mortgages, business lending, and loans acquired at a

...SYDNEY (S&P Global Ratings) May 6, 2016--S&P Global Ratings today said that its ratings on Macquarie Group Ltd. (MGL; ###/Stable/A-2) and MGL's core operating entity Macquarie Bank Ltd. (MBL; A/Stable/A-1) are unchanged following the announcement by MGL of its full-year (ended March 31, 2016) profit of A$2.1 billion. MGL's and MBL's results are in line with our expectations. MGL's net profit after tax of A$2.1 billion was up 29% compared with 2015. The higher earnings in 2016 reflect, in the main, the deprecation of the Australian dollar (68% of the group's total income is generated internationally), increased trading income impacted by market volatility, and growth in lending (vehicle and asset finance, residential mortgages, business lending, and loans acquired at a discount) and deposit volumes. Also incorporated into our expectations is that the full impact of recent corporate and asset finance acquisitions (AWAS aircraft operating lease portfolio and Esanda dealer auto finance portfolio)...

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