macquarie-highlights-difficult-quarter

Macquarie highlights difficult quarter

Macquarie offloads a $1.07 billion margin lending portfolio realising $30 million in profit, but its shares lose 3.7% on a warning that profits have been adversely impacted by market conditions.
January 08, 2009
The Macquarie Group announced yesterday the sale of a A$1.5 billion $1.07 billion margin lending portfolio to Bendigo and Adelaide Bank for A$52 million and noted that difficult markets had adversely impacted quarterly profits. The latter part of the statement caused its shares to lose around 4%.

Macquarie announced in September 2008 that it was exploring the sale of its investment lending business as a follow-on to an earlier decision to wind back its mortgage business, both driven by the increased cost of funding due to changed market conditions. It said, at the time, that investment lending contributes less than one percent of Macquarie Group profits.

The sales are part of an effort to reduce...
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