Macquarie Group, Australia’s top investment bank, beat forecasts with a 17 per cent rise in full-year profit as cost cutting and strength in its annuity-style businesses offset lingering weakness in capital markets.
Macquarie also said profits for the next financial year would likely improve, helping its shares rise as much as 12 per cent, hitting a three-year high of A$43.64. They last traded up 9.8 per cent at A$42.70 at 0013 GMT.
via Business feed http://www.scmp.com/business/banking-finance/article/1229036/australias-macquarie-annual-profit-beats-forecasts-shares
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