Macquarie Group reported a 31% year-on-year increase in profit from its corporate and asset finance (CAF) division for the half-year ended 30 September 2015 (1H16), which stood at 396.5m.
According to the Australian banking group, the improved result was largely driven by the favourable impact of the depreciation of the Australian dollar, the accretion of interest income on loans acquired at a discount in the lending portfolio and increased net operating lease income mainly due to the contribution of aircraft acquired to date from commercial aircraft leasing company Awas.
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CAF’s asset and loan portfolio increased 13% from 18.6bn at 31 March 2015 to 21bn at 30 September 2015.
The group said that the rise was mainly driven by the impact of the depreciation of the Australian dollar, the acquisition of aircraft during the period as well as and the acquisition of Advantage Funding in July 2015.
The Macquarie Group – which includes asset management, corporate and asset Finance as well as banking and financial services divisions – reported a net profit after tax of 694m.
Macquarie Group managing director and chief executive officer, Nicholas Moore said: "The six months to 30 September 2015 saw all operating groups deliver net profit contributions up on 1H15."
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By GlobalDataThe group’s net operating income stood at 3.4bn in H1 2016, up 24% year-on-year.
"While Macquarie continued to build on the strength of its Australian franchise, its international income accounted for 71% of the Group’s total income for 1H16. This reflects the growth of our international operations, as well as the favourable impact of foreign exchange movements," Moore said.
