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ISCOVER
Staff Reporter
Macquarie Bank suffered a $226 million drop in profit last year, according to its 2012 Annual Report.
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The bank blamed fragile global markets for the loss in profit, but said the whole situation could have been worse had measures not been taken.
“Challenging global market conditions… resulted in lower operating income compared with the prior year,” the report read.
“The impact was partially offset through lower operating expenses resulting from factors including a number of cost initiatives undertaken during the period.”
The report also revealed that Macquarie’s total number of mortgages written fell by just over one thousand from 11,482 in 2011 to 10,586 this year.
Macquarie's deputy managing director Greg Ward said the outcome was a bleak reminder of the poor performance in most sectors.
"The market conditions have made it pretty tough ... be that in broking or equity capital markets. There is subdued levels of activity on the institutional and retail side.
"There are two business, Macquarie Securities and Macquarie Capital, which are the major drivers behind the fall in profitability."
