October 26, 2017 / 10:07 PM / a year ago

BRIEF-Macquarie Group expects 2H18 result to be lower than 1H18

Oct 27 (Reuters) - Macquarie Group Ltd:

* Macquarie expects 2H18 result to be down on 1H18 and broadly in line with 2H17​

* ‍FY18 tax rate is currently expected to be broadly in line with 1H18​

* ‍Bank Group APRA Basel III common equity tier 1 capital ratio was 11.0 per cent (harmonised: 13.3 per cent) at 30 September 2017​

* Group’s result for FY18 is currently expected to be slightly up on FY17​

* Expects combined net profit contribution from operating groups for year ending 31 March 2018 (FY18) to be slightly up​

* Board has approved an on-market buyback of up to $A1 billion​

* Buyback has received necessary regulatory approvals​

* Glenn Stevens will be appointed to Macquarie Group Limited and Macquarie Bank Limited boards as an independent director​

* Stephen Allen, chief risk officer and head of risk management group, will retire and step down from co’s executive committee​

* Patrick Upfold will succeed Allen as chief risk officer and head of RMG​

* Alex Harvey will succeed Upfold as chief financial officer and head of FMG and will join executive committee​ Source text for Eikon: Further company coverage:

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