August 27, 2019 / 11:14 PM / 2 months ago

Australia's Macquarie Group sees H1 results up 10% on yr ago

Aug 28 (Reuters) - Australian investment bank Macquarie Group Ltd on Wednesday forecast a 10% rise in its first-half, but said it expects its annual result to be slightly down compared to the year-ago figure.

The Sydney-based bank said in a statement it “currently expects the 1H20 result to be up approximately 10% on the 1H19 result but down on a strong 2H19”.

“While the impact of future market conditions makes forecasting difficult, we continue to expect the Group’s result for FY20 to be slightly down on FY19,” it added.

The investment bank also said it would raise capital through a non-underwritten institutional placement of A$ 1 billion ($675.40 million) and a share purchase plan. ($1 = 1.4806 Australian dollars) (Reporting by Aby Jose Koilparambil in Bengaluru; editing by Richard Pullin)

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