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Macquarie Bank gets capital

02 November 2009 5:49PM
Macquarie Group chipped $675 million into its banking subsidiary during the first half of the group's financial year.Some of this was needed to replace the perpetual debt bought back on favourable terms during the period (most of which has now been cancelled).The half-year profit for Macquarie Bank declined to $257 million in September 2009 from $394 million in the March 2009 half.Earnings for the non-bank bit of Macquarie Group turned around. After reporting a loss of $117 million in the March 2009 half, this business recorded a profit of $222 million.At a group level Macquarie said its return on equity was 10 per cent in the second half and too low for management, but also too hard to forecast. Management provided little tangible guidance on the outlook, and stressed a number of times their surprise at the strength of the recovery in many financial markets.

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