In an announcement to the ASX on Friday, Macquarie Group Limited (ASX:MQG) reported that it beat projections and posted a 27 per cent increase in profits. Full year profits for FY2015 came to $1,604m, up 27 per cent compared to the previous corresponding period. Second-half net profit came in at $926m, up 37 per cent compared to the first-half. Operating income for FY15 came in at $9.3bn, up 14 per cent. Operating expenses in the same period came to $6.8bn, up 12 per cent. Assets under management were $486.3bn in the March quarter 2015, up 14 per cent compared to the previous corresponding period. Full year earnings per share (EPS) came to $5.02, up 31 per cent. The company’s final ordinary dividend came to $2.00 per share, 40 per cent fully franked. The full year ordinary dividend came to $3.30 per share, up 27 per cent.
The company cited the lower Australian dollar as a primary contributor to the rise in profits. Macquarie also noted a drop in its tax rate, from 39.5 per cent to 35.9 per cent. Asset management, banking and financial services, and corporate and asset finance all posted record results and were also cited as a boost to the company. The full year financial report also noted that 70 per cent of Macquarie’s income came from international endeavours. The results for the financial year are the company’s second best results since the 2008. Chief Executive Officer Nicholas Moore will receive a significant pay raise, up 26 per cent to $16.5m. Shares of MQG are up $4.02, or 5.26 per cent, at $80.52 per share around 2:11pm on Friday. MQG has advanced 33.85 per cent in the last 12 months and 38.05 per cent so far this year.