30 Oct 2009

Macquarie expands war chest

6:36 pm on 30 October 2009

Macquarie Group has reported its half year profit fell by a fifth, but its war chest of surplus capital has expanded by almost half to $A4.5 billion.

Excluding one-off items, Australia's largest investment bank made $A479 million in the six months to September, a decrease of 21% on the same period a year ago.

Macquarie is using the fallout from the global financial crisis to buy cheap assets offshore.

Earlier this week, Macquarie announced it would buy Blackmont Capital in Canada for C$93 million, its fourth acquisition in North America since May.