But when banking and financial services is combined with the other two 'annuity-style' businesses within the group – namely the corporate and asset finance division and Macquarie Funds Group – the contribution to net profit was up 24 per cent on the half year to September 2012.
The capital markets facing businesses (Macquarie Securities, Macquarie Capital and Fixed Income, Currencies and Commodities) also contributed an increased combined net profit contribution.
The overall Macquarie Group profit for the September 2013 half year was $501 million, which was up 39 per cent on the March 2013 half year and two per cent on the September 2012 half year.
Operating income for the six months to September 2013 was $3.7 billion, up 20 per cent on the prior half year.
According to Macquarie chief financial officer Patrick Upfold, the group recorded an increase in net interest and trading income, fee and commission income and other income on the six months to March 2013 (1H13).
“Investment impairments decreased during the six-month period, while operating expenses increased on 1H13 as a result of the depreciation of the Australian dollar as well as higher staff compensation driven by the improved performance of the group,” said Mr Upfold.
The company's assets under management as at 30 September 2013 were $385 billion, up from $347 billion at the end of March 2013.
Macquarie chief executive Nicholas Moore said the group remains “well positioned, with a strong and diverse global platform and specialist skills across a range of products and asset classes”.
