The great sport at Macquarie results briefings is to look beneath the headline numbers and work out which new business has appeared out of thin air since last time.
At the half-year briefing on Friday, at which Macquarie reported a net profit of A$2.305 billion – up 13% year-on-year, down 13% half-on-half – the standout was the principal finance arm’s credit portfolio.
Macquarie now has a principal finance portfolio of A$18 billion, with more than A$15 billion of it in credit, and more than A$3.6
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