Macquarie highlights difficult quarter

Macquarie offloads a $1.07 billion margin lending portfolio realising $30 million in profit, but its shares lose 3.7% on a warning that profits have been adversely impacted by market conditions.

The Macquarie Group announced yesterday the sale of a A$1.5 billion $1.07 billion margin lending portfolio to Bendigo and Adelaide Bank for A$52 million and noted that difficult markets had adversely impacted quarterly profits. The latter part of the statement caused its shares to lose around 4%.

Macquarie announced in September 2008 that it was exploring the sale of its investment lending business as a follow-on to an earlier decision to wind back its mortgage business, both driven by the...

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