The Macquarie Group delivered a better than expected profit today amid the continuing economic gloom unveiling a net profit of $604 million for the xic months to 30 September 2008.

Macquarie’s profit fell by 43%, however profits where ahead of analyst expectations.

What had pleased the market and pushed the Macquarie Group share price up immediately was news that the bank had surplus capital of $3.3 billion and had no plans to access capital markets for funding. 

Macquarie’s statement of considering acquisitions was also a major positive for the share price.  The CEO Nicholas Brown confirmed the bank was planning job cuts and expected profits to grow although at a lower level amid difficult trading conditions. 

To read the announcement click Macquarie Bank.

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