Australian bank warns of profit decline

Liberia News.Net
Monday 6th September, 2010

The Macquarie bank in Australia has warned customers that shares will be down due to a company announcement cutting its profit forecast.

Macquarie has said weak global markets have hit earnings at all key units in the bank, including currencies and commodities.

First-half profits will be 25% lower than the same period a year earlier.

Bank executives would not say when conditions would improve, reiterating that uncertain conditions had made short-term forecasting very difficult.

Macquarie earns almost half of its revenue in Australia.

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