MACQUARIE EXECS SHARE IN A BUMPER PROFIT
MACQUARIE Group has powered to a record annual profit of $4.7bn, up 56 per cent, which was good news for the company’s top executives.
Chief executive Shemara Wikramanayake’s annual pay jumped to $25.8m for the 2022 financial year, up from $20.7m the previous year, with 3 per cent in fixed remuneration, 19 per cent in profit share and 78 per cent in retained profit share.
However, commodities and global markets boss Nick O’Kane remained the group’s top earner, pocketing $36.2m, up from $26.3m.
The total awarded renumeration for key management personnel rose 16 per cent to $123.8m.
Almost all Macquarie’s divisions reported new earnings peaks for the year
to March 31 and the US business crept up towards half of group revenue. Net operating income for the year rose 35.6 per cent to $17.3bn.
Directors announced a final, 40 per cent-franked dividend of $3.50 a share, up on $3.35 a year ago.
The full-year payout was $6.22 a share.
The investment bank’s market-facing businesses, including Macquarie Capital and commodities and global markets, had a particularly strong year, almost doubling their profit contribution to $5.3bn.
Macquarie Capital was the standout, with profit surging 269 per cent — from $651m in 2021 to $2.4bn — reflecting significantly higher fee and commission income due to mergers and acquisitions and buoyant debt capital markets activities. Ms Wikramanayake said many of Macquarie’s regions and markets experienced heightened levels of volatility in 2022, but the group’s strategy to address key areas of unmet need was unchanged. “Macquarie remains well-positioned to deliver superior performance in the medium term,” she said.
Macquarie shares fell 7.8 per cent to $186.90 on Friday.