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Macquarie Bank delivers record profit

Australian investment bank Macquarie has reported increasing its profit by 13% for fiscal 2006 to a record A$916 million.

<p>The investment, private and corporate wealth bank, improved its underlying profit by 33% and its ordinary dividend by 34% on the way to delivering record after-tax profit. <br /><br />Total revenues grew from A$3.75 billion to A$4.39 billion as the bank faired well on the markets and in its investments. Earnings per share rose from A$3.70 to A$4.00, an 8% increase. Meanwhile, the company nearly doubled its gross assets under management in the year to A$140 billion.<br /><br />Furthermore, Macquarie has predicted a similarly strong fiscal 2007 having had a very good start to the current financial year.<br /><br />The news comes as shares in the investment bank have been temporarily frozen due to its current negotiations regarding a potential investment in Eurotunnel. The Australian outfit also recently failed in a bid to buy the London Stock Exchange.</p>