SHARES in Macquarie Group climbed to their highest level in four years after the investment bank's half year profit rose by 39 per cent to $501 million.
Macquarie has also pointed to a stronger full year result, lifted its dividend payment and decided to transfer its holding in Sydney Airport directly to its shareholders.
The shares hit a high of $53.44 on Friday, their highest value since October 2009, before closing at $53.10, up $2.06, or four per cent.
Macquarie's net profit in the six months to September 30 was up from $361 million last year.
Chief executive Nicholas Moore said its annuity business recorded a 24 per cent increase in profit, while earnings from the capital markets business also rose significantly.
The improved performance was likely to continue into the second half of the bank's financial year, assuming market conditions do not deteriorate significantly, he said.
"We think for the full year the group will be up on where we were last year," Mr Moore said.
Improving share markets and corporate activity have boosted Macquarie's performance, and it is well positioned to take advantage of the pick up in markets over the medium term, he said.
The company will pay interim dividend of $1 per share, up from 75 cents for the same time last year.
It will also distribute its holding in Sydney Airport directly to shareholders, who will receive one Sydney Airport share for every Macquarie share they own.
Morningstar analyst David Ellis said the result suggested Macquarie was rebounding after underperforming in recent years due to weakness in stock markets.
"The strong operating performance and the Sydney Airport distribution confirms our positive view and suggests Macquarie is on the way back to doing what it does best - taking full advantage of the recovery in equity and investment markets," he said.
Mr Ellis expects Macquarie's full year profit to grow by more than 25 per cent to almost $1.1 billion, which would be its largest annual profit since the global financial crisis.
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