Macquarie Bank profit jumps 33%

Macquarie Bank has posted a 33 per cent increase in net profit to $333 million for the year to March compared with $250 million the previous year. The bank will pay a special dividend of 50 cents a share in addition to the final dividend of 52 cents a share, with both payable on July 2.

Macquarie's earnings were lifted by the Macquarie Infrastructure Group, Macquarie Airports and several property funds. However, Macquarie Airports continues to hold back the group, recording a $53 million loss. Macquarie shares rose sharply on news of the special dividend, up 80 cents to close at $26.80.