Macquarie Group Ltd says it remains on track to deliver an improvement in fiscal 2014 earnings, despite the challenges presented by ongoing market volatility.
Addressing shareholders at the group's annual general meeting in Melbourne, Macquarie chairman Kevin McCann said client activity had remained subdued in the year to March 31 on account of global concerns and locally on fears surrounding the slow down in mining investment.
But in general Mr McCann said market conditions had improved.
"Macquarie’s performance reflected this generally improving environment," he said (see Ian Verrender's Macquarie and Moore feel the love).
He also said that further declines in the Australian dollar would positively impact the business, with a 10% adding around 6% to the bottom line.