Macquarie flags improved FY result
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Macquarie Group (MQG) expects to improve its full-year result by between 40 and 45%, despite market volatility remaining a real concern.
Investors were impressed, sending Macquarie shares 3.25% higher to $56.61 at 10.39am (AEDT) against a benchmark index fall of 0.23%.
Macquarie said improved market conditions had continued in the fixed income, currencies and commodities business (FICC).
But the group said its short-term outlook remains subject to a range of challenges such as market conditions, the cost of Macquarie's continued conservative approach to funding and capital as well as potential regulatory changes and tax uncertainties.
It also clarified that any improvement in full-year results was subject to the completion rate of transactions and period end reviews.
Macquarie said since its first-half announcement market conditions continued to show signs of improvement, however client activity remains subdued for some capital markets facing businesses.
Over the medium term, Macquarie said it remains well-positioned to deliver superior performance.
"We are seeing the ongoing benefits of continued cost initiatives, our balance sheet is strong and conservative, and we have a proven risk management framework and culture," Macquarie said
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