Macquarie maintains FY outlook

Investment bank expects FY 2014 result to be up on 2013, as already announced.

Investment bank Macquarie Group (MQG) has reiterated its full-year guidance, saying it expects its fiscal 2014 result to be an improvement on the prior year if market conditions are not worse than those in the past 12 months.

In a statement to the Australian Securities Exchange, the bank warned that market volatility makes forecasting difficult and the result is subject to challenges including possible regulatory changes, increased competition, the cost of funding and the cost of the group's conservative approach to funding and capital.

Macquarie said it expects its first-half 2014 result to be broadly in line with the second half of 2013, subject to the completion rate of transactions and the conduct of period end reviews.

It expects the second-half 2014 result to be stronger than first-half 2014, consistent with previous years.