26 July 2012 6:58am

Macquarie Group's cost-cutting efforts continue to chip away at the financier's expense base and provide a prop to its otherwise lacklustre profits.

In an update on trading over the June 2012 quarter, Macquarie said operating expenses were around 10 per cent lower than for the same quarter of 2011. Over the year to March 2012 Macquarie said operating expenses fell eight per cent.

Macquarie otherwise reiterated the careful – and conditional – outlook statement that it offered three months ago, which was that it expected an improved result in the year to March 2013, provided...