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Macquarie confident it can match last year's record profit

29 July 2016 3:57PM
Macquarie Group expects its earnings for its current financial year, which ends next March, will be "broadly in line" with the 2015/16 result, despite reporting that June quarter earnings were down on the previous corresponding period.Macquarie's 2015/16 profit of A$2.1 billion was a record and was always going to be hard to match, given weaker and more volatile markets this year. Macquarie chief executive Nicholas Moore said in a media release that two of the group's capital markets facing businesses - Macquarie Capital, Macquarie Securities Group - experienced mixed trading conditions and subdued market conditions.However, Commodities and Financial Markets experienced strong activity, "reflecting resilient trading across most of its businesses."Moore said the annuity business - Macquarie Asset management, Corporate and Asset Finance and Banking and Financial Services - all performed well.More than 70 per cent of the group's earnings come from its annuity businesses.

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