Macquarie expects profit rise
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Macquarie Group expects a substantial rise in net profit, due to improving financial market conditions.
The investment bank's chief executive, Nicholas Moore, says he expects Macquarie's net profit for the year to March 31 to be up 10 per cent from its $730 million net profit in the previous year.
It could even be higher, if improved market conditions persist, he said on Tuesday.
"Since our result announcement for the first half of the 2013 financial year, market conditions have shown some signs of improvement. However, client activity remains subdued for capital markets-facing businesses," he said in a prepared briefing for analysts.