SYDNEY Feb 5 Macquarie Group Ltd, Australia's top investment bank, said it expects 2013 profits to rise by about 10 percent, lower than consensus forecasts, as its securities and other capital markets businesses grapple with soft activity.
"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," Macquarie Chief Executive Nicholas Moore said in a statement.
"Whilst market conditions remain uncertain, we currently expect Macquarie's result for FY13 to be up approximately 10 per cent on FY12 with the probability of a stronger result should improved market conditions persist."
Consensus forecasts for Macquarie, which posted a net profit of A$730 million in the year to March 2012, were for a net profit of about A$837 million, according to Thomson Reuters I/B/E/S. (Reporting by Lincoln Feast; Editing by John Mair)