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Australia's Macquarie expects higher profit in FY 2014
February 10, 2014 / 9:47 PM / 4 years ago

Australia's Macquarie expects higher profit in FY 2014

Sydney, Feb 11 (Reuters) - Macquarie Group Ltd,, Australia’s top investment bank, said on Tuesday it continues to expect an improved annual profit in the current fiscal year as market conditions show signs of improvement.

Macquarie is forecast to post a A$1.2 billion ($1.08 billion) net profit for the year to March 31, according to a poll of three analysts. That would be its first yearly takings over A$1 billion since 2010, after its A$851 million result in 2013.

The bank has been “de-risking” from its traditional investment banking operations by growing its exposure to lower risk, more reliable businesses like unlisted funds, retail banking and leasing. ($1 = 1.1159 Australian dollars) (Reporting By Byron Kaye; Editing by John Mair)

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