Macquarie Continues To Expect FY18 Result Broadly In Line With Prior Year

Top Australian investment bank Macquarie Group said on Monday it expects first-half net profit to be higher than the same period previous year as it recognises improved performance fees in the six-month period.

The combined net profit for the full year is, however, expected to be broadly in line with the FY17 results, the banking and financial services group says.

In the year through March, Macquarie recorded a 7.5% rise in profit to 2.22 billion Australian dollars (US$1.79 billion). The A$29 billion company is nicknamed the "millionaires factory" because of its reputation for boosting profit in unpredictable market conditions.

The company reports first-half profit on October 27.

The company says all its businesses were performing in line with expectations in the first quarter as it continues to manage its risk appetite.

The bank reiterated its balance sheet was strong and conservative and it was seeing the ongoing benefits of continued cost cutting.

Chairman Peter Warne in July said the federal government's bank levy will have an estimated pre-tax annual cost of $66 million.

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