Macquarie bank (ASX:MQG) reports it expects a full year profit growth of 10 per cent.
The bank’s Managing Director and CEO Nicholas Moore says trading conditions were satisfactory in the December quarter.
For the nine months ending December 2017, net profit contribution was up on the prior corresponding period, which the bank says is mainly due to strong performance fees in asset management and growth in its banking and financial services business.
Macquarie’s annuity-style businesses’ combined net profit for the quarter was slightly higher than the same time the previous year.
The bank’s capital markets facing business’ combined net profit contribution was down on the previous corresponding period, however, which the bank says is primarily due to timing of income recognition associated with transportation and storage agreements within the commodities and global markets business.
Shares in Macquarie (ASX:MQG) are trading 5.03 per cent lower at $98.16.