Macquarie Group Ltd
(ASX:MQG) has warned that it expects its second-half profit to fall by 5 per cent from the year before.
The investment bank has however maintained its forecast for the full 2011 financial year, advising that annual earnings are expected to be broadly in line with last year’s $1.05 billion.
CEO Nicholas Moore says the group expects fiscal 2011 trading will have fewer one-off items, with the compensation ratio being consistent with historical levels.
Mr Moore adds that Macquarie’s December quarter result reflects improved market conditions across all groups except Macquarie Securities Group, where equity market volumes remain subdued.
In the six months to 30 September 2010, Macquarie Group reported a net profit of $411 million.
