Macquarie Group Limited (ASX:MQG) has flagged growth and maintained its forecast for a higher profit in the year ahead subject to market conditions.
Australia’s largest investment bank’s outlook is on the back of improving market conditions and a lower Australian dollar.
Speaking at Macquarie Group’s annual general meeting Chairman Kevin McCann said, though volatility makes forecasting difficult the company is expecting its results to improve.
CEO Nicholas Moore said Macquarie Group will feel the flow on effect from a lower Australian dollar as the company generates much of its operating income offshore.
Macquarie Group has also announced former Productivity Commission Chairman Gary Banks will join the company’s board of directors from August 2013.
Macquarie Group grew its net profit by 18 per cent to $872 million in the year to the end of March 2013.
