Macquarie Bank says 2017 is on track to repeat record profits

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Macquarie Bank expects its 2017 net profits to be “broadly in line” with last year’s record net profit of $2.063 billion.

That result for the 12 months to March represented a 29% rise on the prior year.

The bank says the first quarter of the 2017 financial year is down compared to a strong first quarter of the 2016 financial year but up on the previous three months.

CEO Nicholas Moore says the performance is in line with expectations.

“Macquarie remains well positioned to deliver superior performance in the medium-term due to its deep expertise in major markets, strength in diversity and ability to adapt its portfolio mix to changing market conditions, the ongoing benefits of continued cost initiatives, a strong and conservative balance sheet and a proven risk management framework and culture,” he says.

The bank’s capital markets facing businesses experienced mixed trading with subdued market conditions in Macquarie Capital and Macquarie Securities Group.

However, commodities and financial markets experienced stronger activity, reflecting resilient trading across most of its businesses.

In Macquarie Capital, 108 deals were completed at $28 billion, down on the first quarter of 2016 but up on the previous three months.

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