Macquarie confident it can match last year's record profit
Macquarie Group expects its earnings for its current financial year, which ends next March, will be "broadly in line" with the 2015/16 result, despite reporting that June quarter earnings were down on the previous corresponding period.Macquarie's 2015/16 profit of A$2.1 billion was a record and was always going to be hard to match, given weaker and more volatile markets this year. Macquarie chief executive Nicholas Moore said in a media release that two of the group's capital markets facing businesses - Macquarie Capital, Macquarie Securities Group - experienced mixed trading conditions and subdued market conditions.However, Commodities and Financial Markets experienced strong activity, "reflecting resilient trading across most of its businesses."Moore said the annuity business - Macquarie Asset management, Corporate and Asset Finance and Banking and Financial Services - all performed well.More than 70 per cent of the group's earnings come from its annuity businesses.