Macquarie expects a strong 2013/14 result
Macquarie Group is expecting a strong second half to the current financial year and will report a full-year result that is ahead of its 2012/13 result. The bank has benefited from stronger equity markets and the weaker Australian dollar.At an investor briefing yesterday, Macquarie said its performance in the first half of the year (to September) was in line with the six months to March, when it made a net profit of $490 million.Macquarie made a net profit of A$851 million for the year to March - up 17 per cent on the previous year.So far this financial year, Macquarie has had a "significantly" better contribution from its markets-facing businesses - Macquarie Securities, Macquarie Capital and Fixed Interest, Currencies and Commodities.Results will be helped by the depreciation of the Australian dollar this year. Sixty-three per cent of Macquarie's income is in foreign currencies, and for every 10 per cent movement in the Australian dollar the full year impact on earnings is expected to be about six per cent.