The performance from Macquarie Group's businesses in the first quarter of operations has been broadly in line with expectations.  That was how Nicholas Moore, Macquarie's group managing director and chief executive officer, summed up performance yesterday for the year to date, ahead of the group's annual general meeting, held in Melbourne The contribution from the first quarter of the 2018 financial year (1Q18) was up on the first quarter of the 2017 financial year (1Q17) and down on a strong prior quarter (4Q17). Moore said: "Macquarie's annuity-style businesses, which represent approximately 70 per cent of the Groups' performance, continued to perform well. Base fees in Macquarie Asset Management (MAM) were broadly in line, while performance fees were down on the prior corresponding period. "Corporate and asset finance (CAF) lending was up on the prior corresponding period, mainly due to the timing of transactions. Growth continued in Banking and Financial Services (BFS) particularly across mortgages, business banking and deposit books during the quarter." "Macquarie's capital markets facing businesses experienced improved trading conditions across most markets. Commodities and Global Markets experienced stronger activity, largely due to improved equity market conditions. Macquarie Capital saw increased client activity in debt capital markets and the principal book performed in line with expectations." There were no significant one-off items in the quarter. Macquarie Group's financial position comfortably exceeds APRA's Basel III regulatory requirements, with Group capital surplus of $A4.0 billion at 30 June - down from $A5.5 billion at 31 March 2017, following payment of the final dividend for the financial year ended 31 March 2017 (FY17).  The Bank Group's Common Equity Tier 1 capital ratio, calculated under APRA's strict interpretation of Basel III was 10.9 per cent ("harmonised" calculations yield 13.1 per cent) at 30 June 2017.  This was down from 11.1 per cent at 31 March 2017. The Bank Group's APRA leverage ratio was 5.9 per cent (Harmonised: 6.8 per cent) and LCR was 163 per cent. In the AGM that followed Moore's 1Q 18 recap, Macquarie Group Chairman, Peter Warne provided an overview of FY17, noted that Macquarie's businesses have continued to grow with profit up 7.5 per cent highlighting the diversity of our business offering and its ability to adapt to changing conditions. Warne said: "As we outlined at our full year result announcement, Macquarie reported a record profit of A$2,217 million for the year to 31 March 2017, an increase of 7.5 per cent on the prior year." "Operating income was up two per cent to A$10,364 million. Earnings per share was $A6.58, an increase of 6.3 per cent from $A6.19 in the prior year," Warne said.