Macquarie battling ahead of last year
Macquarie Group is continuing to battle through difficult market conditions, but has performed better in the first quarter of the current financial year than at the same time last year.
That was the message delivered by Macquarie Group managing director and chief executive Nicholas Moore to the company's annual general meeting today.
Moore said ahead of the meeting that first quarter contributions from the company's annuity-style business had been flat, while Macquarie's capital markets businesses continued to be impacted by weak market conditions.
Drilling down on conditions within the business, he said banking and financial services retail cash deposits exceeded $30 billion at 30 June, while Macquarie Private Wealth remained the number one ranked full service retail stockbroker in Australia.
Moore said that, consistent with a company statement released in April, Macquarie continued to expect an improved result for the 2013 financial year.
However, he said there remained a range of challenges, including the cost of Macquarie's continued conservative approach to funding and capital regulation (including the potential for regulatory changes) increased competition in some markets and the overall cost of funding.
"Over the medium term, Macquarie remains well positioned to deliver superior performance," Moore said.
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