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Australia's Macquarie Group expects improved results in FY13

07-25-2012 14:49 BJT

SYDNEY, July 25 (Xinhua) -- Australia's top investment bank Macquarie Group said Wednesday it expected an improved result for the 2013 financial year, provided that market conditions do not worsen further.

Macquarie said its operating group's performance in the first quarter of its 2013 financial year was ahead of the same period in 2012, but down on the fourth quarter of 2012.

The Australian investment bank said its annuity-style business was broadly flat on the first quarter of 2012.

Macquarie Group Managing Director and Chief Executive Officer, Nicholas Moore, said that while capital market businesses were still being impacted by weak market conditions, the performances from these businesses for the first quarter of the 2013 financial year were better than the same period a year ago, due to a stronger performance by its Fixed Income, Currencies and Commodities (FICC) division.

Operating expenses were also 10 percent lower in the first quarter, compared to the previous corresponding period.

Macquarie shares finished 1.77 percent lower at 23.87 AU dollars on Wednesday.

Editor:James |Source: Xinhua

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