The Macquarie Group (ASX:MQG) share price rose $1.40 or 1.14 per cent to $124.04 in early Tuesday trading after the investment bank said it continues to expect FY19’s profits to be broadly in line with FY18.
This guidance is in line with the bank’s update from late July.
Over the medium-term, Macquarie said it remains well positioned to deliver superior performance. The bank is seeing the ongoing benefits of continued cost initiatives.
In a presentation at the CLSA Investors’ Forum in Hong Kong, Macquarie said its asset management division continued to perform well in the first quarter of FY19, and in capital markets it has experienced strong trading conditions across most markets.