Macquarie Group says it expects an improved result for the 2013 financial year, as long as market conditions do not worsen.
The financial services giant on Wednesday 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 final three months of that year.
Macquarie said its annuity-style business was broadly flat in the first quarter.
Its capital markets business was still being hit by weak market conditions, but its performance was better than in the first quarter of 2012 thanks to its Fixed Income Currency and Commodities (FICC) division.
Operating expenses were also 10 per cent lower in the first quarter compared to the previous corresponding period.