Macquarie Group says full-year net profit is expected to fall by as much as 25 per cent amid difficult trading conditions.
"Macquarie's result for FY12 (2012 financial year) is expected to be lower than FY11," the investment bank said in a statement on Tuesday.
"Based on current market conditions, FY12 is anticipated to be approximately 25 per cent lower than FY11."
In October last year, Macquarie forecast net profit for fiscal 2012 would be lower than the $956 million achieved in the prior year, if market conditions remained unchanged.
"Since the group's update to the market on 28 October 2011, Macquarie Securities and Macquarie Capital have continued to experience difficult trading conditions in many markets," Macquarie said on Tuesday.
