February 6, 2017 / 9:39 PM / a year ago

Australia's Macquarie Group reaffirms guidance for flat full-year earnings

SYDNEY, Feb 7 (Reuters) - Macquarie Group Ltd, Australia’s top investment bank, on Tuesday reaffirmed guidance for a flat full-year net profit, after reporting “satisfactory” trading conditions in the quarter ended Dec. 31.

In a third-quarter trading update, the company said capital markets businesses had contributed less profit during that quarter than a year earlier because of subdued capital raising activity and the timing of M&A transactions.

However, the annuity-style businesses reported a higher profit in the quarter ended Dec. 31 than the prior year, the company said.

Macquarie is expected to report a net profit of A$2.061 billion for the 12 months ended Mar. 31, in line with the A$2.063 billion reported the prior year, according to the average of 14 analysts polled by Thomson Reuters I/B/E/S. (Reporting by Jamie Freed; Editing by Kevin Liffey)

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