Investment bank, the Macquarie Group has said that it expects its prof to rise as much as 45 per cent after ti recorded strong growth in its fixed income business.

The company said in a statement to the Australian Securities Exchange that its Fixed Income Currencies and Commodities division (FICC) increased significantly and helped increase its profit rise by up to 45 per cent on its 2013 profit of $851 million. The forecast means that the company is on track to reach an annual profit of as much as $1.23 billion. Company officials have said that Macquarie's net earnings will cross the $1 billion barrier for the first time

"Over the medium term, Macquarie remains well positioned to deliver superior performance. The Group has deep expertise in major markets and we continue to build on our strength in diversity and adapt our portfolio mix to changing market conditions," the company says.

Australia's biggest investment bank, had said earlier that it expects improved result for FY14 on FY 13 indicating that it recorded strong performance in its business during the year.