Macquarie Group says its financial services businesses are continuing to expand, despite the bank issuing a profit warning to the Australian Securities Exchange today.

Macquarie’s Deputy MD Richard Sheppard has issued the warning in a presentation to be made in London tonight.

According to the presentation seen by insuranceNEWS.com.au, Macquarie Life inforce risk premiums are up 103% on the prior year with the second half of this year up 40% on the corresponding period last year.

Mr Sheppard says market conditions in banking have weakened in the first quarter of this financial year and he expects profits to be down about 25%.