Trump tax cuts could boost Macquarie

With 30 per cent of Macquarie's income generated in the Americas, a reduction in US tax rates would boost its already healthy bottom line.

Macquarie Group remains on course for a full-year profit in line with last year's record $2.1bn. (AAP)

Macquarie Group would benefit immediately from Donald Trump's planned tax cuts but the investment bank says any boost from the US president's promised infrastructure splurge will be slower in coming.

With 30 per cent of Macquarie's income generated in the Americas, a reduction in US tax rates would benefit the bottom line of a company already on course for a full-year profit in line with last year's record $2.1 billion.

Adding any newly constructed infrastructure assets to a US portfolio that already includes waste management, roads and energy generation would pay off in the longer term.

"We are an organisation focused on the long term and the medium term, which is good for infrastructure but you tend not to see short-term spikes: it tends to be a long build," chief executive Nicholas Moore said on Tuesday.

"If things are going to start today, you won't see them reflected in our accounts for quite a few years."

While campaigning to become president, Mr Trump proposed slashing US corporate tax rates and spending big on transport, power, water and other infrastructure.

Mr Trump recently told Fox News that he believes tax cuts will pass this year.

Macquarie is on course to meet the full-year guidance it reiterated with its half-year results despite a reduced third-quarter contribution from its capital markets-facing businesses.

The businesses' combined net profit contribution for the three months to December 31 was down on the prior corresponding period, largely due to subdued equity capital markets activity and the timing of Macquarie Capital transactions.

But annuity-style businesses' net profit contribution was up, with Mr Moore calling trading conditions in the quarter "satisfactory".

Macquarie's banking and financial services lifted deposits five per cent since the September quarter to $44.2 billion, while its Australian mortgage portfolio remained steady at $28.6 billion.

Business banking's loan portfolio grew to $6.5 billion, up two per cent from the previous three months.