SYDNEY, July 23 (Reuters) - Australia's top investment bank Macquarie Group MQG.AX said on Thursday its net profit for the year to end-March 2016 will top the A$1.6 billion ($1.2 billion) recorded in the previous year, its best annual profit since the 2008 global financial crisis.
The bank's annuity-style businesses and capital markets facing businesses improved "significantly" in the first quarter-ended June from the year-ago period, the bank said in a statement ahead of its annual general meeting.
"We are seeing the ongoing benefits of continued cost initiatives, our balance sheet is strong and conservative, and we have a proven risk management framework and culture," it added.
Macquarie, with its strong earnings growth and stable returns, has become a favourite with investors. Its shares are up nearly 45 percent so far this year compared with a 3.76 percent rise in the benchmark index .AXJO .
($1 = 1.3556 Australian dollars)