The chief executive of Australia's Macquarie Bank has said it has no material exposure to the credit market and predicted record half year profits. The news comes ahead of next week's third quarter earnings announcements by US banks which are expected to reveal losses from the liquidity crisis.

Allan Moss told investors in Australia that Macquarie's profit for the six month period ending September 30, 2007 is expected to be up 40% on the profit of $A730m (€442m) for the same time last year.