The Macquarie Group Ltd (ASX: MQG) share price is 2.86% higher today at $178.70 at the time of writing.
Australia's 'fifth big four' bank held its annual general meeting and provided a Q1 FY23 update today.
As my Fool colleague James reported earlier, Macquarie said favourable trading conditions had resulted in a lift to net profit contributions above the prior corresponding period of Q1 FY22.
The highlight was its annuity-style businesses, which delivered a "significantly" stronger result on the pcp.
What did the Macquarie CEO say?
According to reporting in The Australian, Macquarie CEO Shemara Wikramanayake said rising interest rates should not hit infrastructure assets as hard as other investment asset classes.
She said infrastructure assets have historically performed better because operators can pass on the cost of rising rates to consumers.
In a media conference, Wikramanayake said:
Some of the reasoning behind that is these assets have very good inflation protection in them, whether they're regulated utilities or they are toll roads.
Typically they're able to capture the inflation aspects in the revenue line.
Despite discount rates going up in a rising rate environment and all asset prices being brought down, infrastructure-like assets have proven more resilient.
Macquarie share price snapshot
Like most ASX shares, Macquarie has declined in value over the year to date due to the market sell-off.
The Macquarie share price is down 13% since the opening bell on 4 January.
The S&P/ASX 200 Index (ASX: XJO) is down 8%. The S&P/ASX 200 Financials Index (ASX: XFJ) is down 4%.
