Nomura record 25 percent net profit increase, despite wholesale woes
(2 February 2018 – Japan) Nomura Holdings has reported a 25 percent increase in third-quarter net profit as earnings for its retail arm and a one-off gain linked to its European capital market business offset a decline in its wholesale division.
Japan’s largest investment bank posted net profit for the three months to the end of December of ¥88 billion (A$1 billion), up from ¥70.3 billion the prior corresponding period.
Pre-tax profits attributed to the bank’s retail division grew 21 percent to ¥31.3 billion, helping to offset a sharp decline for its more overseas focused wholesale business, which saw profits drop 70 percent to ¥14 billion.
The bank booked a ¥45 billion one-off foreign exchange gain, thanks to a weaker yen as the company wound up its Europe-based capital markets subsidiary.
Nomura’s asset management business also had a positive quarter, with profits rising 49 percent year-on-year to ¥66.2 billion.
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