ABN Amro, Nomura - Both On The Up

If further proof was needed that banks are beginning to rake in the cash again, last week saw relatively strong quarterly earnings from both ABN Amro and Nomura.

A turnaround in fortunes in the corporate and investment banking operations at ABN Amro helped third quarter profit rise 41% on the same period last year. Total net revenues came in at $715m. Headcount reductions, more business activity and less loan provisions conspired to result in a $115m profit from corporate and investment banking activities in the quarter. The unit posted a $37.8m loss in the period 12 months ago.

ABN is now looking at full year profits of in excess of $2.58bn, a 25% increase on 2002.

Things are also on the up over at Nomura. The Japanese firm posted second quarter net revenues up more than threefold to $441m. Nomura continues to dominate stock underwriting in Japan and has a strong equity retail franchise. The firm's investment banking fees rose 8.7% in the quarter to $182.9m.

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