Nomura Profit Misses Estimates as Investment Bank Fees Drop

Tokyo

Nomura posted third-quarter profit that missed analysts’ estimates as a drop in investment banking fees overshadowed gains from brokerage commissions.

Bloomberg reports that net income rose 13% to $221m for the three months ended December 31st, the firm said. The result missed the average $341m profit estimate of eight analysts surveyed.

'The trend for investment banking still appears to be muted', Tatsuo Majima, an analyst at Tokai Tokyo Financial Holdings Inc. (8616), said before the results. 'The retail brokerage business recovered and asset management operations were strong'.

Nomura posted a pretax profit of $47.2m from operations abroad, compared with a $21.3m loss a year earlier.

The company’s rank for advice on Japanese mergers and acquisitions fell to ninth last quarter from the top spot a year earlier, data compiled by Bloomberg show. It slipped to second for all of 2012. Nomura was the No. 1 manager of share sales by Japanese companies in the quarter, up from second a year earlier, and was also top for the year.

Hit the link below to access the complete Bloomberg article:

Nomura Profit Misses Estimates as Investment Bank Fees Drop

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