Earnings beat analyst estimates. Net income rose to $835m for the three months ended March 31 from $223.9m a year earlier.
'The market advance has improved Nomura’s retail businesses on stock broking and mutual fund sales', Azuma Ohno, a Tokyo-based analyst at Barclays, said before the results. 'The question now is whether the pickup will last, given that trading volume has already neared a 10-year peak'.
Chief Executive Officer Koji Nagai, 54, last month named Shigesuke Kashiwagi as chief financial officer to implement a $1bn cost-reduction plan and sustain a profit recovery as markets rally.
Nagai became CEO in August after predecessor Kenichi Watanabe resigned following revelations that staff leaked non-public information on share sales the firm managed.
Hit the link below to access the complete Bloomberg article: