Nomura Profit Triples To 7-Year High On Investment Banking

Nomura’s quarterly profit beat analysts’ estimates, more than tripling to the highest in seven years as investment banking fees and brokerage commissions surged.

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:

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