Nomura's first-quarter profit more than tripled as a surge in brokerage commissions and investment-banking fees outweighed a drop in trading income.
Bloomberg News reports that net income climbed to $556m in the three months ended June 30 from $160.1m yen a year earlier, the brokerage said in a statement Wednesday. That beat the $477m average estimate of seven analysts surveyed by Bloomberg.
Daiwa Securities also posted a larger-than-anticipated increase in profit as a Japanese stock market in its fourth year of gains helped brokerages entice more people to invest their savings. Nomura tapped its retail clients when it sold shares for Toyota and Sony in the current quarter, and the firm is also managing an initial public offering for Japan Post Holdings.
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