Nomura posts better than expected Q2 - investment banking revenues increase

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Nomura posted a smaller-than-expected drop in second-quarter profit as the closure of a U.K. unit cut tax expenses and investment banking revenue increased.

Bloomberg News reports that net income dropped 12% to $387m in the three months ended September 30, the brokerage said in a statement Wednesday. That beat the $138.7m average estimate of eight analysts surveyed by Bloomberg.

The firm booked deferred tax assets of about $44.8m from winding up London-based Nomura Capital Markets, it said. Investment banking fees more than doubled as Nomura secured equity and debt underwriting deals and advised on mergers overseas. Those gains eased the impact of a trading slump stemming from last quarter’s global market turmoil and the settlement of a lawsuit with an Italian bank.

To access the complete Bloomberg News article hit the link below:

Nomura Profit Beats Estimates on Taxes, Investment Banking

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