Nomura Q4 net profit jumps almost eight-fold on retail income surge

TOKYO, April 26 (Reuters) – Nomura Holdings (8604.T), opens new tab, Japan’s biggest brokerage and investment bank, reported on Friday a 670% jump in quarterly net profit compared to a year earlier as its retail and investment banking income rose to their highest levels in eight years.

January-March net profit was 56.8 billion yen ($363.87 million) compared to 7.3 billion yen a year earlier when worries about a global banking crisis engulfed global markets and hit Nomura’s investment banking business.

The results show Nomura’s continued recovery after it was forced to slash its profit targets last May amid global market uncertainty.

The Japanese stock market’s rally between January and March that pushed the Nikkei 225 index (.N225), opens new tab to a record high boosted Nomura’s retail business yet higher after recording its highest retail income in eight yeas in the previous quarter.

Investment banking revenue from both domestic and international deals rose to the highest since the 2016/17 financial year – the earliest for which comparisons are available – despite a decline in global fee pools.

Source: REUTER