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Nomura, Japan's top brokerage, says quarterly profit fell 25.7 percent

Nomura, Japan's top brokerage, says quarterly profit fell 25.7 percent

Nomura, Japan's biggest brokerage, said Monday its net profit fell 25.7 percent in the latest quarter due to a decline in retail stockbroking commissions.
Nomura Holdings Inc., posted a net profit of 79.1 billion yen (US$648.4 million; euro502.6 million) for the October-December period, down from 106.5 billion yen a year ago.
Revenue fell 10.2 percent to 322.9 billion yen (US$2.65 billion; euro2.05 billion) from 359.8 billion yen a year ago.
Overall sales were hurt by lower sales from retail and equity trading operations, although commissions from investment trust sales continued to rise, thanks to strong demand for its mutual funds.
In Nomura's domestic retail business, commissions for distributions of investment trusts grew 40.9 percent from the previous quarter to 33.7 billion yen (US$276.23 million; euro214.12 million), a record high since the firm began reporting earnings on a quarterly basis since its March term in 2002, the company said.
Nomura President and Chief Executive Nobuyuki Koga said the company was "confident" that the brokerage's key strategic investments it announced during the quarter, including the acquisition of Instinet, a major U.S. agency broker, will be effective in accelerating the company's growth ahead.
In non-Japanese markets, Nomura's revenue fell 32.2 percent to 78.1 billion yen (US$640.17 million; euro496.22 million) in the latest quarter.
Brokerage houses don't disclose earnings forecasts as their results tend to be vulnerable to stock market conditions.


Updated : 2021-04-14 00:34 GMT+08:00