Nomura's April-June Net Profit Soars
Tokyo, July 31 (Jiji Press)--Japanese brokerage giant Nomura Holdings Inc. <8604> said Wednesday its April-June group net profit rose 10.7-fold from a year earlier to 55,833 million yen, thanks chiefly to cost cuts and sales strategy revisions.
Meanwhile, Daiwa Securities Group Inc.'s <8601> net profit dropped 13.3 pct to 16,066 million yen for the first quarter of fiscal 2019. SMBC Nikko Securities Inc. incurred a 66.0 pct fall to 5,094 million yen.
The decreases reflected lower commission revenues as stock trading was slow because of persistent concerns over the trade dispute between China and the United States.
At Nomura, the retail business' sluggishness was more than offset by the strength of the wholesale division.
"Our structural reforms, such as curtailing unprofitable operations, are bearing fruit," said Chief Financial Officer Takumi Kitamura.
[Copyright The Jiji Press, Ltd.]