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Nomura Q4 net profit climbs to 9-year high on strong retail performance
[TOKYO] Nomura Holdings on Thursday said annual net profit rose 5.2 per cent on a strong performance by its retail and investment banking divisions although its overseas operations were in the red for a fifth year in a row.
The Japanese bank has struggled to turn around the Europe and Asia operations it bought from Lehman Brothers Holdings in 2008 despite US$1 billion in cost cuts carried out since the purchase.
Japan's largest investment banking and brokerage group said net profit for the year to end March rose to 224.8 billion yen (S$2.5 billion) - a nine year high and above a consensus forecast of 204.5 billion yen from 13 analysts polled by Thomson Reuters Starmine.
Shares in Nomura have climbed 12 per cent in the year to date in line with gains for the Tokyo share market which has benefited from an influx of buying from pension funds.