Nomura Q1 net profit dives 66%

[TOKYO] Nomura Holdings, Japan's biggest brokerage and investment bank, on Friday reported a 66 per cent drop in first-quarter net profit due to a slowdown in the trading business and a previously flagged loss from the Archegos debacle.

April-June profit came in at 48.5 billion yen (S$598.9 million) versus 142.5 billion yen a year earlier, when buoyant US trading revenue drove the bank to its best quarterly earnings in almost two decades.

The result compared with the 42.98 billion yen average of two analyst estimates compiled by Refinitiv.

REUTERS