Japan's Nomura triples profit in Q1 on wealth management gains
Nomura’s net profit in the April-June was 68.9 billion yen (S$597.2 million) versus 23.3 billion yen a year earlier
NOMURA Holdings, Japan’s largest brokerage and investment bank, reported a 195 per cent jump in first-quarter profit on Tuesday (Jul 30) as the rally in global markets and return of domestic inflation bolstered demand for its wealth management services.
The results show the progress Nomura has made in shifting toward a fees-based profit model in order to secure more consistent revenue that is less subject to market swings.
Nomura said net profit in the April-June was 68.9 billion yen (S$597.2 million) versus 23.3 billion yen a year earlier.
Pretax income in Nomura’s wealth management segment grew 84 per cent compared with the same period the previous year to reach its highest since the 2015/16 financial year.
Inflows into Nomura’s investment management business pushed assets under management to a record 92.5 trillion yen.
Nomura has a dominant position in wealth management in Japan, and the business accounted for roughly half its pretax profit in the previous financial year. REUTERS
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