Nomura's first-quarter profit beats expectations, driven by stock trading boom
Profits rose more than expected as Japan's largest brokerage, like Wall Street banks, benefited from strong stock trading activity. The Tokyo-based company said in a statement on Wednesday that net profit rose 39% year-on-year to 145.6 billion yen ($890 million) in the first fiscal quarter ended June 30. The figure topped the average estimate of 111.5 billion yen from three analysts compiled by Bloomberg. Chief Executive Kentaro Okuda, now in his seventh year at the helm of Nomura, is focused on creating stable profits through businesses that generate recurring revenue and are less affected by market cycles. Nomura's profit in the last fiscal year hit a new high for the second consecutive year, thanks to positive factors such as Japan's retail investment boom and increased volatility in global stock markets.