Nomura profit rises on Japan market rebound
TOKYO Jan 31 (Reuters) - Nomura Holdings Inc posted a 12.8 percent rise in quarterly profit on Thursday, helped by the recent rally in Japanese shares, cost-cutting, and a large one-off investment gain.
Nomura, Japan's largest investment bank, reported net profit of 20.11 billion yen ($220.83 million) for the October-December period, compared with profit of 17.82 billion yen in the same quarter a year earlier.
The result fell short of market expectations of quarterly profit of 32.8 billion yen based on the average of estimates by four analysts polled by Thomson Reuters.
The solid performance reflects the upswing in Japanese stocks, which rallied 17 percent during the quarter amid expectations for bolder steps to boost the economy under new Prime Minister Shinzo Abe, whose Liberal Democratic Party won parliamentary elections last month.
Nomura's results were also bolstered by a one-off gain of around 20 billion yen on the sale of British real estate company Annington Homes as part of a scaling back of its private equity investments. ($1 = 91.0650 Japanese yen) (Reporting by Nathan Layne and Junko Fujita; Editing by Daniel Magnowski)