Daiwa posts highest profit in 7 years on Abenomics boost

TOKYO Wed May 1, 2013 2:12am EDT

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TOKYO May 1 (Reuters) - Daiwa Securities Group Inc reported its highest quarterly profit in seven years on Wednesday, underscoring the brightening outlook for Japan's brokerage industry as a result of the market-boosting policies of the country's new premier.

Daiwa, Japan's second-largest broker after industry leader Nomura Holdings Inc, booked a net profit of 48.7 billion yen ($500 million) for January-March, its fiscal fourth quarter, more than quadruple the 10.9 billion yen earned in the same period last year.

The result was higher than market expectations, with the average of two analysts surveyed by Thomson Reuters predicting a net profit of 24.3 billion yen, and was the broker's best performance since it logged a 55.3 billion profit in January-March 2006. ($1 = 97.4100 Japanese yen) (Reporting by Nathan Layne; Editing by Daniel Magnowski)

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