Nomura Holdings profit jumps in July-September
TOKYO Oct 29 (Reuters) - Nomura Holdings Inc reported a 14-fold jump in July-September profit as Japan's largest brokerage benefited from more active trading on the Tokyo Stock Exchange.
Nomura reported a net profit of 38.1 billion yen ($389.9 million) for the latest quarter on Tuesday, far better than the 2.8 billion yen it eked out in same quarter a year earlier.
The result compared with the Starmine SmartEstimate of 43 billion yen, derived from the projections of 4 top-ranked analysts.
Nomura's fortunes have improved this year thanks to an upswing in the Japanese stock market triggered by the aggressive economic policies of Prime Minister Shinzo Abe, as well as cost-cutting by a management team installed after a 2012 insider trading scandal.
But after frenzied trading earlier in the year, investors pulled back from the Japanese market, to see if Abe can follow through on promised economic reforms.
Trading volume on the Tokyo Stock Exchange fell 30 percent in July-September from the previous three months, cutting into Nomura's bread-and-butter business of broking shares to individuals. As a result, Nomura's net profit fell 42 percent from the previous quarter. ($1 = 97.7100 Japanese yen) (Reporting by Nathan Layne; Editing by Christopher Cushing)
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