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Nomura profit declines on absence of earlier one-off gain
July 26, 2013 / 6:22 AM / 4 years ago

Nomura profit declines on absence of earlier one-off gain

TOKYO, July 26 (Reuters) - Nomura Holdings Inc reported a fall in quarterly net profit on Friday as the absence of a one-off gain in the previous quarter outweighed robust revenues from stock broking and mutual fund sales amid Japan’s continued share trading boom.

Nomura, which as Japan’s largest brokerage has been a key beneficiary of the 40 percent surge in the Nikkei stock average this year on the back of the aggressive economic policies of Prime Minister Shinzo Abe, said net profit came to 65.9 billion yen ($661.5 million) in the April-June quarter compared with a market consensus for a 65.5 billion yen profit, according to four analysts polled by Thomson Reuters.

The result marked a 20 percent fall from the January-March period when it logged a 82.4 billion yen profit, its best quarter in seven years, helped by a large, one-off gain on the sale of shares in a property unit, Nomura Real Estate Holdings . The results were also dragged down somewhat by a slowdown in its fixed-income operations in Europe and the United States.

The April-June performance nevertheless represented a big improvement over the same quarter last year, when it eked out a net profit of 1.9 billion yen. Like other brokerages Nomura continues to generate high levels of commissions from stock broking and mutual fund sales due to the Nikkei’s recent surge.

($1 = 99.6200 Japanese yen)

Reporting by Nathan Layne; Editing by Matt Driskill

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