TOKYO, Jan 30 (Reuters) - Nomura Holdings Inc beat analyst estimates by reporting a 2.4-fold on-year rise in third-quarter net profit, with earnings boosted by a surge in stock trading by individual investors and sales of mutual funds.
Japan’s largest investment bank has been cashing in on retail investors’ renewed interest in stocks as prices are spurred higher by government pro-growth policies.
In a statement on Thursday, the bank said net profit reached 48.3 billion yen ($472.37 million) in October-December from 20.1 billion yen a year earlier.
That compared with the 41.2 billion yen mean estimate of three analysts polled by Thomson Reuters.
Shares of Nomura ended 3.9 percent lower ahead of the earnings release compared with a 2.5 percent decline in the benchmark stock index. ($1 = 102.2500 Japanese yen) (Reporting by Nathan Layne; Editing by Christopher Cushing)