AGL 39.91 Decreased By ▼ -0.09 (-0.23%)
AIRLINK 128.20 Decreased By ▼ -0.86 (-0.67%)
BOP 6.84 Increased By ▲ 0.09 (1.33%)
CNERGY 4.70 Increased By ▲ 0.21 (4.68%)
DCL 8.42 Decreased By ▼ -0.13 (-1.52%)
DFML 41.23 Increased By ▲ 0.41 (1%)
DGKC 82.50 Increased By ▲ 1.54 (1.9%)
FCCL 33.05 Increased By ▲ 0.28 (0.85%)
FFBL 73.50 Decreased By ▼ -0.93 (-1.25%)
FFL 11.85 Increased By ▲ 0.11 (0.94%)
HUBC 110.74 Increased By ▲ 1.16 (1.06%)
HUMNL 14.31 Increased By ▲ 0.56 (4.07%)
KEL 5.23 Decreased By ▼ -0.08 (-1.51%)
KOSM 7.50 Decreased By ▼ -0.22 (-2.85%)
MLCF 38.81 Increased By ▲ 0.21 (0.54%)
NBP 63.90 Increased By ▲ 0.39 (0.61%)
OGDC 193.48 Decreased By ▼ -1.21 (-0.62%)
PAEL 25.50 Decreased By ▼ -0.21 (-0.82%)
PIBTL 7.38 Decreased By ▼ -0.01 (-0.14%)
PPL 153.69 Decreased By ▼ -1.76 (-1.13%)
PRL 25.80 Increased By ▲ 0.01 (0.04%)
PTC 17.40 Decreased By ▼ -0.10 (-0.57%)
SEARL 82.00 Increased By ▲ 3.35 (4.26%)
TELE 7.61 Decreased By ▼ -0.25 (-3.18%)
TOMCL 33.41 Decreased By ▼ -0.32 (-0.95%)
TPLP 8.54 Increased By ▲ 0.14 (1.67%)
TREET 16.45 Increased By ▲ 0.18 (1.11%)
TRG 56.80 Decreased By ▼ -1.42 (-2.44%)
UNITY 27.55 Increased By ▲ 0.06 (0.22%)
WTL 1.36 Decreased By ▼ -0.03 (-2.16%)
BR100 10,513 Increased By 67.7 (0.65%)
BR30 31,192 Increased By 2.7 (0.01%)
KSE100 98,239 Increased By 441 (0.45%)
KSE30 30,645 Increased By 164.1 (0.54%)

Nomura Holdings on Wednesday said its first-quarter profit soared more than tenfold after restructuring its portfolio, as Japan's top investment bank sought to draw a line under its worst year in a decade. The recovery was led by a sharp improvement in its wholesale division, which had long been a drag and last year pushed Nomura into an annual loss for the first time in 10 years.
Its vaunted reputation has also been dented. In May, Japan's financial watchdog ordered it to improve internal controls after an information leak related to listing and delisting criteria at the Tokyo Stock Exchange. "Results of our structural reform started to emerge," Chief Financial Officer Takumi Kitamura told an earnings briefing on Wednesday.
April-June profit came in at 55.8 billion yen ($514.24 million) versus 5.2 billion yen a year earlier. The result blew past the 14.9 billion yen average of two analyst estimates compiled by Refinitiv. The wholesale division posted 20 billion yen in pretax profit in the first quarter, due particularly to recovery in its US fixed income business. That compared to a 7 billion yen loss a year earlier.
Pretax profit at its asset management business increased by 76%, although the retail business saw a 60% drop from the same period a year earlier. Following the information leak this year, Nomura missed a chance to lead manage a mammoth sale of shares in Japan Post Holdings Co Ltd as the government took the leak into account when choosing underwriters. Chief Executive Koji Nagai said he would take a 30% pay cut for three months after the debacle, and at a general meeting in June, shareholders voted for him to remain in his position.

Copyright Reuters, 2019

Comments

Comments are closed.