Japanese financial group Nomura net profit was reported to be JPY5.2bn ($47m) for the first quarter of fiscal year 2019, a slump of 91% compared to JPY56.9bn ($512.4m) in the previous year, driven by loss at its wholesale division.
The brokerage’s net revenue for the quarter ended 30 June 2018 stood at JPY272bn, a decrease of 24% from JPY361bn in the corresponding quarter of 2017.
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Income before income taxes in retail operations was JPY19.9bn, a 20% decline from a year ago. The unit’s net revenue dropped 9% year-on-year to JPY92.8bn.
Income before income taxes in the asset management division was JPY10.3bn in the first quarter of fiscal year 2019, down 24% compared to the same period last year.
The asset management unit’s net revenue was JPY26.1bn, down 7% on a year-on-year basis.
Nomura president and group CEO Koji Nagai said: “Uncertain market conditions persisted in the first quarter due to ongoing trade friction and heightened geopolitical risks, and the strong dollar made emerging markets investors increasingly risk averse. Amid this environment, our performance slowed as Fixed Income challenges in Wholesale led to a decline in our trading business.
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By GlobalData“Retail revenues fell slightly from last quarter. However, our recurring revenue cost coverage ratio surpassed 30 percent for the first time. Our Asset Management business delivered a robust performance, reporting continued inflows that helped lift assets under management to a record high.”
