Business | Banking

Nomura quarterly net profit up 13%

As it tries to move past an embarrassing insider trading scandal that led to the resignation of its chief executive last year

  • AFP
  • Published: 17:10 January 31, 2013
  • Gulf News

Tokyo: Japan’s top brokerage and investment bank Nomura Holdings said on Thursday it posted a 13 per cent net profit rise for the October-December quarter, as it saw gains across its businesses.

Revenue in the period slipped four per cent to 389.1 billion yen, but Nomura said the drop was unrelated to its core businesses. “We had a solid third quarter with all three business divisions and all regions profitable on a pre-tax basis,” Nomura chief executive Koji Nagai said in a statement.

Nomura Holdings has been forced to cut costs to weather tough business conditions as it tries to move past an embarrassing insider trading scandal that led to the resignation of its chief executive last year. Nomura has embarked on an aggressive $1.0 billion cost-cutting plan through to March 2014, a strategy credited for its 20.1 billion yen ($221 million) net profit in the October-December quarter.

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