Japan's biggest investment bank Nomura has today announced its profits were up 21.4 per cent for the three months ended June, thanks to a boost in its domestic-oriented retail division.
Net revenue was up 6.6 per cent to ¥360.8bn (£2.5bn) as profits hit ¥56.9bn, buoyed by "an increase in commissions received from distribution of investment trusts and brokerage" and a long-term rally in the country's stock market.
Pre-tax profit in the retail division was up 187 per cent from a year earlier at ¥24.9bn.
This offset a decline in investment banking mandates and a drop in global bond and stock trading. At Nomura's wholesale division, which serves corporations and institutional investors, pre-tax profit fell 46 per cent from the same period last year to ¥25.4bn.
Why it's interesting
As home conditions have improved over the last year, Nomura has slashed hundreds of jobs in its European divisions.
The investment bank has also revealed it will shift London resources to Frankfurt after Brexit.
Nomura looks to be continuing yet more internal reshuffling, as it announced today it would sell its stake in venture capital firm Jafco through a share buyback.
The Japanese bank estimated this would add pre-tax income of around ¥9bn to the second-quarter results.