Nomura and Daiwa profit from Abenomics

 
City A.M. Reporter
NOMURA Holdings and Daiwa Securities Group reported jumps in quarterly profit yesterday, but slowing trade in Tokyo stocks has knocked some wind out of a resurgence of Japan’s top two investment banks.

While the latest quarter revealed some bright spots, such as Nomura expanding revenues from fixed income trading while most of its peers suffered declines, the results also underscored just how crucial President Shinzo Abe’s policies are to the banks’ growth prospects.

Nomura posted a net profit of ¥38.1bn (£242.5m) for July-September, up from ¥2.8bn a year earlier but down from ¥65.9bn in April-June.

Daiwa said its net profit increased fivefold on year to ¥35.5bn.

Both said profit from their retail divisions halved from the prior quarter.