TOKYO :Nomura Holdings Inc, Japan’s biggest brokerage and investment bank, reported on Wednesday a 76 per cent tumble in quarterly net profit as worries about a global banking crisis hit its investment banking and asset management businesses.
January-March profit came in at 7.4 billion yen ($55.37 million), down from 30.96 billion yen a year earlier.
Nomura’s wholesale division, which houses its investment banking and trading businesses, reported a pre-tax loss of 14.2 billion yen compared with a 37.0 billion yen profit a year earlier. It is the second consecutive quarterly loss.
Investment banking saw a slump in dealmaking fees, while inflation in the United States and a weaker yen pushed up costs at the division.
Global mergers and acquisitions activity shrank to the lowest level in more than a decade in the last quarter as a banking crisis that started with the collapse of Silicon Valley Bank spread to Europe with the sale of Credit Suisse Group AG to UBS Group AG.
Net profit for the year ended March came in at 92.8 billion yen, compared with an average estimate of 136.26 billion yen from seven analysts polled by Refinitiv.
($1 = 133.6400 yen)
(Created by Murali Anantharaman)
For all the latest business News Click Here
