Nomura Holdings reported a 195% jump in first-quarter profit amid a rally in global markets and return of domestic inflation.
Nomura Holdings, Japan's largest brokerage and investment bank, reported a 195% jump in first-quarter profit on Tuesday as the rally in global markets and return of domestic inflation bolstered demand for its wealth management services.
The results show the progress Nomura has made in shifting toward a fees-based profit model in order to secure more consistent revenue that is less subject to market swings. "The major update to our business structure since last spring and the shift in our customers' mindset from savings to investment has meant we were able to achieve strong results," Kitamura said.
Nomura has a dominant position in wealth management in Japan and the business accounted for roughly half its pre-tax profit in the previous financial year.
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