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Daiwa Securities fiscal Q3 profit edges up 1.3% YOY

Daiwa Securities Group Inc. reported a 1.3% year-over-year increase in net profit for the fiscal third quarter ended Dec. 31, 2016.

Profit attributable to the group's owners for the quarter rose to ¥26.69 billion from ¥26.35 billion in the year-ago quarter.

Daiwa Securities' net operating revenues fell year over year to ¥121.99 billion from ¥124.80 billion. Operating income clocked in at ¥31.61 billion, compared to ¥35.47 billion in the prior-year period. Ordinary income for the quarter dropped to ¥35.43 billion from ¥37.95 billion.

For the nine-month period ended Dec. 31, 2016, profit attributable to the parent's owners fell 14.5% to ¥81.71 billion, or ¥47.97 per share, from ¥95.54 billion, or ¥55.24 per share, in the year-earlier period.

Net operating revenues dropped to ¥351.13 billion from ¥403.04 billion. Ordinary income dropped 25.9% year over year to ¥101.23 billion from ¥136.52 billion in the nine months to Dec. 31, 2015. Operating income for the period fell to ¥88.95 billion from ¥126.85 billion in the year-ago period.

The company reported a decrease in commissions for the period to ¥196.82 billion from ¥225.72 billion.

Daiwa Securities' capital adequacy ratio was 398.7% as of Dec. 31, 2016, up from 385.5% in the previous quarter and 330.8% in the prior-year quarter.

As of Jan. 27, US$1 was equivalent to ¥115.07.